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Expensify Card Review: A Detailed Expense Tracking Analysis 

By Joe

Expensify Card

Expensify is a leading business expense management app with a (fairly new) corporate card offer for small businesses. And, as you know, finding the right corporate card is super important. In this review, I’ll touch on the Expensify app, then dive deep into the Expensify Card offer. 

You can explore its features, benefits, and I’ll point you to a couple other corporate card offers you might want to compare.

Here’s what’s in store: 

  • What is Expensify?
    • Expensify Company Overview
    • What is the Expensify Card?
  • Expensify Corporate Card Features & Benefits
    • 1. Benefit From Up to 2% Cashback Rewards
    • 2. Cash in on Exclusive Partner Discounts
    • 3. Get Streamlined Expense Reporting
    • 4. Leverage Travel Benefits
    • 5. Set Smart Limits on Spending
    • 6. Take Advantage of Virtual Cards
    • 7. Integrate With the Expensify App
  • Frequently Asked Questions
  • Conclusion

Now, let’s scrolll!

What is Expensify? 

Expensify, at its core, is an expense management tool designed to simplify the intricate process of handling business expenditures. Its standout feature is the automated receipt tracking, allowing users to effortlessly scan receipts via the mobile app (which reduces manual data entry). 

The platform also encompasses: 

  • Expense reports
  • Simplified approval workflows
  • Travel benefits
  • Receipt scanning 
  • Cost control measures
  • Staff reimbursements

Another distinctive feature of Expensify is its seamless integration between the Expensify Card and the app, facilitating real-time transaction syncing. This real-time connection enhances the overall efficiency of expense tracking and reporting. 

Now, I always turn to Reddit for external opinions. This time, Redditors gave the app mixed reviews, but overall decent. 

If you’re asking, “How much does Expensify cost?” you’ll be surprised – Most plans are free for up to 25 swipes per month, which gives you the chance to try it out and see if it’s right for you before you commit. After that, you’ll supposedly pay anywhere from $0 to $9 per month, depending on the plan you choose. 

However, once you’re in the app, you’ll see that pricing can be a bit higher (though still affordable, and more in alignment with what I would expect to pay).

Overall, I’d say that, collectively, these features form a robust expense management solution for businesses of varying sizes and needs.

 Recommended: 7 Best Cash Back Corporate Cards to Explore

Expensify Company Overview

Originally founded in 2008 by Davit Barrett, Expensify Inc. has become a prominent player in the expense management landscape. It’s a publicly-traded, for-profit company with a commitment to simplifying financial processes.

Barrett has served as the CEO of Expensify Inc. since 2009 – previously, he worked as an Engineering Manager at both Red Swoosh and Akamai. 

According to Glassdoor (as of December 2023, anyway), employees would recommend Expensify to a friend and tend to approve of the CEO – This speaks volumes. 

In all, I would say Expensify appears to be run by trustworthy leadership and that it’s a legit company. . 

What is the Expensify Card? 

The Expensify Card – released in 2019 – is a corporate credit card (so, technically not a credit card), designed to automate and simplify expense tracking. It serves as a central component of Expensify’s expense management solution. 

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

★ With this card, you have the option to settle-up on your balance daily or monthly – the choice is yours. Since it’s a corporate card, it must be paid in full. 

When employees use the Expensify Card, the associated transactions are automatically imported and accounted for within the Expensify app. This seamless integration enhances the overall user experience and efficiency in managing expenses. 

The Expensify card is equipped with features such as Smart Limits, offering businesses control over employee spending, and real-time compliance checks through the Rogue Agent Detection system to ensure adherence to company policies and mitigate the risk of fraud.

The card also comes with perks, including: 

  • Cash back rewards of up to 2% 
  • Exclusive travel benefits
  • Access to higher credit limits without the need for a credit check. 

With its automated features, real-time syncing, and additional benefits, the Expensify Card aims to streamline expense management and provide businesses with a practical and efficient tool for handling financial transactions.

You might also like: In-Depth Divvy (BILL) Credit Card Review: Read This Before You Apply 

Expensify Corporate Card Features & Benefits

Corporate finance becomes more streamlined and advantageous when you take advantage of all of the features of your financial tools. Expensify and the Expensify Card offer an integrated solution, purpose-built to cater to evolving business needs — Let’s take a look at the card features and benefits.

You might also like: Business Credit Workshop’s Official Business Credit Building Checklist 

1. Benefit From Up to 2% Cashback Rewards

Expensify provides you with cashback rewards on every purchase made with your corporate card. The straightforward rewards structure offers 1% cash back on every swipe and an additional 1% for substantial monthly spending exceeding $250,000 across all Expensify Cards company-wide. 

