Photo: Brett Sayles

Are ramps trustworthy?

Is Ramp legit? Yes, Ramp is a legitimate financial services company. While Ramp is not a bank, its corporate cards are backed by traditional banking institutions. Specifically, Ramp cards are issued by Sutton Bank and Celtic Bank, which are both FDIC member banks.

merchantmaverick.com - Ramp Card Review 2022 | Rewards, Features, Complaints

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Pros

A simple rewards scheme

Valuable partner discounts

A unique platform built to help companies cut costs

Fee-free corporate card

Spend management tools

Cons

No mobile app yet

Available only to US-based non-individual liability companies

High cash reserve requirements

What Is A Ramp Card?

Ramp is a corporate card that goes beyond purchasing power. Ramp centers itself around one mission: saving its customers money. This unique goal is met through algorithm-driven insights that look at where a company spends money to identify cost-cutting opportunities. Our full Ramp review will look into how well Ramp meets its goals of saving small business owners money.

Ramp Card Rewards & Perks

Rating: Excellent

Ramp Cashback Rewards

Your company will collect a 1.5% cashback reward on every purchase made with a Ramp card. Per an email from Ramp, these rewards are redeemed as statement credit. While that’s not the highest reward rate we’ve seen, it’s also not as complicated as some Ramp competitors make earning rewards. Ramp’s rates are straightforward, with a solid cash back rate. Especially since you’ll find no category restrictions, it’s hard not to like Ramp’s base rewards package.

Other Ramp Rewards & Discounts

Additionally, you’ll find $350,000+ available for customers in the form of “exclusive deals, discounts, and sign-up offers.” That figure represents a significant expansion — about double since our last review. Rewards come in the form of credits and discounts for a range of business services that have partnered with Ramp. Here are a few examples of these credits and discounts:

Xero Business Edition: 25% off

25% off Amazon Web Services: Preferred access to up to $100K in credits Preferred access to up to $100K in credits Slack: 25% off eligible plan upgrades for 12 months 25% off eligible plan upgrades for 12 months Rippling: 10% off every product (for new customers) 10% off every product (for new customers) Secureframe: 10% off SOC 2 and ISO27001 subscriptions 10% off SOC 2 and ISO27001 subscriptions WeWork: 50% off WeWork All Access monthly membership fees and On Demand bookings 50% off WeWork All Access monthly membership fees and On Demand bookings Pulley: 25% off the first year on Pulley Ramp centers itself around a unique reward: saving users money. Ramp claims that 98% of its customers save more than $100,000 in their first year with Ramp. Without independently verifying that figure, we can say that Ramp’s drive to eliminate unnecessary customer spending is unique within the greater corporate card space because most corporate card companies generate income via exchange fees.

Ramp Card Pricing & Fees

Rating: Excellent

One of the best perks to Ramp? It’s completely free. That means you will avoid common fees, including:

Setup fees

Late fees

Annual fee

Foreign transaction fee

Employee card fees

You’ll also encounter $0 in fees when you use Ramp’s powerful expense management software and additional features such as spend controls.

Ramp Credit Card Requirements

Rating: Excellent

Requirement Eligibility Business Type Non-individual liability corporations Minimum Annual Income N/A Credit Score N/A Location US-only Personal Guarantee No The Ramp card is geared toward corporations and other non-individual limited liability companies registered in the US. Nonprofits are welcome to apply. Because Ramp serves corporations, no personal guarantee is required during the approval process. Instead, Ramp looks at your company’s cash balance, cash flows, and other financial health indicators. Ramp claims that its card offers 10-20x higher limits. Note that if you are an individual, have a sole proprietorship, or run an otherwise unregistered business, you will not be eligible to apply for Ramp. The company says applicant companies should have most of their operations and corporate spending within the US. On top of those basic requirements, Ramp also requires businesses to have at least $75,000 in their US bank account.

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Ramp Card Features

Rating: Good

Ramp stands out due to its auto-generated savings insights tool that uses algorithms to notify you of duplicate subscriptions, redundant software purchases, lower pricing tiers, and more. Having a corporate credit card that focuses on helping businesses spend less is certainly an interesting proposition. Because card issuers make their money through interchange fees (paid by the merchant) whenever a user charges a purchase to their card, encouraging businesses to spend less could ultimately hurt Ramp’s bottom line. However, Ramp hopes that potentially slimmer margins will be replaced by more clientele. (Ramp co-founder and CEO Eric Glyman told Fortune at the company’s launch that helping customers “spend less means we can win their business in the first place.”) Before we deep dive into Ramp’s full feature set, let’s check out how it stacks up against standard corporate card features: Ramp Features Summary Cards Issue unlimited physical and virtual cards to employees Card Controls Set daily, monthly, and one-time spend limits per card, lock and reissue cards instantly, and limit cardholders to specific spending categories Card Benefits Standard credit card perks such as fraud protection are rolled into Ramp’s Visa benefits package Spend Tracking Receive alerts for big transactions Bill Payment Automatic bill creation, approvals, and accounting; pay bills by card, check, or ACH payment Mobile Apps Ramp does not currently have a mobile app but tells us one will be available in 2022

