Ramp Card & Expense Management Review

The Ramp card is two things at once: a business charge card and a financial platform for your business. This card may make life easier for startups or small-to-medium-sized business owners since it can streamline the financial processes that are likely to cause you a headache, like expense management and accounting. And there’s no need for a personal guarantee.

To help you decide if the Ramp card is right for your business, this article outlines what it is, the pros and cons, and how it compares to other options on the market. 

What Is the Ramp Card?

The Ramp Card comes from financial technology (fintech) company Ramp. It’s a small business charge card and financial management platform all-in-one. As a cardholder, you can:

• Use the business card for expenses
• Manage your business expenses
• Pay your bills
• Track your financials to make accounting easier
• Create automated financial reports

Also, the Ramp corporate card says it can help your company save money in multiple ways, including giving you control on spending limits on each employee card and by advising you on areas you’re overspending. 

It’s a charge card rather than a credit card, so the full balance is automatically debited from your account on the same day each month. 

Ramp Overview

The Ramp card targets U.S.-based small-to-medium-sized businesses, corporations, or nonprofits — the company won’t accept unregistered businesses like sole proprietors. Applicants also must have $75,000 or more in a business bank account and most of your business spending needs to happen within the United States.

There are no fees for using the Ramp card. Instead, Ramp makes money by charging the merchant a small fee, called an interchange fee, on each purchase. You can get unlimited virtual cards for your employees at no added cost, as well. As a Ramp cardholder, you can pay vendors via card, check, or ACH payment.

The Ramp card application is completely online and takes a few minutes to complete, as long as you have gathered all your information and documents ahead of time. You’ll need: 

• A business email address
• An employer identification number (EIN)
• The date of business formation
• Articles of organization (for LLCs) or articles of incorporation (for corporations)
• The mailing address and last four digits of the social security number of at least one business owner. Anyone from outside of the U.S. can use a passport and proof of address.
• Log-in details for your business bank account
• A business description
• An estimate of how much you spend each month on your business cards

Ramp works hard to keep your personal details safe by supporting processes like multi-factor authentication. The company also uses trusted third-party technology like Finicity and Teller to link your external bank accounts, and it tokenizes your card and CVV numbers to make them more difficult to steal. 

Ramp Product Details

The Ramp card operates on the Visa network. You’ll get 1.5% cash back on every purchase that you can redeem for a statement credit. As mentioned, you won’t pay any fees — no annual membership fees, replacement card fees, late payment fees, or foreign transaction fees. 

It’s a charge card, so you also won’t pay interest. You’ll instead have to pay off your balance in full each month. Because of this factor, you can’t maintain a revolving balance like on a credit card so you can’t use it to fund extra business expenses in instances of limited cash flow. 

However, one of the biggest benefits is that there’s no personal guarantee required, so you won’t be personally responsible if your business can’t pay its debts. Your spending limit is determined by factors like your business revenue, cash flow, cash balance, and your business credit score. So there’s no personal credit check, and therefore no effect on your personal score when you apply.

The Ramp card also offers many opportunities and insights that may lead to business savings:

• Spend management. You can set daily or monthly limits for spending on individual employee cards. Anything outside of the spending guidelines you set is flagged for review. 
• Partner savings. You can access up to $175,000 in reward savings with companies in partnership with Ramp. Partners include AWS, Slack, and Google Ads. 
• Insights on overspending. Ramp uses its own Ramp Savings Insights to scan your bank accounts and find possible savings for your business. It can alert you to things like spending increases and duplicate subscriptions.
• Contract negotiation. When you’re signing a contract, Ramp offers its savings experts to review it and negotiate the pricing and terms for you. Some other Ramp customers have paid around 27% less when using this service. 

You can also collect employee receipts automatically using Ramp’s receipt matching technology. Each expense is categorized in real-time, and requests for receipts go out immediately. If you integrate Gmail, Lyft, or Amazon Business, built-in automation collects those receipts right away, which will make things like employee reimbursement faster. Furthermore, Ramp supports integrations with accounting software like QuickBooks, Xero, and NetSuite to make your tax season easier. 

Ramp’s mobile app is also very highly rated.

Ramp Pros and Cons

There are several perks and potential drawbacks to choosing the Ramp card for your small business. Take a look at the most important below. 

Pros

May save you time

The Ramp card’s technology can help streamline some formerly tiresome and time-consuming tasks you need to complete to keep your business running. Your employees can snap pictures of their receipts and Ramp will match it to the expense, so your finance team doesn’t have to worry about it. It also allows you to create categories for each purchase, and your expenses will be siphoned into those categories without you lifting a finger. Closing your books can also be faster when you sync it to your business’s accounting system. 

May save you money

You won’t pay an annual fee or any other fee to use this card. Also, not all charge cards offer rewards, but Ramp gives you unlimited cash back on every purchase. You’ll also have more spend controls on your employees’ cards than many competitors of the Ramp card offer, which can allow you to control spending better. For example, you can choose which vendors employees are allowed to buy from depending on the card. 

Offers higher credit limits

Ramp advertises credit limits as 10 to 20 times higher than its competitor card issuers. Your credit limit isn’t based on your personal credit score, but instead takes the overall financial picture of your business into account. 

Cons

No revolving credit

The Ramp card is a charge card rather than a business credit card. Therefore, you must pay off your balance in full every month. The inability to keep a balance on the card means you can only spend what you can afford to pay back right away, so it doesn’t have as much leeway as a credit card for unexpected or additional business expenses. 

No sole proprietors

You must have a registered business to ‌get the Ramp card. That means you can’t operate as a sole proprietorship or other unregistered business and use this card, even if you meet the balance and other requirements. 

