• Lucas

Corporate Credit Cards, Brex or Ramp?

Updated: Nov 20, 2020

Brex, Ramp, and other fintech startups are disrupting the corporate credit card system. The new type of corporate credit offers excellent flexibility to entrepreneurs. Both companies offer great technology and benefits to business owners. Here are the most critical comparison you need to know if you make a decision.


Easy to use - Tie

Both Brex and Ramp are easy to sign up for, and the design is intuitive to adopt.

It takes a few minutes to open an account, and no personal guarantee.

Both Brex and Ramp offers sleek and beautiful design. It’s hard to tell which one is easier to use.






Security - Tie

Sophisticated banks issue both Brex and Ramp credit cards. Brex and Ramp are not re-inventing banking, but they are leverage technology to upgrade the user experience.

Emigrant Bank, Member FDIC issue the Brex Mastercard® Corporate Credit Card

Sutton Bank, Member FDIC, issue the Ramp Visa® Commercial Card.

Both Brex and Ramp are raising millions of dollars and valued at the billion-dollar level. They are well funded and backed by top-tier venture capital funds.


Integration - Ramp wins

Both Brex and Ramp integrates with commercially available software such as QuickBooks, Xero, NetSuite, and Expensify. I highly recommend the integration with accounting software. Within Brex or Ramp, users can classify transactions to different accounts; with one click sync up, credit card transactions will automatically transit to related software. The feature saves accountants lots of time.







Ramp with Slack

Currently, Ramp offers better integration with Slack. Managers with Slack can instantly monitor expense transactions without additional admin work with Ramp. The cost alters functionality with Slack make Ramp superior over Brex on the Integration part.





Internal Management - the most significant advantage over traditional corporate credit

Virtual Credit Cards within both Brex and Ramp is the most significant advantage over traditional corporate credit.

Business owner has to order a new credit card from traditional banks to employees. It may take a few days to get a new card. If an employer or bank detects fraud, somebody will most likely suspend the credit card, and the user has to update a credit card information all over again. Both Brex and Ramp enable users to create virtual credit cards within seconds. Users can develop credits for different teams with spending limitations. Managers can approve a temporary budget increase by a few clicks from websites or apps.

The virtual credit card plus other detailed internal control functionality truly make Brex or Ramp the go-to solution for entrepreneurs over traditional corporate credits.







Reward - Brex wins

I discussed many similarities between Brex and Ramp. The reward system is one primary distinct over the two solutions.

Ramp offers 1.5% cashback on everything with no exceptions.



Brex, on the other hand, offers a bit complex reward system. It rewards a much higher percentage of cashback on selected categories such as 8x on rideshare and 5x on flights and hotels. On everything else, it goes 1x. The Brex points work like any other reward system such as Chase. Users can redeem points for cash or other benefits.





One more thing - the Perk

Brex and Ramp are targeting startups. They partner with various vendors and offer great Perks for users.

Brex claims it offers up to $150,000 partner perks, while Ramp provides up to $175,000 partner perks. I doubt one business can use 100% of the perks, but some of them are fairly attractive for a startup.

For example, Brex offers discounts or rewards to AWS, Slack, Carta, Zoom, Quickbooks, Google Ads, Dropbox, Gusto, and the list goes on. Early-stage startups can genuinely take advantage of it. Ramp offers a similar partner perks as well.





With all the great features, how about the pricing?

Both Brex and Ramp are free to use right now. Large enterprises may have to talk to their sales for customized solutions and negotiate a fee package. It’s hard to tell which one is a winner because they are continually pivoting and add more functionality as it evolves. Currently, Ramp offers greater integration with Slack if real-time monitoring is your big concern. Brex, on the other hand, provides better rewards if your spending is on their selected categories. If you sign up today with our referral links, you get additional cash or sign up bonus: Brex or Ramp, your choice.


If you sign up with our partnership with Brex, you get $250 sign up bonus and waived card fee for life.


If you sign up with our partnership with Ramp, you get $250 sign up bonus.

Walnut St Consulting customers receive a $250 signup bonus and waived card fees for life



#CorporateCreditCard #Brex #Ramp #Finance #VirtualCreditCard

Sources:

https://www.brex.com/

https://ramp.com/


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