Key Takeaways
- The Stripe Corporate Card has no fees—no interest, late fees, annual fees, or foreign transaction fees.
- It is available to existing Stripe users by invitation. Non-users must join Stripe to request an invitation.
- Businesses can upload their logo to create branded cards, which are issued instantly as virtual cards while physical cards arrive in a few days.
- Cardholders earn 2% cashback in their top two spending categories, which is automatically credited to their monthly bill.
- Spending $5,000 on the card unlocks $50,000 in free transactions on the Stripe platform.
- To qualify, businesses must process payments through Stripe, making it suitable for high-volume users.
Are you looking for a corporate card that’s completely free to use and helps you save on business transaction fees with your merchant? If so, you might like what you can get with the Stripe corporate card. Here, I break down everything you need to know about the offer to decide if it’s right for you.
This is what’s in store:
- What is the Stripe Card?
- See Stripe Next to Other Corporate Cards
- Stripe Company Overview
- Answers to Stripe Corporate Card FAQs
- Conclusion
This Stripe Corporate Credit Card review should tell you basically everything you need to know before you accept an offer or request an invite. Keep reading if that’s what you are interested in.
What is the Stripe Card?
The Stripe Corporate card is a credit card that stands out from the crowd (in a loud way). Invitation-only borrowers can upload their logo to create a branded credit card in a matter of minutes. But, that’s not even the best part.
The most attractive aspect of the card is that it’s free. Users pay 0% interest and there are no fees of any kind: late fees, annual fees, or foreign transaction fees.
Plus, with $5,000 in spending on a Stripe corporate card, cardholders can access $50,000 in free transactions on the platform. In addition, You can earn 2% back on spending in your top two categories, which are automatically calculated by the system. And, cashback is automatically credited to your monthly bill.
So, not only can you eliminate the fees typically associated with credit cards, but you can actually earn money to put toward repayment. Cards are available as both virtual and physical cards. Upon acceptance, virtual cards are available instantly and physical cards will arrive within a few days.
But, wait, there’s more—Stripe Issuing can enable you to originate your own credit cards to offer your customers.
Recommended: 7 Best Cash Back Corporate Cards to Explore
How Does Stripe Offer Such Low Rates on a Credit Card?
This sounds too good to be true, right? Well, think about it this way — Stripe still makes the bulk of its money from fees for processing transactions. Users whose transactions meet certain criteria are able to make up for the typical fees that would be associated with a credit card through their transaction costs on the platform.
So, the company earns money from all users, even if it’s not through high interest and fees. It actually makes perfect sense. Are you sold yet?
So, What’s the Catch?
The only catch to the Stripe Corporate Card system is that you must be an existing Stripe Payments user to qualify. But, if you aren’t an existing user and you do it now, you can request an invitation. While it may take some time to receive an offer, it’s too good to pass up.
You might also like: What’s the Best Payment Processor for a Small Business? Really
See Stripe Next to Other Corporate Cards
While this is an innovative, highly-beneficial idea, Stripe isn’t the first company to offer such an enticing credit card. Brex is a top competitor and they’ve been around longer. So, quickly, how do the Stripe Corporate Card, Brex, Ramp, and Divvy stack up to one another?
Let’s see what these corporate cards provide, side-by-side.
If you’re not an existing Stripe user and you generate at least $100,000 in daily sales, Brex could be a better fit. Plus, they report to D&B to help you boost your business credit profile. Still, the Stripe Corporate Card comes with more rewards.
Stripe Company Overview
Most business owners have heard of Stripe as a payment processor. And, many eCommerce stores use their transaction service for online sales. But, despite what you might think, that’s not all they do. Here’s more about the financial services offered by Stripe.
What, Exactly, Does Stripe Do?
Stripe started out as a payment platform for businesses. The company also helps companies and individuals manage revenue, prevent fraud, and expand their geographic reach with various applications. The core software that helps users process transactions is cloud-based, so it can easily be integrated with nearly any website or app.
The convenience of the software is meant to simplify the process of collecting payments from anywhere on or offline. Stripe offers payment terminals for in-person transactions and can be used for sales of all types of products and services online.
Here are some of their products:
- Payments – Online payments platform
- Terminal – Programmable, offline transactions
- Radar – Machine-learning-based fraud prevention
- Billing – Invoicing and subscription management
- Connect – Multi-party payments
- Payouts & Issuing – Currency exchange and card management
- Atlas – Business entity creation for startups
- Sigma – Advanced financial analytics and reporting
They are primarily known for payment processing, but the above-list showcases that they are expanding into more realms of business financial services.
How Does Stripe Earn Money?
The quick answer to how Stripe earns money is that their core payment system costs $0.30 per transaction plus 2.9% for each credit card transaction made through the platform. So, on a $50 sale from one of their users, they earn $1.75. And, this isn’t the only revenue they pull in.
In addition to payments, Stripe earns revenue from several of its products. The company charges a set price for terminals in a range from around $50-300, $500 for the Atlas service and an additional $0.02 per transaction for Radar.
Fun Fact: Why is Stripe Called “Stripe?”
Stripe was established as a solution for developers who wanted an easier way to add payment gateways to websites. In the operating system UNIX, the “strip” program removes non-essential data from programs and objects to deliver better performance and less disk space usage. And, the names they had come up with, according to Forbes’ account of CTO, Greg Brockman’s answer to the question, the company couldn’t let go of their UNIX references.
(To think… All this time, I assumed Stripe got its name from the magnetic stripes on the backside of credit cards.)
What Led to the Corporate Credit service?
While many modern credit cards require a lengthy application process and charge high fees, Stripe was in a position to do something that could help their existing users grow their companies and attract new business. Their advantage was that they could develop an algorithm based on the transactions, not the credit of the user. So, they moved forward with their plans.
Since the card first launched, several other companies have steppe
Answers to Stripe Corporate Card FAQs
While we’ve almost covered everything, there are a handful of common questions we can still answer.
Does Stripe have a business card?
Yes, Stripe offers the Stripe Corporate Card, a Visa spending card designed to help businesses manage their spending. It provides features like real-time expense tracking and customizable spending controls.
What is the difference between a business card and a corporate card?
Business credit cards are typically revolving debt, which means the cardholder can pay the minimum balance each month. They may offer rewards, but usually charge interest on all spending. Corporate cards are paid in full each month with the primary goal being expense tracking.
Does Stripe use Visa?
Yeah, the Stripe Corporate Credit card is powered by Visa. Stripe Payments can also be used to process Visa transactions.
Is Stripe owned by PayPal?
No, Stripe is not owned by PayPal. Stripe is owned by brothers John and Patrick Collison. Diane Green also sits on the board.
Conclusion
If you’re an existing Stripe user with a volume of transactions coming through the platform, the corporate card may provide you with a way to access funds fast and pay for nearly anything you need to power your business with no personal or business credit.
The most attractive aspect of the card is that it’s free. Users pay 0% interest and there are no fees of any kind: late fees, annual fees, or foreign transaction fees—I say, if you get an invite and you are able to pay your balance in full, you’ll only gain from the Stripe Corporate Card.
Are you ready to learn how to obtain up to $100K in as few as 30 days? Join Business Credit Workshop today!