Business

0.5% cashback! Save money with Wise business cards.

Business Team

16.11.22 (updated more than 1 year ago)

Read time 2 minutes

Update: The cashback amount has been updated to 0.5% from 25 Feb 2023, 9 AM UTC.

We know the cost of running a business is high, not to mention hidden fees when paying subscriptions, bills, suppliers and more, in foreign currencies.

Which is why we launched the Wise business card to help you pay with the real exchange rate with zero foreign transaction fees, always.

On top of that, we’d like to help you save a little more. Start saving money and earn 0.5% cashback on eligible purchases!

How do I earn cashback on business expenses?

If you and your employees already have a Wise Business debit card or employee expense cards issued in the UK, there’s nothing you need to do. Continue spending with your Wise card to earn 0.5% cashback.

If you don’t have a Wise Business debit card, all you need to do is sign up for a debit card for your business and start spending to earn cashback!

How does cashback work?

Pay for transactions using your Wise business card
At the end of each month, we’ll calculate your cashback based on transactions cleared by your merchant before 12am UTC on the 25th of each month
You’ll receive your cashback on the 1st of each month and we’ll tell you about it through email and push notifications

What can I earn cashback on?

All transactions paid for by your business cards and employee expense cards are eligible for cashback except:

Cash or cash-like transactions like ATM withdrawals
Gambling transactions
Payments to financial institutions
Payments connected to commodities, investments, savings, or cryptoassets
Payments to government bodies or tax authorities

Get a Wise Business debit card in UK to start earning cashback.

Why cashback and why 0.5%?

Our mission is to make international money movement eventually free. By helping your business save money on card transactions, we’re one step closer to this mission.

Everytime you spend with your Wise card, the merchant pays a fee to their acquiring bank. Part of this fee is then paid to other parties like the network (e.g Visa or Mastercard) or the card issuer (Wise in this case). Interchange fee makes up a bulk of this fee which your merchants pay. And that’s how Wise earns part of its revenue whenever someone uses our card. On top of interchange fees, we also earn ATM fees and conversion fees whenever you withdraw money or spend in a foreign currency that’s not in your balance. These contribute towards our revenue.

Similar to how you run your business, we incur costs from offering the business debit cards to you as well. When a new customer joins Wise, we incur verification and onboarding costs. We then pay for card production, packaging and postage fees to print your cards and send them to you and your employees.

Taking our revenue and costs into consideration, we decided that 0.5% is a cashback amount we can afford to offer. Cashback on business debit cards is a way for us to pass part of our margins back to you. We aim to drive the costs lower, so more cashback can be passed back to you. However, we’ll need to make sure we do so sustainably both for you and for our business, so we might change the cashback rate in the future –– but we’ll always let you know first.

Will cashback be offered in other countries?

Cashback is currently only available to business customers in the UK. We have plans to bring this to other parts of the world and will inform you once that’s possible! If you're in UK and would like to get a Wise Business debit card, you can sign up here.

More questions on cashback? Head over to our FAQs to learn more.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.