The Ramp Corporate Card is one of many startup business credit cards designed to meet the needs of small business owners. If you have a corporation, limited liability company (LLC), or limited liability partnership (LP) based in the US with a US bank account of at least $75,000, you can use the Ramp Corporate Card to make it easier to track expenses. save money on monthly bills and get 1.5% cashback on every purchase.
Is the Ramp map suitable for everyone? Not necessary. Sole proprietors are not eligible for the card (unlike non-profit organizations) and many small business owners will not have enough assets in the bank to successfully apply.
However, some startup founders may use Ramp to grow their business, so let’s break down what the Ramp card offers, how it compares to some of the best corporate credit cards, and whether you should consider a Ramp credit card for your business. business.
What is Rump?
Ramp is a corporate credit card designed to help small businesses save money on everyday expenses. In addition to the card itself, Ramp also provides small business owners with an expense management platform, and savvy business owners can use these tools in tandem to automate their accounting and lower their bills.
Like many corporate cards, Ramp does not require a personal credit check or founder’s guarantee. With Ramp, you can get a business card without a personal guarantee, which means you don’t have to worry about your personal credit score affecting your eligibility. You also don’t have to worry about losing credit points after a thorough investigation of your personal credit, as you would with a typical consumer card application.
Also, since you are not personally responsible for any Ramp credit card payments, you can keep your business and your personal finances completely separate. Startups can be financially risky, so being able to separate your business’s financial interests from your personal assets is a huge advantage.
Benefits and privileges of the Ramp card
The Ramp Credit Card offers an unlimited cash back of 1.5% on every purchase – not just for your purchases, but for any purchases your employees make with Ramp Cards. These cash rewards can add up quickly, especially for a growing startup. For example, if your business places $50,000 monthly on a Ramp starter card, that’s $9,000 in cash in a year.
In addition to cash rewards, the Ramp card also offers cost management tools designed to help startups streamline their accounting and save money on business costs. Ramp uses algorithms to detect wasteful spending and sends notifications to your finance team whenever it detects price increases, duplicate subscriptions, and other signs that your company may be spending more than necessary. Companies using the Ramp Corporate Card save an average of $100,000 or more, Ramp said.
Is the Ramp corporate card a high limit business credit card? It depends. Ramp credit limits are set dynamically and are based on your company’s balance sheet and earnings. However, when used wisely, the Ramp card can offer enough credit to help your business grow. Use your Ramp Credit responsibly and you will find that your business is growing faster than you think.
Ramp vs other small business cards
There are many small business credit cards available, including business credit cards that do not have pre-set spending limits. How is the Ramp credit card different?
Ramp card compared to Brex 30 card
Let’s see how Ramp compares to the Brex 30 Card, another popular startup credit card that doesn’t require a personal guarantee. While both Ramp and Brex offer credit card rewards, Brex cardholders do not receive a fixed cashback percentage on every purchase.
Instead, Brex offers a reward structure based on how often you make payments (daily or monthly) and whether your business is tech or life science. However, in general, rewards depend on the category of purchase: up to 8 times for trips, 5 times for Brex Travel, 4 times for restaurants, 3 times for recurring software, and 1 time for other purchases. You can even earn up to 3x points on qualifying Apple purchases.
If your business isn’t spending a lot of money on travel, flights, or hotels, you’re already at a disadvantage – and you might want to consider a corporate Ramp card instead.
On the other hand, companies with less than $75,000 in the bank may be more interested in the Brex card. Unlike Ramp, Brex does not include minimum asset requirements in its eligibility guidelines, but you are only eligible if you are a corporation, non-individually liable company, or non-profit organization.
Ramp Card vs. Capital One Spark Cash Plus Card
This business card is especially popular and, as we mentioned, has no pre-set spending limit: Capital One Spark Cash Plus. This card gives you 2% cash back on all purchases plus a sign up bonus of up to $1,000 – $500 if you spend $5,000 within three months and then another $500 if you spend 50 000 USD for the first six months.
As a payment card, you must pay for all purchases at the end of each billing cycle and not carry over balances and charge interest. If this seems impossible for your small business, perhaps a corporate Ramp card would be a better idea.
The Capital One Spark Cash Plus card is convenient for business owners who like to redeem cash as loan statements for future credit accounts. However, Capital One also allows you to use a check, gift card, or Amazon.com or PayPal payment.
As more and more companies embrace hybrid work, your employees may be traveling a bit between their home state and company headquarters, for example, and you need to track their expenses and itineraries. The recently launched Ramp for Travel feature allows employees to create travel policies, book trips, and receive automated expense reports.
Is it worth getting a corporate Ramp card?
If your small business is a corporation with at least $75,000 in cash, you may want to consider the Ramp Corporate Card. It’s a great way to get a business credit card for your startup without having to provide a personal guarantee or risk a hard pull on your credit, and you can use Ramp’s Startup Expense Management Tools to help your business save money.
The Ramp Map can also help your startup scale more easily—and it might just be the tool you need to take your business to the next level.
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