Ramp VS Brex Comparison 2023

If your company is looking for a corporate card program, and you can’t decide between Ramp vs. Brex, then this is the article for you!

We at Merchant Maverick have taken a deep dive into both Ramp and Brex, two of the titans in the corporate card space, researching which corporate card program is best for companies like yours.

Read on through to find out if Ramp or Brex’s corporate card program will work best for your company.

Ramp VS Brex

By tackling Ramp versus Brex, we’re comparing two of the top modern corporate card companies on the market today. Both Brex and Ramp offer competitive corporate card programs with exciting rewards, as well as expense management and bill pay tools for a variety of businesses.

So now that we’ve introduced the players, let’s take a bit deeper look into what exactly Ramp and Brex do.

What Is Ramp?

Ramp centers itself around one mission: saving its customers money.

This unique goal is achieved through algorithm-driven insights that look at where a company spends money and identify where that company might be able to trim excess costs. Ramp claims that 98% of customers saved over $100,000 in their first year with Ramp. Whether that 98% number is accurate may be debatable, but Ramp’s drive to eliminate unnecessary customer spending is unique within the greater corporate card space because most corporate card companies generate income via interchange fees.

While Ramp’s corporate card program is the highlight of the company’s offerings, you’ll be able to gain access to a few other perks. In particular, Ramp offers expense management, bill pay, and accounting automation.

What Is Brex?

Brex began its life as a corporate card issuer for startups, but the company is so much more now. Besides its corporate card, Brex is positioning itself to be the sole financial services provider for businesses that qualify for its services. Most notable is its cash management account offering called Brex Cash. While Brex Cash isn’t a bank account, it attempts to replace the traditional bank account by making banking simple, easy to use, and free.

Beyond corporate cards and Brex Cash, you also have access to instant revenue, expense tracking, automatic bill pay, and spend controls through Brex.

At this time, Brex is not accepting many small or medium-sized businesses. Instead, its focus is on venture-backed businesses and mid-market businesses that have at least 20 employees (50 if the business is not professionally invested).

The Key Differences Between Ramp & Brex

Brex and Ramp offer very similar products. However, there are a few key differences between them. Let’s break down the main differences between Ramp and Brex:

1. Cash Back Versus Rewards: Ramp features a rewards program that offers 1.5% cash back on every purchase. Brex also has a rewards program bundled in with its corporate card. However, Brex uses points for purchases (your business can earn up to 8 points per dollar spent) instead of cash back.
2. Brex’s Cash Management Feature: Brex Cash enables Brex to have a bit deeper feature set than Ramp. With its focused approach, Ramp centers itself around corporate cards and expense management tools. Brex, meanwhile, aims to replace the bank by offering customers a place to deposit and store cash.
3. Ramp Is Built On Saving Money: Unlike other corporate card programs, Ramp advertises that it wants to save customers money by encouraging them to spend less. Ramp does this through an automation platform that provides insights into areas where customers can save money. This viewpoint is unique in the corporate card space — competitors such as Brex and Divvy make much of their money off interchange fees, so they usually want customers to spend more and not less.

Ramp VS Brex Eligibility Requirements

Ramp and Brex have some similarities when it comes to eligibility requirements. For instance, both companies require that applicants be a corporation, a limited liability company, or a limited liability partnership. They also have location-based requirements — Ramp requires that applicants be registered in the US, while Brex requires US-based incorporation.

The list of requirements for both Ramp and Brex further includes minimum bank balances, but the exact amounts differ. Ramp requires applicants to have at least $75,000 in a US bank account. Brex is a little more complicated. Startups with professional investment-backed will only need $500,000 in their bank account. However, self-funded startups, eCommerce companies, and small businesses will need to have at least $1 million in cash.

As a positive, neither Ramp nor Brex requires a personal guarantee because the credit line is handed out to the company and not an individual person. This means that your personal credit history or score won’t be checked either (Brex does run an Experian check on small business applicants).

Ramp VS Brex Services & Features

Both Brex and Ramp offer robust feature sets that rival other corporate card programs on the market today. These companies are at the forefront of the growing corporate card space, so it makes sense that they offer competitive services and features.

Ramp & Brex Card Rewards Compared

Ramp and Brex both dish out rewards for making purchases with their corporate cards. What they offer, however, is different. Ramp features a simple 1.5% cash back for every purchase — no extra math needed. Brex instead uses points, which can be earned at up to these rates for specific categories:

• 8x points per $1 on ridesharing and taxis
• 5x points on Brex Travel
• 4x points on restaurant purchases
• 3x points on software subscriptions and eligible Apple product purchases
• 1x points on everything else

There is a caveat, however. To earn your points at the above rates, you’ll need to qualify for Brex’s exclusivity program and make automatic daily payments using Brex’s cash management account, Brex Cash. If you don’t qualify for Brex’s exclusivity program, all your purchases will earn you an unlimited 1 point per dollar spent. If you opt for weekly or monthly payments, you’ll receive 1 point less per dollar spent on each of the bonus categories (except for Apple purchases, which always net 3x points).

Ramp VS Brex Pricing & Fees

Both Ramp and Brex like to advertise that they are free of fees. This makes both companies excellent choices for businesses that don’t want to spend extra to gain access to a corporate card program.

The lack of fees includes:

• Annual fees
• Setup fees
• Card replacement fees
• Late fees

Also note that while normal credit cards include interest rates, Ramp and Brex do not. This is because these corporate cards are technically charge cards. Unlike normal credit cards, which allow you to carry a balance, charge cards need to be paid off in full at the end of every period. This means that no interest can even be collected.

Do Customers Like Ramp Or Brex Better?

Both Ramp and Brex have very positive customer reviews. Ramp has received 4.8/5 stars on G2 and 4.9/5 stars on Capterra, while Brex is merely one-tenth lower on both sites (4.7 on G2 and 4.8 on Capterra). So when it comes to customer reviews, Ramp and Brex are nearly neck-and-neck, with Ramp’s lead well within the margin of error. And, at the end of the day, it seems that customers generally like both companies. So, based on customer reviews alone, it’s hard to go wrong with either Ramp or Brex.

Which Is Better For My Business: Ramp Or Brex?

Ultimately, Ramp and Brex will work best for different types of companies. There’s no one-size-fits-all model here.

Choose Ramp If…

Ramp is best for companies:

• That want a corporate card with a simple cash back rewards program
• That fit Ramp’s minimum cash requirements ($75K versus $1 million for some companies)
• In need of an uncomplicated corporate card program

Choose Brex If…

Brex is best for companies:

• That want a corporate card that features different rewards for different purchase categories
• Backed by professional investors ($500K minimum cash requirement versus Ramp’s $75K minimum requirement)
• In need of a cash management account

Ramp VS Brex Comparison: The Final Verdict

Because of how Brex and Ramp have built their services, it’s hard to pick one company over the other. Brex’s extra offerings may suit the needs of one business, while Ramp’s savings insights may work better for another.

Regardless of which company you choose for your corporate card needs, you’ll almost certainly be in good hands. Ramp and Brex are among the leaders for the up-and-coming fintech-focused corporate card companies, and their products support that claim.