Rho Credit Card Review

Pros

• Corporate card program with up to 2% cash back
• FDIC-insured commercial checking and savings accounts
• Automated no-fee accounts payable
• No personal guarantee required
• 24/7 customer support

Cons

• No ATM access
• Lower rewards than some of its competitors

What Is The Rho Corporate Card?

Disclosure: This video is sponsored by Rho and is included for informational purposes.

Rho is a fintech that offers services that compete with traditional banks. Rho offers three main services:

• Corporate cards
• Business checking, savings, and treasury accounts
• Accounts payable

This review will focus primarily on Rho’s corporate card program, which earns a spot on our list of the top corporate credit cards. This card is a great choice for businesses that want a corporate card with additional options like business checking and savings accounts.

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.

Rho Corporate Card Rewards & Perks

Rho ties your cashback rate to the frequency with which you pay off your card. Cash-back rates start at 1%. You may also earn up to 2% with Rho Platinum, which requires you to have a Rho account, connect your payroll and revenue, and hold the majority of your funds in a Rho account.

Additionally, when you get a Rho corporate card, you’ll be enrolled in Mastercard’s World Elite Business program, which offers 4% cash back at select hotels and restaurants. You’ll also get discounts and rebates with multiple partner services, including Avis, Budget, Dropbox, Squarespace, and Snapchat.

While Rho’s 2% cash-back is pretty solid, not all customers will be eligible for Rho Platinum.

Rho Pricing & Fees

Rho is mostly fee-free and has no pricing tiers. This lack of fees boosted Rho’s score in this category.

You won’t pay any of these fees:

• ACH
• Same-day ACH
• Domestic wire
• Bill pay
• Additional card/user
• Card transactions (including foreign transactions)

However, be on the look out for a couple of fees, including:

• 1% FX fees for non-US currencies
• Optional $15 SWIFT fee
• $30 wire recall fee
• 3% late fees

Note that International wires in USD can be subject to additional fees set by recipient, correspondent, or intermediary banks, in addition to the SWIFT network.

Eligibility Requirements

Rho doesn’t have credit requirements for prospective companies. You also won’t need to worry about a personal guarantee or collateral requirements when applying for a Rho account. These factors could make Rho a great option for some companies.

While there are no minimum revenue requirements, your business revenue is used during the underwriting process to determine eligibility.

Additionally, some high-risk businesses may be declined for a Rho account. Rho defines high-risk industries as:

• Betting, casino gaming chips, etc.
• Adult dating and/or escort services
• Drug stores, pharmacies, and cannabis
• Drugs, proprietaries, and sundries
• Stamp and coin stores
• Quasi-cash, currency, money orders, traveler’s checks
• Pawnshops
• Bail and bond payments

Rho Corporate Card Features

Rho’s payment methods, processing times, and robust features all contributed to our high rating for this section.

Beyond those standard features, Rho offers several other features through its services, including:

• Digital Wallets: The Rho card can be added to both Google Wallet and Apple Wallet for making contactless payments.
• Expense Tracking: Rho offers expense tracking including receipt capture, reimbursement submissions, and other AP and accounting automations.
• Auto-Synced Accounting: Rho features a native QuickBooks integration and supports Sage and Wave via Plaid. Auto-syncing allows you to easily reconcile purchases the moment an employee swipes a Rho card. On top of that, employees can digitally upload receipts, and Rho will categorize purchases automatically.
• Spending Categories: Besides smart limits, admins can set limits on spending amounts and spending categories for each employee.
• Higher, Stable Credit Limits: Rho claims that customers can receive higher credit limits that won’t fluctuate. According to Rho, the company’s underwriting process — which looks at annual revenue, cash on hand, growth metrics, predictive analytics, and “non-traditional” data points — may offer some customers higher credit limits than elsewhere. Additionally, your credit limit won’t be determined via a percentage of your current cash, allowing for a more stable and consistent credit limit.
• Custom Logos: Your company’s Rho card can be tailored with a custom logo.

Lastly, Rho offers multiple ways to add money to your account, although each method has different processing times:

Rho offers 24/7 dedicated customer support.

Rho assigns specialists to every client to provide customers with “high-touch, one-on-one support.”

Rho Corporate Card Reviews

Because Rho is fairly new on the scene, there aren’t many customer reviews around. With the limited scope of customer opinions, we reached out to a couple of Rho customers to get their thoughts. Here’s what one user told us:

Rho’s customer service is nothing short of incredible. Anytime I’ve had a question they get immediately back to me with insightful answers. Every interaction I’ve had with them, they’ve come across as very professional and a huge help to grow my business. I love their cash back on every purchase card the most. — Kenny Rose, founder and CEO of FranShares

Another user said this:

Rho Business Banking is excellent. Their customer service is responsive, easy to understand, and everything works in line with my requirements. I have been pleased with their attention to detail including finding solutions for my logistical issues within minutes. The only con would be the limits on international wire transfers. This can become challenging to navigate around when dealing in larger amounts. — Sara Bernier, founder of Born for Pets

Is Rho Safe?

While Rho is a fairly new company, its services are backed by reputable and longstanding banks.

Rho’s checking accounts are offered through Webster Bank, N.A., Member FDIC, and its savings account via American Deposit Management Co. and its partner banks. The checking and savings accounts are FDIC-insured (up to $250,000 for the checking account and $75 million for the savings account via the entities mentioned).

Webster Bank, N.A. issues the Rho corporate card. The card operates on the Mastercard network, which provides fraud protection and standard credit card protection.

Final Verdict: Is The Rho Credit Card Worth It?

Whether Rho is worth it will depend on your business. Businesses that meet eligibility requirements and can pay off the Rho corporate card daily (to get the 2% cash back rate) will particularly benefit from Rho. Businesses with irregular cash flows may also benefit from Rho’s flexible repayment terms.

However, smaller businesses may not see much benefit — in fact, they may not qualify for a Rho account in the first place.

As an alternative, if you want a handy spending instrument for you and your employees and you don’t need a full expense management suite, check out the best business credit cards.

The Merchant Maverick Seal of Approval 🏆

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After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Rho for yourself.

The Merchant Maverick Seal of Approval 🏆

Rho	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Rho for yourself.