Barclaycard has announced its first co-branded business trade card in the UK.
The card, which is built for this specific industry, offers an extended interest-free period of up to 116 days for payments made at Travis Perkins and Toolstation.
The perk is that the transaction must be made on the co-branded card, while the extended period applies when the customer pays their statement balance, apart from the extended interest free balance, in full and on time. The interest-free period of up to 56 days’ applies to any purchase when the customer pays their statement balance in full and on time.
Barclaycard also says a fifth of small businesses see cash flow as one of the biggest everyday obstacles to business growth. It bases this conclusion on an online survey of 1,001 UK SME decision-makers, conducted in fall last year.
Working capital is a bigger concern than overhead costs and worries around customer contracts.
“We’re excited to launch this partnership with Travis Perkins and Toolstation, two of the biggest names in the industry. While cash flow remains one of the main challenges for any growing business, we know that the construction industry in particular is comprised of many sole traders and small teams that frequently make up-front investments before they themselves get paid," said Ian Reid, director of small business at Barclaycard.
We hope our extended interest-free offer will be another way to help them take control of their cash flow.”