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Ramp Card Review
If you're a growing business in need of a charge card and a cost-cutting tool, then Ramp Card could be a good option for you.
Let's dive into a more detailed look into Ramp to see how it stacks up against other finance automation platforms.
What is a Ramp Card?
Ramp is a finance automation platform designed to save you time and money. It offers a range of fintech services such as corporate cards, expense management, bill payments, accounting automation, and reporting—all in one easy-to-use and free solution.
With this unique approach to financial services, Ramp has quickly become America’s #1 rated and fastest-growing corporate card. Businesses that use Ramp have claimed to have saved on average 5% in year one compared to those who don’t. They close their books 86% faster every month with end-of-month close time typically reduced to just 2 hours.
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Pricing
Ramp provides a plethora of useful tools to businesses at no cost.
That means you don’t have to pay common fees such as:
- Setup fee
- Annual Fee
- Interest fees
- Replacement fees
- Late fees
- Employee card fee
- Foreign transaction fee
The usage of Ramp's expense management software and additional features, such as spend controls, are also free of charge.
Who Qualifies to Open The Ramp Card?
The Ramp card is intended for corporations, limited liability companies (LLCs), and other non-profit businesses registered in the United States.
Because Ramp works with corporations, no personal guarantee is necessary throughout the approval procedure. Instead, Ramp examines your company's cash balance, cash flows, and other financial health indicators. Ramp claims that their card provides 10-20x greater limitations.
It is important to note that if you are an individual, a sole proprietor, or operate an unregistered business, you will not be qualified to apply for Ramp.
In addition to these fundamental requirements, Ramp requires businesses to have at least $75,000 in their bank account.
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Key Features of Ramp Card
Annual Fee: $0
Intro Bonus: 0%
Spend Multipliers:
- Up to 1.5% cashback on every purchase
- Get up to $175,000 on savings and discounts in partner awards
Ramps Features:
- NEW! Business travel solution
- No personal guarantee required
- Unlimited physical and virtual cards
- Card Controls
- Visa Benefits Package
- Spend Tracking
- Bill Payment
- Account Automation
- Expense Management
- Real-time Reporting
Ramp comes with a few extra features, including:
- Slack Integration: Ramp's bot allows businesses to request, evaluate, and issue expenditure from within Slack.
- HRIS Interface: Ramp includes connections with a variety of HR services, such as BambooHR, Rippling, Hibob, Justworks, and Gusto, allowing customers to automate onboarding, simplify cardholders at scale, and sync employee records.
- Out-Of-Pocket-Reimbursement: Ramp offers a one-click reimbursement platform for out-of-pocket expenses.
- Accounting Features and Integrations: In addition to a built-in account suite, Ramp connects with QuickBooks, Xero, NetSuite, and Sage Intacct.
- Spend Request Tools: Employees can submit spend requests by email, Slack, or SMS.
- Business Travel Solution: Ramp’s new business travel feature enables you to build your own expense policy, earn an unlimited 1.5% for your employees’ booked travel, and sync real-time transactions.
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Who Should Consider Using Ramp
You should consider using Ramp if you’re availing a Voluntary Provident Fund (VPF) wanting to have more visibility into your expenses in real-time and for greater finance team productivity.
Ramp’s embeddable expense policies on cards, integrated bill payments, centralized reporting, and other intuitive features makes it suitable for controllers.
If you have an accountant team who are looking to have direct integrations for popular accounting software like QuickBooks to do more automation of manual tasks such as receipt collection and expense categorization.
With its smart cards and automatic receipt matching, cardholders can also benefit from Ramp to get simplified budgets and reporting while earning 1.5% cash back on all purchases.
How Does Ramp Card Stack Up with Other Competitors?
Before deciding whether to apply for a Ramp card, it’s a great idea to compare Ramp to its top rivals. So far, this is what we know.
Ramp vs Other Corporate Credit Cards
Ramp vs Other Expense Management Software
Here’s how Ramp stacks up against other expense management software.
Conclusion
The Ramp card might be great for a growing business that wants to cut its expenses down but lacks the time or bookkeeping capacity to go over each transaction to ensure that spending is streamlined.
The card's associated software provides you the power of a finance team without the additional personnel costs; this alone might save you a lot of money. Furthermore, the straightforward cash-back system, as well as the savings and promotions, are enticing.
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