Capital on Tap Rewards Explained: Points, Cashback and Avios

If you're trying to figure out how Capital on Tap rewards actually work, here's the no-nonsense breakdown. Free card vs Pro card, point values, Avios mechanics, when to upgrade, and how to redeem.

Short answer: Capital on Tap pays 1 point per £1 spent (1p cashback equivalent) on both the free card and the £299-a-year Pro card. Neither card charges foreign exchange fees. Both let you convert points to Avios: 10 points = 8 Avios on the free card, or 1 point = 1 Avios on Pro. For most UK small businesses the free card is all you need. Pro is worth it only if you fly enough to use its airport lounge access and want the better Avios rate.

Get the £75 sign-up bonus on either card with my promo code 2REFM287Z71 at Capital on Tap.

How the Points System Works

Every £1 you spend on the card earns points:

• Free Business card (no annual fee): 1 point per £1.
• Pro Business card (£299/year): 1 point per £1 on everyday spend, and 1.25 points per £1 on preloaded card spend.

There are no spending caps, no quarterly rotating categories to track, no bonus tiers for specific merchants. Predictable and flat. This is the single biggest practical difference between Capital on Tap and Amex Business Gold: Capital on Tap is boring and reliable; Amex Gold has higher reward potential but requires you to manage category bonuses.

Each point is worth 1p when redeemed as cashback, statement credit, or most gift cards. So:

• 1,000 points = £10
• 7,500 points = £75 (the sign-up bonus)
• 100,000 points = £1,000

The headline rate is simple: you earn 1% of your card spend back as cashback equivalent on either card (Pro earns a slightly higher 1.25% on preloaded spend). The reward rate is not the reason to pick Pro; its travel perks are.

The Sign-up Bonus

New customers using promo code 2REFM287Z71 (or my Capital on Tap promo code page) earn a 7,500-point sign-up bonus after their first transaction within 30 days of account approval. That's £75 of cashback equivalent on top of the normal rewards rate.

The qualifying transaction can be any amount; even a £1 purchase triggers the bonus. The points appear in your rewards dashboard within 30 days of the qualifying transaction.

Redemption Options

Once you have points, here's how to spend them:

1. Cashback as statement credit (the default)

Redeem points at 1p each as a statement credit. The credit reduces your next bill. Simple, reliable, no quirks.

This is what I do every month: I let the points accumulate, then redeem them as statement credit to offset SaaS and admin costs.

2. Gift cards

Capital on Tap offers a rotating selection of retailer gift cards. Most redeem at 1p per point (matching cashback value); occasionally specific retailers run promotions where the rate is slightly better (e.g. 1.1p per point on Amazon).

This isn't usually a meaningful upgrade, but worth checking before defaulting to cashback if you have a known upcoming purchase at one of the listed retailers.

3. Avios (both cards)

You can convert points to Avios with the British Airways Club or Qatar Airways Privilege Club. The free card converts at 10 points = 8 Avios. The £299/year Pro card improves this to 1 point = 1 Avios, and also unlocks Virgin Points transfers at 1:1.

Avios value depends on how you spend them:

• Short-haul economy redemptions: roughly 1p per Avios.
• Long-haul economy: 1-1.5p per Avios.
• Premium cabin long-haul (Business / First): 2-4p per Avios.
• Partner airline redemptions (Iberia, Finnair, Cathay, etc.): highly variable; can hit 3-5p per Avios with the right sweet spot.

For UK frequent flyers, especially those who fly Business class long-haul, converting points to Avios is the highest-value redemption, and Pro's 1:1 rate stretches them furthest. For UK-only spenders who don't fly much, the cashback redemption is simpler and equivalent value.

Free Card vs Pro Card: When to Upgrade

The £299/year Pro card earns the same 1 point per £1 as the free card on everyday spend, so upgrading does not increase your cashback rate. What Pro adds over the free card is:

1. A better Avios rate (1 point = 1 Avios, versus 10 points = 8 Avios on the free card), plus Virgin Points transfers at 1:1.
2. Unlimited airport lounge access for the main cardholder at more than 1,600 lounges worldwide.
3. A metal card, a complimentary Times subscription, and dedicated support.
4. 10,000 bonus points (worth £100 as cashback) when you spend £5,000 in your first three months.

Because the cashback rate is identical, there is no spend level at which Pro "pays for itself" on rewards alone. The £299 is a travel-and-perks fee. The way to judge it:

• The 10,000-point bonus covers £100 of the £299 in year one, if you can hit £5,000 of spend inside three months.
• Lounge access is where the rest of the value sits. If a single lounge visit is worth £25 to £40 to you and you fly often, a handful of trips a year clears the remaining fee.
• Avios at 1:1 rather than 10:8 is a 25% uplift on the same points, which matters if you collect seriously.

Practical rule: stay on the free card unless you are a frequent flyer who will genuinely use the lounges and wants the improved Avios rate. Both cards charge no foreign exchange fees, so foreign spend is no longer a reason to upgrade.

Comparison: Capital on Tap Pro vs Amex Business Gold

For higher-spending UK Limited Companies considering whether to use Capital on Tap or American Express Business Gold for rewards, the key differences:

For most UK small businesses: the free Capital on Tap card already wins on UK acceptance and no foreign exchange fees, and covers most needs at no cost. Between the two paid cards, Capital on Tap Pro leans on lounge access and 1:1 Avios; Amex Gold wins for businesses that value Membership Rewards transfer flexibility and a wider set of airline and hotel partners.

