Stripe Corporate Card Review
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- Date Established
- 2009
- Location
- San Francisco
Stripe may be best known for its payment processing services. However, the San Francisco-based company recently got into the world of credit cards, first with its issuing API in 2018 and then with the Stripe Corporate Card in 2019. Stripe’s corporate card burst onto the scene to compete against American Express’s and Brex’s corporate offerings.
This corporate credit card, issued for Stripe by the Utah-located Celtic Bank, boasts a 2% cash back rate alongside a strong portfolio of extra perks. Companies that already use Stripe for accepting payments can especially be rewarded — there’s a potential $50,000 in free payment processing up for grabs. Plus, as this bit of plastic is a Visa card, your team members shouldn’t have problems using the card worldwide.
Curious if your company should sign up for the Stripe Corporate Card? Read on below to get the dope!
Table of Contents
Eligibility
Stripe doesn’t list specific guidelines for this card’s eligibility, besides the fact that it is only open for US-based businesses. However, the company does state that several factors play a role in whether or not a business qualifies for the card. Considered factors include payment volume, history with Stripe, and bank account history. Plus, personal credit scores won’t be affected when applying — Stripe does not require a personal guarantee.
It’s also worth noting that you’ll first have to request access to the card’s application — Stripe calls the card’s current state a “beta program.” After requesting an invitation into the beta, your business will then receive an email inviting you to apply for the Stripe Corporate Card.
Beyond the fact that there is an extra step to request beta access, Stripe likes to advertise a speedy application process. According to Stripe, you simply need a Stripe account to apply (so no paperwork is necessary). That means you can start using a virtual card within minutes of being approved.
Stripe Corporate Card At A Glance
Stripe Corporate Card |
Annual Fee: $0
Purchase APR: N/A (this is a charge card) |
|---|---|
Rewards For Spending
Something of an oddity in the world of corporate credit cards is this card’s 2% cash back rate — plenty of corporate cards on the market offer a lesser rewards rate or no rewards at all. Beyond the base rewards scheme, there’s plenty of other money-saving perks to consider too.
A Welcome Offer With Up To $50,000 In Free Payment Processing
The highlight of this card is the ability to earn $50,000 in free payment processing through Stripe. Once you spend $5,000 with the Stripe Corporate Card, you’ll be eligible to have the payment processing fees waived for your next $50,000 in card transactions. Unlike other cards, there is no time limit to reach the $5,000 spending threshold.
Note that there is a caveat to this bonus. The waived payment processing fees are only active for one year after triggering the bonus. If you don’t reach the $50,000 within that year, your bonus won’t carry over.
Based on Stripe’s 2.9% card processing fee, you’ll be eligible to save a minimum of $1,450 in fees (if you reach the $50,000 processing threshold). That $1,450 should also be higher — Stripe charges an additional $0.30 per successful card charge. For example, with the additional per-transaction charge, if you were to reach the $50,000 mark in 500 transactions, you’d save an additional $150.
Discounts & Credits For A Range Of Services
Beyond the free payment processing bonus, Stripe includes a plethora of discounts and credits for various services. According to Stripe, example perks here include:
- Amazon Web Services: $5,000 in credits
- Google Ads: $150 in credit
- Shopify: Three months free Basic Shopify subscription
- Gusto: Three months free
- Notion: 50% cash back up to $5,000
Other services with discounts or credits available through a Stripe Corporate Card include DigitalOcean, Zendesk, Intercom, HubSpot, Airtable, Carta, InVision, and Guideline.
Unlimited 2% Cash Back On Two Categories
In a world where corporate cards dole out meager rewards, the Stripe Corporate Card does the opposite: You’ll receive an unlimited 2% cash back on the two categories your business spends the most in each month. That could make the card a great option if your business does most of its spending in one or two categories.
The categories for each purchase are determined by the category code assigned to the merchant by its bank or processor. Stripe then groups similar categories together. Here’s the specific example for category grouping used by Stripe:
Similar category codes are grouped together to ensure that you get 2% where it matters most. For example, eating places, fast food restaurants, bakeries, and drinking places are all grouped into a single “Restaurants” category.
Stripe also states that common top categories among the card’s beta users include software, airlines, hotels, restaurants, and ground transportation.
Unlimited 1% Cash Back On Everything Else
For every purchase made outside of your two 2% categories, you’ll collect the standard 1% cash back. Just like the 2% rate, the amount of rewards you can earn with the 1% cash back rate is unlimited.
Redeeming Rewards
Stripe doesn’t include anything fancy when it comes to redeeming rewards. In fact, there’s only one way to do so.
