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. Standard card vs Rewards card, point values, Avios mechanics, when to upgrade, and how to redeem.

Short answer: Capital on Tap pays 1 point per £1 spent on the standard card (1p cashback equivalent, no annual fee), or 1.5 points per £1 on the Rewards card (£99 annual fee, zero foreign transaction fees, Avios transfers). For most UK small businesses the standard card is the right starting point. Upgrade to Rewards if you spend more than £6,600 a year or do significant foreign business.

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:

• Standard Business card (no annual fee): 1 point per £1.
• Rewards Business card (£99/year): 1.5 points per £1.

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% (standard) or 1.5% (Rewards) of your card spend back as cashback equivalent.

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. British Airways Avios (Rewards card only)

On the £99/year Rewards Business card, you can transfer points to British Airways Executive Club at 1:1 (1 point = 1 Avios).

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, the Rewards card's Avios transfer is the highest-value redemption on this card. For UK-only spenders who don't fly much, the cashback redemption is simpler and equivalent value.

Standard Card vs Rewards Card: When to Upgrade

The £99/year Rewards card adds three things over the free standard card:

1. Extra 0.5 points per £1 (1.5 vs 1.0).
2. Zero foreign transaction fees (vs 2.95% on the standard card).
3. Avios transfer eligibility (no transfers possible on standard).

The maths on whether the upgrade is worth it:

Pay-back from extra rewards alone: the extra 0.5% earns £0.005 per £1 spent. At £6,600 a year of card spend, the extra rewards equal £33, which is one-third of the £99 fee. At £13,200/year of spend, the extra rewards equal £66. At £19,800/year of spend, the extra rewards equal £99 (the breakeven).

So if you spend less than £19,800/year on the card, the extra rewards alone don't justify the £99 fee.

Pay-back from saved foreign transaction fees: the standard card charges 2.95% on foreign currency transactions. At £3,400/year of foreign card spend, you'd pay £100 in foreign transaction fees on the standard card and £0 on the Rewards card. So the foreign-fee saving alone justifies the £99 upgrade.

Practical rule: upgrade to the Rewards card if either:

• You spend more than £19,800 a year on the card, OR
• You spend more than £3,400 a year in foreign currency on the card, OR
• You're a UK Avios collector who specifically wants the British Airways transfer.

If none of these apply, the standard card returns more value.

Comparison: Capital on Tap Rewards 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: Capital on Tap Rewards wins on UK acceptance and lower annual fee. Amex Gold wins for businesses that specifically value Membership Rewards transfer flexibility and have a spend pattern heavily aligned with airline points.

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% (standard) or 1.5% (Rewards) on £4,000/month is £480-£720/year of cashback equivalent.
• Pair with a Wise Business account for foreign payments on the standard card. Wise's mid-market rate plus small percentage fee is cheaper than the 2.95% foreign transaction fee, even after you account for the lost Capital on Tap points on those transactions.
• 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 £99 Rewards card is always worth it." No, only if your spend pattern matches the breakeven conditions above. For most UK small businesses under £20k/year of card spend with minimal foreign spend, the standard card returns more value.

"You need to track quarterly bonus categories." No, Capital on Tap rewards are flat (1.0 or 1.5 points per £1). 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. 1 Capital on Tap point = 1 Avios on the Rewards card, and Avios value varies from 1p (short-haul) to 4p (premium long-haul). On the standard card the 1p cashback equivalent is the cap.

Frequently Asked Questions

How do Capital on Tap rewards work?

1 point per £1 spent on the standard card (no annual fee), 1.5 points per £1 on the Rewards card (£99/year). Each point is worth 1p as cashback, statement credit, or gift cards. Rewards card holders can transfer to British Airways Avios at 1:1.

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. On the Rewards card you can transfer to Avios at 1:1 where Avios value depends on redemption (1p-4p typical range).

Is the Capital on Tap Rewards card worth it?

The £99/year fee pays for itself at £19,800/year of card spend (extra rewards) or £3,400/year of foreign card spend (saved foreign transaction fees), whichever you hit first. For UK Avios collectors the transfer eligibility justifies the upgrade alone.

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 transfer (Rewards card only, 1:1 to British Airways Executive Club).

Can Capital on Tap points transfer to airlines?

Only on the Capital on Tap Rewards card (£99/year). Standard card points don't transfer to airlines.

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 standard card with my promo code below for the £75 sign-up bonus, earn points on every transaction, then decide whether to upgrade to Rewards once your spending pattern is established.

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