Ramp Corporate Card Review 2024

The Ramp Corporate Credit Card is designed for businesses that are formally created, such as limited partnerships, limited liability companies (LLCs), and corporations, both for-profit and nonprofit. This means that sole proprietorships and partnerships that generally make no legal distinction between owners and businesses aren't eligible.

In addition, Ramp requires its potential client companies to have most of their operations and corporate spending in the US, although the company says it will support international transactions and waive the related transaction fees.

To be eligible, a business should have the following:

• Strong revenue
• Current expenses exceeding $10,000/month on corporate credit cards
• A bank balance of at least $75,000

An application for the Ramp Corporate Card should include the business formation documents, an estimate of the current monthly expense on business credit cards, as well as the EIN of the business and the personal addresses and the last four digits of the owners’ SSNs.

• No annual fees 
• No fees on foreign transactions
• Personal guarantees from owners aren't required
• Approval decision isn’t affected by owners’ creditworthiness
• Can be integrated with a range of popular business software
• Tools to manage expenses and control costs

• Balance must be paid off completely each month.
• Unincorporated businesses such as general partnerships and sole traders aren’t eligible 
• No incentives to sign up
• Requires high cash reserves of at least $75k
• No Android App

Rather than being a “credit card,” the Ramp Corporate Card is a “charge card,” which means that any outstanding balance must be paid in full every month. The card will be linked to a business bank account so that payment is made automatically.

The card pays 1.5% cash back on all purchases. These cash back rewards are redeemed as statement credits, and there is no limit.

Cardholders also get access to an advanced digital platform that allows integration to third-party accounting, collaboration and expense reporting software, made available at discounted prices. These include applications such as NetSuite, Pulley, QuickBooks, Rippling, Sage Intacct, Secureframe, Slack, WeWork, and Xero.

The card also makes “partner perks” available. Account holders will receive discounts from Amazon Web Services (AWS), Google Ads, and other “partners” worth $175,000 combined.

The card has no annual fee and is available without providing either a personal guarantee or credit check. Eligibility and credit limit are determined by business revenue, cash flow, and bank balance. The business must currently be spending more than $10,000 per month on corporate cards and should have at least $75,000 in a US business bank account. Ramp advertises that its credit limits are 10–20x higher than its competitors.

• 1.5% cash back reward on every purchase, with no limit
• No category restrictions on purchases to qualify for cash back
• A $175,000+ bundle of special offers from third-party vendors

Ramp is a charge card, so the balance must be paid off in full every month. Since the card doesn't extend credit, there are no interest charges. Ramp earns revenue from transaction fees.

• Merchant Fees: 1.15%–2.40%
• No annual fees
• No late fees
• No foreign transaction fees

The Ramp Corporate Card has no annual fee. It does, however, have transaction fees. When you use your Ramp card, the vendor pays merchant fees, also known as interchange fees. These are split between Visa (Ramp’s card network), the vendor’s bank, and Ramp.

Qualifying for the Ramp card requires a couple of good financial metrics, as well as satisfying some non-financial conditions. To qualify for Ramp, your business must:

• Be registered in the United States;
• Be a corporation (profit or nonprofit), LLC, or LP;
• Have a strong stream of revenue;
• Have at least $75,000 in a US business bank account linked to your application; and
• Have most of your operations and corporate spend in the US.

To apply for a Ramp Card, you need to provide the following:

• Business’s legal and DBA names, address, and description;
• Corporate formation information, including the EIN and formation dates;
• Monthly business card spend;
• Personal address and contact information, including the last four digits of the SSN, for one corporate officer or business owner; and
• Credentials to link a bank account and any commerce sales platform account.

One corporate card that rivals the Ramp card in terms of features and benefits is the Brex card. Like the Ramp card, the Brex card is a charge card, which means that balances must be paid in full every month. Another similarity is that neither card requires a personal guarantee or runs a credit check to determine suitability. However, their rewards program and eligibility requirements differ.

Both cards require high cash reserves — Ramp $75,000 and Brex $100,000 — but Brex will waive the reserve requirement for applicants backed by professional investors.

While Ramp’s reward program offers unlimited cash back of 1.5% on all purchases, Brex’s rewards program offers points instead. For every $1 spent, a business may earn up to eight points instead of cash back.

The Ramp Corporate Card is one with a novel objective in the card universe: cutting customers’ costs. Despite earning revenue from merchant fees, Ramp says it wants customers to spend less. It claims the proof is in the pudding, with some 98% of customers enjoying $100,000 or more in savings.

Ramp’s associated AI platform helps reduce the exorbitant amount of time spent in keeping track of receipts and submitting them with expense reports. Every time the card is used, a client’s employees can submit receipts in some electronic form. They may, for example, take a photo of the receipt with their mobile phone and enter the image in the system.

Ramp combines OCR, data-dependent contextual data, and transaction data to match receipts to charges in real time with no need for intervention.

Ramp is ideal for startups since qualifying for its facilities doesn't depend on having a long credit history. It’s even better suited for new businesses that are growing quickly because rising revenues and large cash balances are the main qualifying factors.