Full comparison at Best UK Business Credit Cards 2026.

How To Maximise Capital on Tap Rewards

A few practical optimisations:

• Run all eligible UK business spend through the card. SaaS subscriptions, contractor card payments, marketing spend, office costs. 1% on £4,000/month is around £480/year of cashback equivalent.
• Use the card abroad without worrying about FX fees. Capital on Tap charges no foreign exchange fees on either card, so you keep your full 1% on foreign spend. A Wise Business account is still worth holding if you receive foreign currency or want the mid-market rate on larger transfers, but you no longer need it just to dodge a foreign transaction fee on the card.
• Always pay the balance in full each month. The card's 35.2% representative APR more than wipes out the rewards if you carry a balance.
• Redeem in chunks of 1,000 points or more as statement credit. The redemption flow is the same regardless of size; bigger chunks are less admin.
• For Avios collectors: transfer to British Airways Avios when you have a specific redemption in mind, not as a default holding strategy (Avios value varies; cashback is fixed at 1p per point).

Common Misconceptions

A few things I see people get wrong:

"Capital on Tap is a charge card." No, it's a real credit card with a credit limit. You can carry a balance (subject to 35.2% representative APR) although doing so erodes the rewards.

"The £299 Pro card is always worth it." No. Pro earns the same 1% cashback as the free card, so it only makes sense if you will use the airport lounges and want the 1:1 Avios rate. For most UK small businesses the free card returns the same cashback with no fee.

"You need to track quarterly bonus categories." No, Capital on Tap rewards are flat (1 point per £1, or 1.25 on preloaded spend with Pro). No categories, no rotation. This is intentional and one of the practical advantages over Amex Gold.

"Capital on Tap points are worth less than airline miles." Depends on the airline and the card. On Pro, 1 point = 1 Avios; on the free card, 10 points = 8 Avios. Avios value varies from 1p (short-haul) to 4p (premium long-haul). Redeemed as cashback, every point is worth a flat 1p.

Frequently Asked Questions

How do Capital on Tap rewards work?

1 point per £1 spent on both the free card and the £299-a-year Pro card. Each point is worth 1p as cashback, statement credit, or gift cards. You can convert points to Avios at 10 points = 8 Avios on the free card, or 1 point = 1 Avios on Pro. Neither card charges foreign exchange fees.

How much is one Capital on Tap point worth?

1p when redeemed as cashback or statement credit. So 7,500 points = £75, 100,000 points = £1,000. Converted to Avios, the free card gives 10 points = 8 Avios and Pro gives 1 point = 1 Avios, where Avios value depends on redemption (1p-4p typical range).

Is the Capital on Tap Pro card worth it?

Pro costs £299 a year and earns the same 1% cashback as the free card, so it is not a way to earn more cashback. It adds a 1:1 Avios rate (versus 10 points = 8 Avios), unlimited access to 1,600+ airport lounges for the main cardholder, a metal card, a Times subscription, dedicated support, and 10,000 bonus points on £5,000 of spend in the first three months. It is worth it for frequent flyers who will use the lounges; otherwise the free card is the better value.

How do I redeem Capital on Tap points?

Log into the Capital on Tap web portal or app, navigate to Rewards, and choose cashback (statement credit at 1p per point), gift cards (rotating retailers, 1p+ per point), or Avios conversion (10 points = 8 Avios on the free card, 1 point = 1 Avios on Pro, with the British Airways Club or Qatar Airways Privilege Club).

Can Capital on Tap points transfer to airlines?

Yes, on both cards. The free card converts at 10 points = 8 Avios and the Pro card at 1 point = 1 Avios, with the British Airways Club or Qatar Airways Privilege Club. Pro also adds Virgin Points at 1:1.

Do Capital on Tap points expire?

No, as long as the account remains open and in good standing. If you close the account, unredeemed points are forfeited.

Are Capital on Tap rewards taxable?

Cashback on UK business credit cards is not usually taxable; HMRC treats it as a discount on the purchase. Personal redemptions (travel, goods) can be a benefit in kind. Speak to an accountant for your specific situation.

Does the Capital on Tap sign-up bonus give points or cash?

The £75 sign-up bonus is paid as 7,500 points (1p each = £75 cashback equivalent). Earn it by making your first transaction within 30 days of approval using promo code 2REFM287Z71.

Ready To Earn Capital on Tap Rewards?

The simplest path: open the free card with my promo code below for the £75 sign-up bonus, earn points on every transaction, then decide whether Pro is worth it once you know how much you travel.

Promo code: 2REFM287Z71

Apply with my Capital on Tap promo code

Related guides:

• Capital on Tap Promo Code: Get £75 FREE: the full guide to claiming the sign-up bonus.
• Capital on Tap Review: 12 Months as a UK Small Business Owner: the long first-person review.
• Best UK Business Credit Cards 2026: how Capital on Tap ranks against competitors.
• Can Sole Traders Get a UK Business Credit Card?: the eligibility guide.

Mike McDonnell, Founder of Glide Marketing