How Ramp Compares 

The Ramp card is unique, so comparing it to other options on the marketplace is a bit of a challenge. Corporate credit card providers may offer cash back rewards and no annual fees like Ramp. However, since Ramp doesn’t give cardholders access to revolving credit, we thought it would be more helpful to compare it to other business checking accounts. 

Here’s our breakdown of where Ramp falls in the competition lineup: 

Chase Business Complete Banking

With this Chase account, you pay a monthly fee, but you can qualify to have it waived. Business checking accounts also often allow you to accept payments from customers, unlike charge cards, and this one uses Chase QuickAccept. You’ll also be able to perform as many ATM and debit card transactions as you need every month, and you can request employee cards. Also, the Chase Mobile® app receives fantastic reviews from customers.

Great For Digital Banking

Get started

Chase Business Complete Banking®

Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. Associate Debit and Employee Deposit Cards available upon request

Minimum Balance

None

Monthly Cost

$15 with ways to waive

Monthly Free Transactions

Unlimited

Noteworthy Perks

$500 Sign Up Bonus

Bank of America Business Checking Account

Bank of America has two business checking accounts, each with a monthly fee that you can waive when you meet the requirements. Similar to Ramp, these BofA accounts allow you to link your other accounts to view everything from one place, as well as monitor and project your business’s cash flow. Furthermore, you can integrate with accounting software like QuickBooks and get digital cards to make purchases right away. And the Bank of America Mobile Banking app is extremely highly rated by users. 

Great For High Cash Deposit Limit

Get started

Bank of America® Business Advantage Banking

Bank of America® Business Advantage Banking is a checking account with 2 options. Pick the 1 that works best for you. $200 bonus offer. Click Get Started for more details Easy, anytime access. Visit Bank of America at thousands of financial centers and ATMs. 24/7 security. Total Security Protection® and fraud monitoring. Secure sign-in, card locking features and more. Convenient ways to pay. Use your debit card immediately for in-store and digital purchases. Digital account management tools when enrolled in Business Advantage 360. Access to Small Business specialists to help find solutions that fit your goals. Our $0 Liability Guarantee means that you’re not liable for unauthorized transactions made using your business debit card, as long as you report them promptly. Eligible Preferred Rewards for Business members can access a wide range of rewards, benefits and savings. Bank of America, N.A. Member FDIC

Minimum Balance

$100

Monthly Cost

$16-$29.95 or $0 if requirement is met

Monthly Free Transactions

20-500

Noteworthy Perks

High Cash Deposit Limit

Lili Business Checking Account

Like Ramp, Lili is an all-in-one business platform. A business checking account with Lili provides a spending card, accounting tools, and integrations that make taxes easier for small businesses. You can also get cash back at participating merchants while also earning interest on your account balance. Lili offers a very well-rated app for its customers. 

One Platform to Manage All Your Business Finances

Get started

Lili - Banking designed for your business

Lili empowers business owners by combining business banking, accounting, invoicing, and tax preparation in one platform. For business owners, centralizing all aspects of their business finances streamlines their business operations and provides clarity about their financial position. Lili accepts S-Corps, Partnerships, and LLCs (both single and multi-member). Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Fee-Free Overdraft

BlueVine Business Banking

BlueVine is also a fintech company that doesn’t charge its customers any fees. It allows for unlimited transactions and doesn’t have a minimum account balance. Although you don’t get cash back rewards, you can earn interest on your account balance if you meet the qualifications. Furthermore, you can sync to QuickBooks Online and pay bills directly from your dashboard. BlueVine also has an app, but it’s not as highly rated as others on this list.

Great For High Interest Rate

Get started

Bluevine Business Banking

Earn 4.0% APY on Bluevine Premier and 2.0% APY on Bluevine Standard when you meet a monthly activity goal. Save time and pay vendors with unlimited transactions via ACH, same day ACH, domestic wires, and international payments. Add up to 5 sub-accounts, each with designated account numbers. $95 (waivable) monthly fee for Premier, $0 for standard. No overdraft fees, no minimum balance requirements. To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

Minimum Balance

None

Monthly Cost

$0-$95 (Waivable)

Monthly Free Transactions

Unlimited

Noteworthy Perks

Up to 3.7% APY

Online & Mobile Small Business Checking by Bank Novo

Novo is a fintech company that offers a no-fee business checking account that can integrate with popular accounting and business software. Like Ramp, your personal credit isn’t affected when you apply for an account. It also offers a virtual card, as well as free ACH transfers, check payments, and incoming wires. Novo also offers a well-rated app to use for mobile banking. 

Great For Integrations

Get started

Online & Mobile Small Business Checking by Novo

Save up to $150/month in banking fees and subscription payments*. An award-winning business checking account without the sneaky fees or minimum balance. Rest easy knowing that banking won't be an obstacle to starting or running your business. Access your business finances from anywhere, anytime, all online. Every Novo checking account comes with a physical and virtual debit card, so you always have access in the palm of your hand. Spend securely and ditch the fees with a free business debit card. Transact internationally and access your funds from ATMs with fee reimbursement up to $7/month. Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated. Value of savings is based on market research of fees and subscription pricing as of March 2024.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Deep integrations with the tools small businesses already love

Nav’s Final Word

When you’re deciding whether or not to go with the Ramp card, it all depends on what you need. The Ramp card can give you a charge card for business purchases that earns cash back and doesn’t charge fees, as well as integration with other financial tools. But many business checking accounts provide similar perks — and allow sole proprietors to apply.

If you need help with spend management and saving money in your business, Ramp might be the right fit for you. But it’s best to explore all your options before making a decision, and Nav is the perfect place to start.