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Understanding Your Personal Guarantee

Overview

When you apply for a Capital on Tap Business Credit Card, you agree to specific terms and conditions. These include a Personal Guarantee and a Running Account Credit Agreement, which make you, the main account holder, personally responsible for repaying the outstanding balance.

What is a Personal Guarantee?

A Personal Guarantee means that you, as the main account holder, are personally liable to repay the account's outstanding balance. If the business is unable to pay its debts, you will be required to pay them.

Important: You are responsible for the debt even if your business closes or your circumstances change.

What is a Running Account Credit Agreement (RACA)?

The Running Account Credit Agreement (RACA) contains the full terms and conditions for your Capital on Tap account. You agree to this contract during your application when you check the box and click the Agree and Continue button.

How to find your agreement

You can view or download your RACA at any time through the Capital on Tap Web Portal.

  1. Navigate to the Your Account section;
  2. Go to Rates and Contracts;
  3. Download the Credit Line Document.

My business has closed and I cannot pay the balance. Am I still responsible?

Under the Personal Guarantee, you are still responsible for the debt. Please contact our Collections team, who can discuss repayment support options with you.

I am no longer a director of the business. Does the guarantee still apply?

Yes. As the main account holder who agreed to the Personal Guarantee, you remain personally liable for the debt on the account.

Can I transfer the account and Personal Guarantee to someone else?

No. If you need to change the Main Account Holder for the business, the account must be paid off and closed. The new person can then apply for a new account.

Can I get support in a language other than English?

We currently only provide support in English. However, you can appoint an authorised third party, such as a translator or legal representative, to communicate with us on your behalf.

Can I get a letter that confirms my credit limit?

We currently cannot provide you with an account confirmation letter or a customised statement that shows your credit limit. If you require this you can download a statement directly from your portal.