Automatically Apply Rewards As Statement Credit
Stripe automatically applies your available rewards balance as a credit on your monthly statement. If you’d prefer to apply the rewards on your own schedule, Stripe allows that too; you’ll simply need to turn off automatic credits by updating your account settings.
Card Benefits
The Stripe Corporate Card has a solid slate of expected extra perks, with a few unique ones thrown in too. However, there is little that’s special here for businesses that employ frequent flyers.
Real-Time Expense Reporting
To help reduce the pain of expense reporting, Stripe will automatically notify employees to share their receipts when they make purchases with the card. You’ll be able to set a threshold amount (it’s set to $75 by default) that will trigger a text message reminder when an employee makes a purchase over the set amount. Employees can take a picture of their receipt and then upload it to the Stripe Dashboard, reply to the reminder text with the image, or send it to Stripe via email.
Flexible Credit Limit
Stripe markets that your credit limit is based on your payment processing volume and bank history. This means that as your business grows, your Stripe Corporate Card credit limit can too.
Customizable Branding
A nifty little feature included with the Stripe Corporate Card is the option to include your business’s logo on the card. To do so, you’ll just need to upload your logo via the Stripe Dashboard. The logo will then appear in the lower right corner of your company’s cards.
Integration With Financing Software
At the time of writing, Stripe allows you to automatically export your spending data with Expensify and QuickBooks (as well as ready-made exports to QuickBooks Desktop). Stripe also notes that Xero and Bench integrations are “coming soon.”
Apple Pay & Google Pay Support
Using the card details located on the Stripe Dashboard, your employees will be able to add their cards to Apple Pay and Google Pay. This is especially beneficial in a world that is increasingly becoming focused on contactless payment.
Fraud Protection
According to Stripe, your business will be off the hook for fraudulent transactions made with a Stripe Corporate Card. Employees will be able to report a lost or stolen card via the Stripe Dashboard as well as dispute any posted fraudulent transactions. Lost or stolen cards will be frozen immediately once reported. Your account will also be credited when Stripe determines that a disputed transaction is fraudulent.
Rates & Fees
With a charge card structure and the absence of any sort of fee, the Stripe Corporate Card is a great option for companies that want to avoid extraneous dings to their bank account.
No APR
As a charge card, the Stripe Corporate Card doesn’t allow account holders to carry a balance. Thanks to this setup, there are no APRs to worry about.
However, should your company need to carry a balance or if it has an inconsistent cash flow, this card won’t be for you. You’ll be required to pay off your statement in full each month, which could make this card a sticky wicket if you can’t do so.
No Annual Fee
With a Stripe Corporate Card in your company’s wallet, you won’t have to worry about paying any sort of annual fee. This is especially important because of the card’s rewards scheme — you’ll be picking up cash back without first needing to recoup the annual fee.
No Foreign Transaction Fee
Some companies may appreciate the lack of a foreign transaction fee. Because the Stripe Corporate Card won’t charge extra for purchases outside the US, companies that employ team members who frequently travel abroad could see some savings here over a card that does charge a small percentage of each sale.
No Other Fees
Stripe further promises no other fees, including card replacement or late fees. A lack of late fees comes with a caveat, however. Because this card is a charge card, you’re required to pay off your charges in full. And because Stripe automatically debits your bank account, it shouldn’t be difficult to forget about making a payment (assuming you have enough cash in the bank).
So what happens if you do fail to pay on time? At the time of the card’s launch in September 2019, the business lead for the Stripe Corporate Card told TechCrunch that the company is “not freezing cards based on late or no payments” because a common non-payment reason is that “a person switched bank accounts and forgot to update the information.” They also added that Stripe has a better view of banking information thanks to its payment products. It is unclear at this time if Stripe continues to try avoiding delinquent account freezing, but the above quotes are the most recent info available.
Is The Stripe Corporate Card Right For You?
The Stripe Corporate Card is a generally solid credit card. With up to 2% cash back and no fees to worry about, you’ll always earn a decent rate on purchases. Plus, there’s a slew of discounts and credits to take advantage of as well as an enticing welcome offer. However, all these positives are moot if you don’t use Stripe for your card processing. Additionally, businesses that send employees on frequent trips may find cards with better travel benefits more appealing.
You might want to apply if…
- You use Stripe for your payment processing
- Your business spends a lot in one or two categories
- You want a corporate card that offers a strong rewards scheme
- You want to avoid a corporate card with fees
You might want to look for a different card if…
- You don’t use Stripe for your payment processing
- You need a card with travel benefits
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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Organization Name: King TuToRing
Great 1#St. Impression, After doing my homework. Now i have high EXPECTATIONS !!! for growth with-in my business. BEST BUSINESS DECISION I MADE IN 2020
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