Expensify Credit Card Review

Pros

• Up to 2% cash back
• No impact on personal credit score
• Virtual cards
• Physical employee cards available
• Built-in spend controls

Cons

• Complex pricing scheme
• Free plan does not include corporate cards
• Highest cash back rate only applies when your company spend exceeds $250K/month
• No phone support

What Is The Expensify Card?

The Expensify Card is a Visa commercial card built into Expensify’s expense management platform. Businesses can use it to issue employee cards, create virtual cards, set spending controls, track purchases, and simplify expense reporting.

The Expensify Card is not a traditional revolving credit card. There is no interest and no ability to carry a balance. Instead, balances are repaid from the linked business bank account on a daily or monthly schedule.

In this review, we’ll focus on the Expensify Card itself, including rewards, pricing, eligibility, features, and how it compares to other corporate card options.

Expensify Card Rewards & Perks

The Expensify Card offers straightforward cash back, with the highest rate reserved for businesses with very high monthly card spend. It also includes partner perks, software discounts, and accounting integrations that can make the card more useful as part of Expensify’s expense management platform.

• Cash Back: Expensify Card users earn 1% cash back on eligible US purchases. Businesses that spend more than $250K/month across cards can earn up to 2% cash back.
• Expensify Discount: Cardholders may qualify for 50% off their monthly Expensify bill when they use the Expensify Card for at least half of their organization’s monthly expenses.
• Partner Perks: Expensify offers discounts and credits from select business software and service providers. These offers can change, so check Expensify’s current partner perks before factoring them into the card’s value.
• Integrations: Expensify syncs with accounting software such as QuickBooks, Xero, Sage Intacct, and NetSuite, helping businesses track, code, reconcile, and export expenses more easily.

Expensify cash back rewards are typically applied as a credit.

Pricing & Fees

Expensify’s pricing is based on the plan you choose and the number of members in your workspace. The company currently offers two main paid plans for businesses: Collect and Control.

Collect includes core expense management features, Expensify Cards, bill pay, invoicing, accounting integrations, and approval tools. Control adds more advanced controls, including multilevel approvals, expense policies, custom reporting, and access controls.

Expensify also offers some free tools, such as receipt scanning and basic expense tracking, but businesses that want to use the Expensify Card as part of a company expense management setup should expect to use a paid workspace.

Expensify Card users may be able to reduce their monthly Expensify bill by 50% when they use the card for at least half of their organization’s monthly expenses. However, if you have a large team, monthly member-based costs can still add up.

Eligibility Requirements

The Expensify Card is available to registered businesses with a U.S. business bank account. Expensify does not require a personal credit check or personal guarantee, but businesses must connect a bank account so Expensify can support payments, settlements, and card limits.

Expensify says cardholders can be located outside the U.S. as long as the business uses a U.S.-based business bank account. However, the Expensify Card is not currently available for customers with non-U.S. bank accounts.

Expensify does not rely on a traditional personal credit check to approve the card. Instead, spending power is tied to the connected business bank account and the limits set by account administrators. Expensify’s Smart Limits help control how much unapproved spending a cardholder can have at one time, and transactions may be declined if they exceed the available limit.

The Expensify Card also does not work like a traditional revolving credit card. Purchases are repaid from the linked business bank account on a daily or monthly schedule, depending on the account setup.

Expensify Features

Expensify combines corporate cards with expense management software. Expensify Card transactions can be imported automatically for tracking, coding, approval, and reconciliation. Businesses can also use Expensify’s expense tools without using the Expensify Card.

Expensify’s biggest strength is that the card connects directly to its expense management platform. Businesses can use it to manage employee spending, collect receipts, approve expenses, sync accounting data, and reduce manual reconciliation.

• SmartScan Receipt Capture: Employees can upload receipts through Expensify, and SmartScan can help extract receipt details for expense tracking.
• Card Import & Reconciliation: Expensify Card transactions can be imported into Expensify for coding, receipt matching, approval, and reconciliation.
• Approval Workflows: Businesses can create approval rules, expense policies, and workflows to help flag or route expenses for review.
• Spend Controls: Admins can issue cards and manage spending with tools such as Smart Limits and card controls.
• Bill Pay: Expensify includes tools for managing, approving, and paying bills.
• Invoicing: Expensify includes invoicing tools that let businesses create and send invoices.
• Integrations: Expensify connects with accounting and business software, including QuickBooks, Xero, Sage Intacct, NetSuite, Gusto, Workday, and more.
• Mobile Apps: Expensify’s mobile apps let users upload receipts, track expenses, manage card transactions, and handle expense tasks on the go.
• Travel Booking: Expensify offers travel booking and expense tools, which may be useful for businesses that want travel and expense management in the same platform.

Overall, Expensify’s feature set is strongest for businesses that want a corporate card tied closely to expense tracking, receipt capture, approval workflows, and accounting integrations.

Customer Service

Expensify offers several support options, including its help center, in-app Concierge support, email support, and chat-based support. Expensify says Concierge is available 24/7 and can escalate issues to a human support agent when needed.

Expensify also offers self-help resources through its help center, with guides covering the Expensify Card, billing, workspaces, integrations, reports, travel, and other platform features.

Because Expensify leans heavily on Concierge and online support, businesses that prefer traditional phone-first support should review the current support options before signing up.

Expensify Credit Card Reviews

Expensify is not accredited by the Better Business Bureau, but the BBB does maintain an Expensify profile. Unfortunately, the company has a D- rating with the BBB and has had 36 complaints in the past three years. That’s a very small sampling of users, and the primary complaint on the BBB website concerns the difficulty of canceling a subscription rather than complaints about the software or the card itself. Still, it’s something to bear in mind.

Things look much better for Expensify at G2, where the company gets an average user score of 4.5/5 out of over 5,600 reviews — a much larger sample size and one that you can draw stronger conclusions from.

The story is similar at Capterra, where Expensify scores an average user rating of 4.5/5 based on over 1,300+ reviews.

Here’s a summary of some things these users have to say.

Is Expensify Safe?

Expensify uses industry-standard security technologies and procedures to help protect user data, including SSL encryption for sensitive information.

Expensify also maintains PCI-DSS compliance and undergoes SOC 1 Type 2 and SOC 2 Type 2 audits. The company also has privacy and data protection policies related to GDPR.

As with any financial software, businesses should still use strong account security practices, including limiting user permissions, requiring secure sign-in, reviewing card activity, and removing access when employees leave.

How Does The Expensify Card Compare To The Alternatives?

Expensify is strongest for businesses that want a corporate card tied directly to expense management, receipt capture, approvals, and accounting workflows. However, businesses that mainly want higher rewards, a no-cost card program, or broader finance tools may want to compare Expensify with other corporate card options.

Final Verdict: Is Expensify Worth It?

Expensify is worth considering if your business wants a corporate card built directly into an expense management platform. The Expensify Card works best for businesses that already use Expensify or want card spending, receipt capture, approvals, reimbursements, bill pay, invoicing, and accounting integrations in one system.

However, Expensify is not the strongest choice if rewards are your main priority. The card earns 1% cash back on eligible US purchases, and the highest 2% cash back rate requires more than $250K/month in card spend across cards.

Expensify may also get expensive for larger teams because pricing is based on the number of members in your workspace. Businesses that only need a corporate card may find better value with a no-cost corporate card program or a traditional business credit card.

Overall, Expensify is best for businesses that want expense management first and a corporate card second. If you mainly want rewards, flexible financing, or a card without a paid expense management platform, compare other corporate cards or business credit cards before applying.