Ramp Card Review: A Fee-Free Spending Card for Your Business

If you’re looking for a corporate charge card that doesn’t have a strict credit rating requirement, Ramp Visa Corporate Card may be the perfect solution for you.

This card comes with different features from traditional credit cards and can be an excellent option for those with less than ideal credit scores.

Ramp Visa Corporate Card Overview 

Ramp, a financial technology company, provides services to US  businesses. Founded in 2019, Ramp is a good choice for companies struggling with bad credit that still have a healthy cash flow.    

Ramp’s corporate credit card aims to be more than just another spending card on the market. The company has taken full advantage of the technology at hand and integrated its service with accounting features, making tracking your expenses easy and ultimately saving you valuable time.

The card offers a straightforward reward system and tries to cut the cost for the client whenever possible, looking to attract more business by making a money-saving service an integral part of the package.

Ramp Pricing

We liked that Ramp keeps its pricing as simple as possible and doesn’t charge any fees for its services. Looking through its offer, we found no hidden fees either.

Every time a consumer uses a card to shop from a merchant’s business, the merchant’s bank account is made to pay the transaction fee. This is how Ramp makes its income - from the interchange fees. 

The fee is split between Ramp and its card network company, Visa.

Ramp doesn’t charge any foreign exchange fees, while its competitors can charge up to 3%. Although that percentage doesn’t seem like much at first, those expenses add up quickly once you make many purchases on business travels. 

How To Become a Ramp Member?

As we mentioned at the beginning of our review, this card is only available for businesses. Ramp Visa Corporate Card is available for corporations, LLCs, and limited partnerships.

Your business has to be based in the US for it to be eligible, and Ramp tends to favor companies that have most of its business done in the US.

There are no credit score requirements and no minimum annual income or collateral required. 

When the company reviews your application, they look at financial indicators like cash flow and your company’s cash balance. One of the requirements is $25,000 in your business bank account. 

Because Ramp doesn’t require a high credit rating, it’s ideal for small businesses still that are struggling with credit scores but have no issues with cash flow. 

Why Should You Consider Ramp

Ramp is geared mostly toward small businesses not eligible for bank credit cards. 

What makes the Ramp credit cards stand out is the fact they work for all credit ratings. Not all lenders allow this much flexibility and have more rigid requirements for getting a business credit card. 

Ramp’s business is about helping clients save money. Fewer fees for clients when purchases are made means money out of Ramp’s pockets, but the company’s long-term goal is to generate income by increasing the number of clients it serves rather than making more money from the fees. 

Ramp benefits include features that are not usually associated with a business card. Besides providing a fee-free service, it also has integrations with over a hundred applications such as Xero and QuickBooks. It also boasts AI-powered invoice processing, which makes tracking your expenses a breeze. 

There is an array of customization options, starting from the physical appearance of the card. Still, more importantly, you can choose the vendors that qualify for spending and set up the spending limit.

Ramp’s business card allows additional flexibility on employee spending. You can limit the maximum amount, and the employees can request exceptions when needed through a dashboard. By automatizing this process, changes are quick to achieve, leading to more flexibility and less trouble for you and your employees.

Downsides To Using Ramp

If you’re a small business owner, there are a couple of things that you might wish Ramp did differently.

Cash Balance Requirements

Some companies will find that the required bank account balance of $25,000 is too much when you’re just starting out. There’s also minimum account spending of $10,000 a month, and you can’t carry the balance over into the next month. 

Ramp Rewards

One of the ways through which a Ramp corporate card saves you money is by giving you up to 1.5% reward for card spending.

The system seems pretty direct, and Ramp deposits the cashback on your account as a statement credit. It isn’t the highest reward we came across on the market, but we liked that the process was transparent and reliable.

Other rewards offered are discounts that you can potentially get if you wish to use the services of one of its partners. Ramp claims there is more than $350,000 in discounts.

There is a lot to choose from, so we’ve compiled a short list of deals that could be useful for your business from the very start: 

• Xero accounting software - 25% off Xero business edition
• Stripe payments processing - $25,000 in fee-free processing
• Rippling HR - 10% off all Rippling products
• Snapchat - Up to $3,000 in ads credit
• Corporate Traveler - Receive rebates on travel expenditures

Ramp Customer Satisfaction and Customer Support 

You can reach Ramp’s support team through the dashboard available on your account. They will contact you as soon as possible to answer your questions.  

Customers mostly praise Ramp's ease of setup and the user-friendly interface. Some complaints focused on the lack of a mobile app, while others claimed there is no follow-through with the referral program. 

Bottom Line 

Ramp has joined the business card market just recently, but it seems they have all the chances to become an important fintech player with its client-oriented business model and a large partnership base.

We liked most of the things we saw and could only hope the company continues striving for innovations. 

Its business strategy doesn’t go unnoticed, and with the recent launch of mobile app and its customer base steadily growing, we believe there are even better things to come when Ramp is concerned.