This cashback feature can  provide tangible benefits as you spend, manage, and optimize your business expenses – For every $1,000 you spend, you can earn up to $20 (it may not seem like much, but it can add up fast). 

2. Cash in on Exclusive Partner Discounts

Distinguishing itself through strategic partnerships, the Expensify Card unlocks exclusive perks and discounts from industry-leading partners. As a cardholder, you gain access to a variety of benefits, which can potentially result in substantial savings of up to $75,000. 

This cashback structure positions the Expensify Corporate Card as not just a financial tool but a strategic asset for you, seeking cost-effective solutions through collaborative partnerships.

You might also like: Brex Card Review: Is This Corporate Card Offer Too Good to be True? 

3. Get Streamlined Expense Reporting

Your Expensify Card goes beyond transactional benefits by offering streamlined expense reporting. The platform allows for seamless expense tracking and reporting, reducing the administrative burden on your finance teams. With an intuitive interface, you can efficiently manage and reconcile expenses, improving your overall financial efficiency.

4. Leverage Travel Benefits

Enhance your business trips with travel benefits, including Expensify Concierge, which includes: 

  • Travel bookings
  • Free medical advisory
  • Emergency transport if needed

They offer a more comprehensive travel support system than I expected, which I think the company’s commitment to providing a holistic solution for businesses.

You might also like: Marriott Bonvoy Business Credit Card Review & Comparison 

5. Set Smart Limits on Spending

Your Expensify Corporate Card empowers you with Smart Limits, a nuanced approach to financial control. Tailor spending thresholds for your employees, ensuring financial responsibility and providing flexibility to set limits based on individual roles or departments. 

Smart Limits promote conservative financial practices, which contribute to a more controlled and efficient expense management process.

6. Take Advantage of Virtual Cards

Expensify’s Virtual cards provide an additional layer of convenience, allowing for secure online transactions without the need for a physical card. Not only that, but you can generate new cards if/when you need them. 

Virtual cards give you financial leeway while maintaining prudent spending practices.

You might also like: 6 Best Fintech Credit Cards to Apply for (Consumer & Business) 

7. Integrate With the Expensify App & More

Expensify’s commitment to a seamless user experience is evident in the integration between the Expensify Corporate Card and the Expensify app. This integration ensures immediate and reliable syncing of your transactions, providing you with real-time insights into your financial activities. 

Then, you can integrate Expensify with your other software tools, including accounting, finance, ERP, travel, and tax, providing seamless data transfer and collaboration between platforms.

The user-friendly experience ensures that you can efficiently track and report expenses without the delays associated with manual data entry.

You might also like: Gusto Review: Let’s Really Evaluate This Famed Payroll Platform 

Frequently Asked Questions

What does the Expensify card do? 

The Expensify Card is a corporate card designed to automate expense tracking. It offers features like Smart Limits, real-time compliance checks, and automatic daily or monthly settlement. Users can gain up to 2% cash back on purchases, and the card seamlessly integrates with the Expensify app for efficient expense management.

How do you request an Expensify card? 

You can initiate the request within the Expensify platform, typically through the account settings or the designated card management section. The platform guides you through the application process for a quick and hassle-free experience.

How do you pay your Expensify card? 

Payment for the Expensify card is conveniently handled through automatic daily or monthly settlement (your choice). The card balance is automatically paid in full each day or each month from the connected business bank account.

Is Expensify any good? 

Expensify is widely regarded as a reliable expense management solution — Its features, including real-time compliance, receipt tracking, and the Expensify card’s benefits, contribute to its positive reputation. Many users like its user-friendly interface and seamless integration capabilities.

Is the Expensify card free? 

Yes, the Expensify card comes free with an Expensify account. It has no additional fees, no interest charges, and no commitment. Expensify users can leverage the card’s features and benefits at no extra cost.

Conclusion 

In sum, the Expensify Card presents a compelling solution for businesses seeking efficient expense management. Its automation features, cash back rewards, and integration capabilities make it a strong contender in the corporate card landscape.

However, I need to note that Expensify does not report on-time payments to credit bureaus at this time. There are comparable corporate cards you can get that actually help you build business credit, which has the potential to transform your life. 

Are you ready to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today! 

Ramp Credit Card Review: Is This the Corporate Card for Your Business?

By Joe

Ramp Card Review

If you’re on the hunt for the best funding and cash flow options for your business, traditional banks may not be your best bet right now. Lately, we’ve been writing about some of the most popular, alternative corporate card offers. When researching the top credit cards for startups, Ramp (a fairly new player in the game) ended up near the top of the list. While we weren’t surprised, that’s when we realized we should take a closer look and share our findings. 

