Ramp Corporate Card Review
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- Date Established
- 2019
- Location
- New York City
Similar to the app its pair of founders created, the Ramp corporate card centers around one mission: saving its customers money. This unique corporate credit card does so through algorithm-driven insights that look at where a company spends money and identify where that company might be able to trim excess costs.
Besides the promise of its potential money-saving tool, Ramp is an otherwise straightforward credit card. It features a simple (but solid) cash back scheme, discounts and credits for a slew of services, and a range of other benefits one might expect with such a card. The card itself is a Visa card — so it can be used worldwide with merchants that accept Visa — issued in conjunction with the Ohio-based Sutton Bank.
Should your company add Ramp to its wallet’s arsenal? Scroll through for the tea on this fintech up-and-comer.
Table of Contents
Eligibility
The Ramp card is geared toward corporations and other non-individual limited liability companies registered in the US. Because Ramp serves corporations, no personal guarantee is required during the approval process. Instead, Ramp looks at your company’s cash balance, cash flows, and other financial health indicators. Ramp claims that their card offers 10-20x higher limits.
Note that if you are an individual, a sole proprietorship, or run an otherwise unregistered business, you will not be eligible to apply for Ramp.
Ramp Corporate Card At A Glance
Ramp Corporate Card |
Annual Fee: $0
Purchase APR: N/A (this is a charge card) |
|---|---|
Rewards For Spending
Ramp’s cash back scheme is both simple and solid. Plus, there are plenty of other discounts to take advantage of with Ramp’s partner program.
Unlimited 1.5% Cash Back
There’s nothing much to say about Ramp’s rewards program: Your company will collect 1.5% cash back on every purchase made with a Ramp card. If your company has wide-ranging spending habits, Ramp may be the card for you.
Some other corporate cards (namely Divvy and Brex’s offerings) have complex reward schemes with tiered rates for different spending categories. While those types of programs may work for some companies, having a straightforward rate can make calculating the value of a credit card much easier for your business. Considering that 1.5% cash back is a solid rate — and especially since there are no category restrictions — it’s hard not to like Ramp’s base rewards package.
Partner Rewards & Savings
According to Ramp, there is $175,000 available for customers in the form of “exclusive partner rewards.” Rewards come in the form of credits and discounts for a range of business services that have partnered with Ramp.
A few examples of these credits and discounts include:
- Preferred access to Amazon Web Service credits
- $150 in Google Ads credit
- $50,000 in Segment Credits
- 90% off one year of the DocSend Advanced plan
- 20% first-year discount for Carta with waived implementation fees
Other services bundled into Ramp’s partner rewards program include Amplitude, Datadog, Plaid, Triplebyte, and TravelBank.
Redeeming Rewards
There’s not much to Ramps redemption process — it is a cash back card after all. This simplicity may make this card more appealing to some compared to other cards on the market.
Redeem Rewards Through Ramp’s Dashboard
Ramp enables account administrators to redeem the rewards the company has earned via Ramp’s dashboard. Those with access to the company’s Ramp activity data can see both the earned and redeemed rewards amounts in every statement.
Per an email from Ramp, rewards earned through Ramp are redeemed as statement credit.
Card Benefits
There are a few solid benefits included with Ramp. One, Ramp claims, can help your business save money through algorithm-driven cost-cutting.
Benefit Tiers
Ramp features three benefit tiers: Essential, Platform, and Enterprise. Depending on the tier your company is in, you will gain access to exclusive benefits. For example, the Slack integration and category spend control perks we discuss below are only available to Platform and Enterprise account holders.
At the time being, Ramp does not charge extra for the more premium tiers.
Savings Insights
This card’s big marketing ploy is an auto-generated savings insights tool that Ramp says is “like having a second finance team dedicated to combing through your expenses.” According to Ramp, these insights use algorithms to notify you of duplicate subscriptions, redundant software purchases, lower pricing tiers, and more. Customers with Platform and Enterprise accounts can additionally tap into a vendor management tool to help monitor subscriptions.
Having a credit card that is focused on helping businesses spend less is certainly an interesting proposition. Because card issuers make their money through interchange fees (paid by the merchant) whenever a user charges a purchase to their card, encouraging companies to spend less could ultimately hurt Ramp’s bottom line. However, Ramp hopes that these potentially slimmer margins will be replaced by more clientele (Ramp co-founder and CEO Eric Glyman told Fortune at the card’s launch that helping companies “spend less means we can win their business in the first place”).
