IN-DEPTH ANALYSIS

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

Advertiser Disclosure
Written By
I. Mitic
Updated
September 05, 2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

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.

This article will discuss the features, pros and cons, and rewards Ramp’s card offers so you can decide if it’s the right fit for your business.

Welcome offer:
$250 upon approval

1.5% cashback on all spending

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

REGULAR APR
N/A
MINIMUM CREDIT SCORE
No requirements
WELCOME OFFER
$250 upon approval
INTRO APR
N/A
FEES
None
MIN. BANK ACCOUNT BALANCE
$75,000
CREDIT SCORE
Poor to excellent
CARD NETWORK
Visa
pros thumb up Strengths
  • No annual fees
  • No foreign exchange fees
  • 1.5% cashback on all spending
  • Integrations with accounting software
  • Customization options
  • Money saving features
pros thumb up Weaknesses
  • Sole proprietors are not eligible
  • No mobile app

Ramp Visa Corporate Card Overview 

Ramp, a financial technology company, provides services to US  businesses. Founded in 2019, Ramp is best 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.  

There are many options available when it comes to choosing a credit card for your business. Let’s see how Ramp compares to some other market leaders.

How Ramp Compares to Other Similar Cards

Ramp Visa Corporate Card Logo
Ramp Visa Corporate Card
REWARDS RATE:

1.5% cash back

APR:

N/A (Charge card)

Brex Card for Startups Logo
Brex Card for Startups
REWARDS RATE:

1x-7x points per $ spent

APR:

N/A (Charge card)

Chase Ink Business Unlimited® Credit Card Logo
Chase Ink Business Unlimited® Credit Card
REWARDS RATE:

1.5% cash back

APR:

13.24%-19.24% (variable)

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 Ramp 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 Ramp reviews your application, they look at financial indicators like cash flow and your company’s cash balance. One of the requirements is $75,000 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 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, Ramp features platform 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

So far, we have looked at the benefits of using Ramp corporate cards, but they might not be for everybody. If you’re a small business owner, there are a couple of things that you might wish Ramp did differently.

No Mobile App

You can access Ramp’s platform with your mobile phone through a web browser, but no dedicated Ramp mobile app is still available. We expect the app features will make it easier to manage your company account on the go. The app is expected to launch in late 2022.

Cash Balance Requirements

Some companies will find that the required bank account balance of $75,000 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 the 1.5% reward you get for all 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 comparing Ramp with its competition, but we liked that the process was transparent and reliable.

Other rewards Ramp offers 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

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.  

Every review of Ramp that we read online had positive things to say about the company. Customers mostly praised the 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 during this Ramp card review and could only hope the company continues striving for innovations. 

Its business strategy doesn’t go unnoticed, and with the mobile app being scheduled for late 2022 and its customer base steadily growing, we believe there are even better things to come when Ramp is concerned.

FAQ

What type of card is Ramp?

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Ramp is a corporate card, meaning it is available for business spending only and can’t be used for personal spending. It differs from a business credit card in that it doesn’t have any credit score requirements, making it easier for some businesses to get approved. 

There are some cases where you can qualify for a business credit card without having a registered business, while with a corporate credit card, the terms are much less flexible.

Is Ramp a legit company?

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Yes. Ramp is an American fintech company that has been on the market since 2019. It’s a fast-growing business that provides corporate spending cards to US-based businesses. Its model is centered around cost-saving features for its clients and accounting software integration that will save you time tracking monthly expenses. So far, all of the reports on its business practice have been very positive.

Is Ramp a credit card or a charge card?

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Ramp Visa Corporate Card is a corporate charge card that differs from a credit card. Corporate charge cards are intended for business use only and typically have higher interest rates than credit cards

Credit cards can be used for personal expenses, while corporate charge cards cannot. The Ramp card differs from its competitors because the service is fee-free, as Ramp aims to generate income through acquiring a more extensive client base rather than through charging maintenance and other fees.