Ramp comes bundled with a few other notable features, including:

Slack Integration: Ramp’s bot enables companies to request, review, and issue reimbursements, all within the comfort of Slack. Ramp’s bot enables companies to request, review, and issue reimbursements, all within the comfort of Slack. Spend Request Tools: Employees can submit their spend requests via email, SMS, or directly through Slack. Employees can submit their spend requests via email, SMS, or directly through Slack. Out-Of-Pocket-Reimbursement: Ramp features a one-click reimbursement process for out-of-pocket requests. Ramp features a one-click reimbursement process for out-of-pocket requests. Accounting Features & Integrations: Besides a built-in account suite, Ramp integrates with NetSuite, Xero, QuickBooks, and Sage Intacct. Besides a built-in account suite, Ramp integrates with NetSuite, Xero, QuickBooks, and Sage Intacct. HRIS Integrations: Ramp bundles in integrations with a number of HR providers, including Rippling, Justworks, BambooHR, Hibob, and Gusto, that enable users to automate onboarding, streamline cardholders at scale, and sync employee details. Ramp bundles in integrations with a number of HR providers, including Rippling, Justworks, BambooHR, Hibob, and Gusto, that enable users to automate onboarding, streamline cardholders at scale, and sync employee details. Ramp Flex: Bringing buy now, pay later into the B2B payments space, Ramp’s newly-introduced Flex service allows businesses to use financing to pay back their vendors over a 30, 60, or 90-day period. Using Ramp Flex, Ramp pays your vendor right away, while you get extra time to compensate Ramp. You’ll also pay a fee to Ramp, the amount of which increases with the length of the financing period. Finally, we are pleased to note that Ramp is currently working on a mobile app and expects to roll it out by the end of 2022. Check back for our update when the mobile app is released.

Ramp Customer Service

Rating: Excellent

Support Option Availability Phone Support Email Support Tickets Live Chat Dedicated Support Rep Knowledgebase Videos & Tutorials Company Blog Social Media Based on reviews across various websites we surveyed, including Twitter and G2, users generally find Ramp to have responsive and competent customer service. In fact, Ramp has one of the best customer service teams in the corporate card space, per our research. We are pleased that Ramp recently added telephone support to its offerings. You can contact Ramp by phone from 9AM to 9PM daily, with plans in the work for increasing phone support to 24/7 availability. You can also access a number of self-help resources online or you contact Ramp support through your Ramp dashboard. We’ve also noticed that Ramp is highly responsive across social media (primarily Twitter, although the company does manage LinkedIn and Facebook profiles as well).

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Ramp Credit Card Reviews & Customer Complaints

Ramp is well-reviewed by its users. The company receives 5/5 stars on G2 (based on nearly 500 reviews) and 4.9/5 stars on Capterra (based on 38 reviews). Ramp is also often highly recommended when people ask for corporate card/expense management recommendations on Twitter. While there are a few complaints here and there in Ramp reviews, it’s difficult to find a consensus on what users dislike. Most Ramp users are happy, overall, with the features and services the company provides.

Solid and simple cash back rewards

Responsive customer service

Accounting integrations

Easy to issue, manage, and terminate employee cards

Receipt matching via text and email

What Users Dislike About Ramp

No mobile app

Low/variable credit limit

Is Ramp Safe?

Keep in mind that Ramp is not a bank, it’s a financial services company. While Ramp’s corporate card program may feel similar to financial services offered by banks, Ramp issues its corporate cards in partnership with Sutton Bank and Celtic Bank, both FDIC members. And while Ramp is relatively new compared to many banking institutions, the two banks that back its services are both reputable and longstanding institutions. This makes working with Ramp no less safe than working with a traditional bank. On the day-to-day level, Ramp uses multiple security measures to protect users’ data. These include multi-factor authentication, SAML SSO account protection, encryption, tokenization, and more. Ramp operates in accordance with PCI DSS requirements and relies on penetration testing, external auditing, and an industry-leading firewall provider.

Final Verdict: Is A Ramp Card Worth It?

Ramp Review Business Size Must have $75K cash reserves Rewards Rate 1.5% on all transactions Choose If You Need Simple, reliable rewards

Cost-cutting potential

Spend-management tools

For companies that want their employees to have a simple cash back credit card with no fees, Ramp could be an excellent option. Besides its lack of fees, Ramp also includes software designed to cut costs across the board, potentially saving companies more than just the base 1.5% cash back. However, Ramp is also a newbie on the corporate card scene, so those who want a credit card from a more established firm may decide to look elsewhere. On top of that, the $75K cash requirement may be difficult for some businesses to overcome. That said, longstanding banking institutions back Ramp’s financial services. And the company has experienced a meteoric rise since its debut in 2020 to become one of the leading corporate card providers. With a strong suite of software, plus a solid cash back offering, it’s hard for us not to recommend Ramp as one of the best options out there.