BILL vs. Rho Credit Card Review 2024

One of the biggest differences in choosing BILL vs. Rho is the eligibility requirements. While BILL is perfect for the starting entrepreneur building business credit, Rho is reserved for more established startups with large capital reserves.

Most business cards are going to require an EIN and a US bank account, but BILL doesn't list much more than this on its website. The company does include preferences for small- to mid-sized businesses, and it also accepts sole proprietors as well as corporations and LLCs. International companies can be accepted by BILL, but there needs to be at least one owner who has 25% ownership in the company or they are a US citizen or resident.

What makes BILL unique from Rho is the two lines of credit they offer. The more traditional unsecured line of credit is given to businesses that qualify, but for those that don't, there is the Credit Builder program.

Businesses are allowed to pay a security deposit which equals the amount of their line of credit. Over time, if the businesses are in good standing with BILL, they are allowed to apply for an unsecured line of credit.

Rho targets a very different customer base than BILL. The features and tools the company has created apply to medium to large-sized businesses. The biggest indicator of this is the $50,000 minimum account balance that is required to bank with Rho. If your business doesn't have that kind of capital, you can still bank with Rho if you spend at least $5,000 a month on the card. International companies are required to carry a larger balance of at least $100,000 at all times.

Both the BILL and Rho cards offer different reward tiers, and you can earn higher rewards if you pay your bill more frequently. Where the two cards differ is in the type of rewards offered.

BILL uses the more popular reward system that includes points for every dollar you spend. These points add up in your account over time and eventually can be used for airline tickets, gift cards, or even cash back. BILL breaks down purchases by categories like restaurants, hotels, software subscriptions, and everything else. If you pay your bill weekly, you get higher reward points than if you choose monthly or twice monthly payment options.

For example, paying your bill weekly will get you 7x points on all restaurants, while paying twice a month will get you 4x points on purchases in the same category. It’s important to note that redeeming your points also has different values. Travel has a 1:1 redemption, so every point you earn is worth one dollar of value, whereas other categories offer $0.50 for every point.

Rho, on the other hand, offers a cash back incentive on all purchases, regardless of the category. This incentive increases in percentage the more frequently you pay off your bill. Paying your bill daily will get you 1.75% cash back, paying every 30 days is 1.50% cash back, paying every 45 days is 0.75% cash back, and no cash back is offered if you pay your bill every 60 days.

If you prefer to earn rewards straight to your account without having to redeem points, the Rho card will be a better option.

Depending on how your company plans to spend, the Rho or BILL card could greatly impact all future purchases. Only the Rho is an actual credit card where your business may carry a balance, which is why the reward structure includes payments well past 30 days. Companies that need upfront capital, like retail or ecommerce stores, can use the Rho credit card to charge inventory. Whenever they make sales, they can pay back the card at an interval that works for them.

The only downside to using the charge card is the variable APR interest that will accumulate on all balances not paid in full. The BILL Divvy Corporate Card isn't actually a credit card, but it's a charge card where companies can make purchases throughout the month but must pay off the entire balance. It's not ideal for businesses that require large upfront capital, but it's perfect for businesses that have trouble managing their spending.

In addition to spending management, a charge card also benefits from no variable APR interest. You'll never owe the company more money than what you have already spent. On top of that, the card offers a range of credit lines as high as $15 million.

Newcomers to the credit card industry are innovating new ways to attract customers, and one of the benefits is low fees on all accounts. Neither Rho or BILL have annual fees that are charged every year just to use and hold the card. Even if your business can afford an annual fee, using that money in other areas of your business is a better investment.

BILL doesn't charge any upfront fees to use its service and even allows additional employee cards without any fees. It does, however, have a foreign transaction fee of anywhere between 0.2% and 0.9%. The company also charges a fee for late payments of 2.99% or $38, whichever is higher.

Rho, just like BILL, charges very few fees for account holders. You won't experience any fees for ACH, domestic wire, bill pay, additional users, or card transactions. Rho is better than BILL in foreign transaction fees because it doesn't charge anything to use your card internationally.

You will, however, incur a 0.6% FX fee on most currencies as well as a wire recall fee of $30.

More traditional business banking products like lines of credit and business loans require a personal guarantee from the business owner. This means if the company can't make payments, the individual is on the hook for all debts. Personal assets like a home or car can be used as collateral.

Fortunately, neither BILL nor Rho requires a personal guarantee so you can keep your personal finances separate from your business. Even if the business ends up going bankrupt, the companies cannot go after your personal assets.

This arrangement is perfect for startups who have high aspirations but don't have the stability or security that established businesses have.

Both Rho and BILL are built for modern businesses and have features that cater to financial management for the entire team.

Your company will be able to have as many cards made as your team needs without incurring any extra fees for doing so. Both companies allow the account owner to supervise spending limits by setting up automatic restrictions.

Rho even includes a central dashboard that tracks all spending in real-time and syncs payments with department budgets. All invoices can be automatically received, approved, coded, or paid using Rho.

BILL also has a central dashboard that includes real-time purchases but it includes insights into spending by department, team, project, or individual. You even get a mobile app where you can manage your account from anywhere in the world, a feature Rho does not have.

The BILL Divvy Corporate Card is perfect for beginning entrepreneurs who are building their business credit. The low minimum account balance allows businesses of any kind to open an account.

Strong budget management features make it ideal for teams, and the high reward points are great for businesses who plan on traveling frequently.

Features & Rewards:

• Higher reward tiers for more frequent payments
• Strong budget management features
• No personal guarantee
• Offers two different lines of credit

Fees and Interest Rates:

• No APR interest
• No annual fee
• 0.2%–0.9% foreign transaction fee
• 2.99% or $38 late payment fee

The Rho corporate card makes more sense for businesses with a financial foundation. It has a $50,000 minimum account balance, so your business needs large capital reserves to create an account. 

However, there are partially no fees associated with Rho and it works like a traditional credit card so you can carry a balance at the end of the month.

Features & Rewards:

• Up to 1.75% cash back based on the frequency of payments
• No personal guarantee
• Comprehensive budget management tools
• High credit limits that don't fluctuate

Fees & Interest Rates:

• No annual or foreign fees
• 0.6% FX fee for most currencies
• $30 wire recall fee

BILL and Rho are both great corporate cards but they are for two different types of business. 

For startups just beginning their credit journey, choose BILL because of the low minimum account balance and limited spending ability due to it being a charge card. Startups that already have momentum and large capital reserves should choose Rho, as it has all the advanced features needed and allows you to revolve a balance every month.