The Rho corporate card is a solid product that's good for high-growth businesses; however, smaller businesses may not benefit from or even qualify for a Rho card.
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Rho At A Glance
- FDIC-insured commercial banking with checking and treasury accounts
- Corporate card program with up to 1.75% cash back
- Automated no-fee accounts payable
- Fee-free global payments
- No personal guarantee required
- Unlimited virtual or physical cards
- No foreign transaction fees
What We Like About Rho
- Flexible corporate card repayment terms
- Competitive cash back rates
- Minimal fees (no foreign card transaction, ACH, or international USD wire fees)
What We Don’t Like About Rho
- Low APY of 0.01% for checking and treasury accounts
- No ATM access
- Account minimums ($50K for domestic companies and $100K for international companies) won’t suit every business
Services Offered By Rho
Rho Business Banking is a relative newcomer in the challenger bank and corporate card scene. Per the company’s website, Rho aims to provide businesses with a slew of financial services — from banking to corporate cards to expense management — “all in one place.” Rho’s services are generally targeted towards high-growth companies with substantial cash reserves.
The company, founded to provide commercial banking services in 2018, launched its corporate card product in May 2021. This new offering enables Rho to compete head-to-head in the upstart corporate card sector against big fintechs, such as Brex and Ramp.
Rho’s other banking services enable it to compete against more traditional banks. Potential customers may be swayed by Rho’s promise of being “intuitive” and “faster” banking — areas where many mainstays in the banking world struggle.
Rho primarily offers three services:
- Commercial banking (with checking and treasury accounts)
- Corporate cards
- Accounts payable
Do note that while Rho provides financial services, the company is not a bank. Instead, its services are backed by Evolve Bank & Trust, Sterling Bank, and other partner institutions.
Is Rho Safe?
While Rho is a relatively new company, its services are backed by reputable and longstanding banks.
Rho’s banking accounts are offered through Sterling National Bank and Evolve Bank & Trust, both FDIC members. The checking and treasury accounts are FDIC insured (up to $250,000 for the checking account and $75 million for the treasury account).
Sterling National Bank issues the Rho corporate card. The card operates on the Mastercard network, which provides fraud protection and standard credit card protection.
Final Verdict: Is Rho Worth It?
Whether Rho is worth it will depend on your business. Businesses with at least $50,000 in hand and that can pay off the Rho corporate card daily 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 — nor may they even qualify for a Rho account. If your business cannot maintain the required minimum balance, you will likely need to look elsewhere for your financial needs. Businesses looking for a high APY bank account will also need to seek sunnier shores — Rho’s 0.01% APY is rather paltry compared to some offerings on the market.
That said, Rho has developed a product that goes toe-to-toe with some of the other business finance challengers, such as Brex or Ramp. The flexible repayment terms feature is especially neat, and a lack of regular fees means that Rho could be a financial boon for the right kind of business.