Ramp Credit Card: Is the Ramp Credit Card Right for You?

As a small business owner, you need funding that is flexible and allows your company to expand. The Ramp Credit Card is designed to provide that. It offers features made specifically for modern, creative small companies so you can get the financing your business needs now and in the future.

Ramp Credit Card

In this article, we will explore all aspects of the Ramp Credit Card, including its Benefits and Features, Fees and Financing Costs, Eligibility Requirements and Application Process.

This will help you see if the unique Ramp Credit Card fits the needs of your expanding business.

Ramp Credit Card Overview

The Ramp Credit Card provides an alternative to traditional small business financing. Developed by financial technology startup Ramp, this card offers up to 2% cashback along with an easy application and transparent terms.

Ramp issues cards on the Visa network. Approved credit lines can range from $10,000 up to $5 million based on your business needs.

As your company grows, you can request credit line increases directly through the Ramp dashboard. This flexible access to financing helps you seize opportunities at the right moment.

Here are some quick facts and features of the Ramp Credit Card:

  • Issuer: Sutton Bank
  • Network: Visa
  • Intro APR: None
  • Regular APR: 15.99% – 23.99% variable
  • Rewards: 1-2% cashback
  • No personal credit check or guarantor required
  • Line increase requests submitted through online portal
  • Same-day funding available

For a startup or scaling business, the Ramp card provides financing that adapts with your company’s evolving needs.

Benefits and Features

The Ramp Credit Card aims to provide seamless access to funding combined with tools for smarter spend management. Here are some of its notable benefits and features:

Cashback Rewards

  • Earn 1% cashback on purchases up to $100k per year
  • Earn 2% on purchases above $100k per year
  • Rewards automatically apply as statement credits

Corporate card integration

  • Sync Ramp virtual cards with expense management platforms like Divvy and Brex Cash

Automated payments

  • Set up one-click auto pay from your bank account
  • Avoid late fees and interest charges

Spend controls

  • Customizable spend limits and restrictions
  • Control employee virtual card usage

Receipt capture

  • Snap photos of receipts directly in the Ramp app
  • Receipts auto-synced for reconciliation

Built-in budgeting

  • Automatically categorize transactions
  • View real-time spend reporting
  • Create budgets for projects, departments, or categories

For a small business, having these capabilities consolidated in a single platform streamlines financial operations.

Fees and Financing Costs

As an alternative lender, Ramp aims to provide transparent pricing free of hidden fees. Here is an overview of the costs associated with the Ramp Credit Card:

  • APR ranges from 15.99% – 23.99% variable
  • No application, origination, or annual fees
  • No prepayment penalties
  • Late payment fee of 2.99% of unpaid balance (min $10, max $100)
  • Returned payment fee of $10
  • No foreign transaction fee

The purchase APR you receive depends on your business’s financial profile. Ramp offers competitive rates for a startup business credit card.

There are also no cash advance fees. Other business cards often charge a fee for ATM and bank withdrawals.

By avoiding common fees like application, origination, and annual fees, Ramp provides fair and simplified pricing.

Eligibility Requirements

Ramp designed its card and underwriting model specifically to serve the needs of startups and small businesses. Here are the basic eligibility requirements:

  • Minimum 6 months in business
  • Minimum $100k in annual revenue
  • Must apply in the name of a business entity (LLC, S-corp, etc) rather than as a sole proprietor
  • Business must have a U.S. address

Unlike traditional credit cards, Ramp does not perform a personal credit check or require an owner guarantee. Approvals are based on your company’s financials and projected growth.

Ramp also accepts many high-risk industries often excluded from small business financing. Your business type itself does not determine eligibility.

Businesses experiencing rapid growth are excellent candidates for the Ramp Credit Card. The flexible access to funding enables scaling your spending as revenue increases.

Application Process

The Ramp Credit Card aims to provide quick access to financing with a streamlined application process:

  1. Visit Ramp’s website and click “Get Started” to begin the application.
  2. Provide basic business information like company name, address, website, and ownership structure.
  3. Link business banking accounts via secure connections like Plaid.
  4. Enter any funding amount requested over the minimum $10,000 credit line.
  5. Review and electronically sign the loan agreement.
  6. Get a real-time decision in minutes after submitting your full application.
  7. Review and accept your offer if approved and agree to the loan terms.
  8. Access funding immediately after acceptance via instant card issuance or bank transfer.

The entire application experience can take less than 10 minutes. Having access to financing this quickly allows you to capitalize on time-sensitive investments.

Tips to Manage Your Card Responsibly

If approved for the Ramp Credit Card, be sure to implement responsible management practices:

  • Make payments on time to avoid fees and interest charges
  • Pay more than the minimum when possible to control debt
  • Keep utilization below 30% for optimum credit health
  • Set budgets and limits on employee cards to control spending
  • Review statements thoroughly every billing cycle
  • Report any unauthorized charges promptly
  • Contact Ramp with any billing disputes immediately
  • Notify Ramp if your business contact info or status changes

Proper card management ensures you maximize the benefits of this financing tool while minimizing risk and debt.

Other Alternatives to Consider

While the Ramp Credit Card has many compelling features, it isn’t the only financing option worth exploring. Some alternatives to consider include:

  1. Kabbage Credit Card

Also offers 1.5% cashback and transparent terms. Requires personal credit score of 650+ for approval.

  1. Chase Ink Business Cards

Earn flexible Ultimate Rewards points instead of cash back. Require good personal credit.

  1. BlueVine Business Credit Card

Competitive rewards program and no personal guarantee required. Only approves more established businesses.

  1. Term loans

An alternative to revolving credit if you need a lump financing amount. Provided by online lenders and major banks.

401(k) business financing

Some plans allow you to borrow against your 401(k) and repay it over 5 years. Offers low fixed rates.

Be sure to compare costs and features when choosing between business financing options. The Ramp Credit Card offers a compelling package focused on the needs of innovative small companies.

Is the Ramp Credit Card Right for Your Business?

For a startup or scaling small business, the Ramp Credit Card provides flexible financing that keeps pace with your evolving needs. Reasonable rates, rewards, and transparent terms create value for growing companies.

Yet it is wise to weigh all options before selecting the best funding sources for your needs. With responsible use and management, financing tools like the Ramp Credit Card enable you to sustain rapid expansion.

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