Employee Card Management
Alongside being able to hand out an unlimited number of employee cards for free comes a few tools aimed at managing how your employees use their cards. Included among these tools is the ability to set daily, monthly, and one-time spend limits for cardholders. You can also lock and reissue cards instantly as well as receive alerts when a large transaction is made.
Unlimited Virtual Cards
Besides physical cards, virtual cards can be issued “in seconds” for any employee in your company. These cards are especially handy for online purchases, such as subscriptions or office equipment.
Spend Request Tools
To help streamline spending, Employees can submit spend requests via email, SMS, or directly through Slack. Ramp will then automatically match requests and receipts to the correct transaction. Managers are additionally able to see and control a team’s spending directly.
Slack Integration
In the increasingly mobile world businesses exist in now, perhaps one of the more intriguing expense integrations for Ramp is its Slack bot. Thanks to Slack’s robust abilities, Ramp has been able to create a bot that enables companies to request, review, and issue spend all within the comfort of Slack. Ramp also provides the option for alerts within Slack and the ability to review alerts within private channels.
Note that this feature is only available for customers with Platform and Enterprise accounts.
Spending Category Limits
On top of basic expense management features, Ramp enables purchasing compliance down to the category level. This means that admins are able to limit cardholders to specific spending categories, such as dining, office supplies, or gas.
This feature is exclusive to customers with Platform and Enterprise accounts.
Out-Of-Pock Reimbursement
For out-of-pocket purchases, Ramp features a one-click reimbursement process. This process begins with employees submitting an out-of-pocket reimbursement request — which can be augmented by the company’s expense policy rules. After the employee submits a request, it can be approved with a single click.
Accounting Features
Ramp offers a built-in account suite that comes bundled with features like automatic reconciliation, review workflows, and expense account allocation.
On top of that, Ramp integrates with several accounting software services, including:
- NetSuite
- Xero
- QuickBooks
- Sage Intacct
Visa Benefits
Because Ramp is within the Visa card network, you’ll have access to Visa’s benefits package. This includes more traditional credit card benefits, such as fraud protection.
Rates & Fees
There’s hardly anything negative here. Ramp doesn’t have an APR because it’s a charge card, and it also doesn’t have any fees to worry about.
No APR
Because Ramp is a charge card — which doesn’t allow customers to carry a balance — there are no interest rates. Instead, you’ll be required to pay off your balance every month. Balances are paid via an auto-pay system, and Ramp determines your monthly spend limit by the drawable reserves in the bank accounts that your company links with Ramp, meaning that it should be difficult to miss a payment.
No Fees Of Any Kind
On top of a lack of interest rates, you’ll be able to avoid these other standard credit card fees with Ramp:
- Setup fees
- Annual fee
- Foreign transaction fee
- Employee card fees
Additionally, Ramp promises that there are no hidden fees bundled into its card.
Is The Ramp Corporate Card Right For You?
For those companies that just want a simple cash back credit card with no fees, Ramp could be an excellent option. Besides its lack of fees, Ramp also includes software designed to help cut costs across the board — potentially saving companies more than just the base 1.5% cash back. However, Ramp is also a newbie on the corporate card scene — it only launched in February 2020 — so those who want a credit card from a more established firm may need to look elsewhere.
You might want to apply if…
- You are looking for a simple, cash back corporate credit card
- You want a credit card without fees
- You like the idea of a corporate credit card that includes software designed to cut costs
You might want to look for a different card if…
- You are a sole proprietorship or another type of individually-operated business
- Your spending habits align with a different credit card that might offer better reward rates
- You would rather work with an established company
Jared Beilby
Jared is a writer hailing from the Pacific Northwest. Besides writing for Merchant Maverick, he has experience writing about sports and video games. He holds a Bachelor of Arts in Journalism from George Fox University.
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The Merchant Maverick Seal of Approval 🏆
Ramp Corporate Card  |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Ramp Corporate Card for yourself.
The Merchant Maverick Seal of Approval 🏆
Ramp Corporate Card |
|---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Ramp Corporate Card for yourself.
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