This is what we’ll cover here: 

  • What is a Ramp Card?
  • How Can Ramp Help You Save?
    • Unlimited Staff Cards With Smart Spending Limits
    • Zero Fees & 1.5% Cash Back on Spending
    • $175K in Ramp Partner Rewards
  • Will You Qualify for a Ramp Corporate Credit Card?
  • How Does the Ramp Card Stack Up Next to Competitors?
  • Conclusion

Read on to learn more. 

What is a Ramp Card? 

A Ramp card is a corporate credit card designed to help businesses save money. By offering a free corporate card with rewards.

Ramp, aka Ramp Financials, aka Ramp Business Corporation, was co-founded in 2019 by Eric Glyman, Gene Lee, and Karim Atiyeh. All three co-founders main current C-level management positions at the company.  

Ramp credit card Crunchbase

While the company hasn’t been around as long as some of its competitors, the leadership team has notable experience in the financial industry. CEO, Eric Glyman, and CTO, Karim Atiyeh, also co-founded Paribus, where current CPO, Gene Lee, was a software engineer. Paribus was acquired by Capital One, where the trio stayed on staff until they launched Ramp. 

 Recommended: 7 Best Cash Back Corporate Cards to Explore

How Can Ramp Help You Save? 

In my opinion, Ramp rewards rank up there with the Brex card and other corporate credit cards. Here’s a summary of what you get if you go with Ramp for your business. 

Ramp Rewards

Unlimited Staff Cards With Smart Spending Limits

Do you want to enable multiple staff members to use your credit, but not sure how you can limit spending appropriately? If so, Ramp has you covered. If you qualify for the corporate credit card offer, you can take advantage of as many staff cards as you need. Plus, you can set spending limits on each card. 

Not only can you set limits, but the card’s algorithm identifies opportunities for savings. For example, you may be paying for duplicate subscriptions, missing cash back, or have a lower pricing plan available through one of your software vendors — Ramp will analyze spending and alert you to opportunities like this, which is a unique and invaluable perk. 

Zero Fees & 1.5% Cash Back on Spending

First, let’s look at the fees you don’t have to pay: 

  • Foreign transaction fees.
  • Late fees.
  • Interest fees.
  • Annual fees.
  • Costs per card. 

Take a look at your current credit cards and figure up how much you’re paying for the above fees and think about whether it’s time to make the switch. Other coporate credit cards like Brex and Divvy offer zero fees; they also offer cash back. So, it’s smart to weigh your options.

Now, in the case of Ramp, the cash back is 1.5% on everything. So, if you spend $500K per year, you’ll earn $7.5K in cash back alone. While this may not sound as impressive as 7X points on certain spending like the competition, Ramp’s offer opens your company to earn on any type of spending instead of specific costs like restaurants or software. 

$175K in Ramp Partner Rewards 

If you utilize offers from any of Ramp’s partners, you need to consider how much you can save by using their card to pay for services and subscriptions. Cardholders who leverage all offers can save up to $175K. While that’s not necessarily likely, you can save hundreds and even thousands with specific vendors. 

For example, if you use your Ramp card to pay for AWS, you can get preferred access to credits. You’ll also be able to take advantage of $150 in Google Ads, 25% off your first year of Pulley equity management, and a 2.5% discount on Plastiq bill pay. 

Ramp Partner Rewards

Some more impressive offers are $15K and $30K credits with Triplebyte software engineering and Datadog cloud monitoring respectively. If you’re using either of these services, that alone might make choosing a Ramp card more than worthwhile. 

Will You Qualify for a Ramp Corporate Credit Card? 

Ramp card requirements aren’t super transparent. But, we do know that there are no credit checks or founder guarantees. So, you don’t have much to lose by applying to find out.

From what I can tell, Ramp underwriting seems to be based on the following factors: 

  • How many employees your business has
  • Your company’s average monthly card spending 
  • Whether or not you have over $250K in your business account

I can almost guarantee that if you do not have at least $250K in your business account at this time, then you won’t qualify for the card. In this case, another card might be a better fit. 

Recommended Reading: 

  • What are the Best Business Credit Cards for Startups?
  • 3 Best Credit Unions for Small Business Banking 
  • The Best Business Credit Cards

How Does the Ramp Card Stack Up Next to Competitors?

Before you make a decision on whether or not to apply, it’s a good idea to take a peek at Ramp side-by-side with its top competitors. So, here’s what we know. 

Ramp vs Brex vs Divvy vs Stripe

The benefits you get with Ramp are competitive with other similar corporate cards from Stripe, Brex, and Divvy. 

Conclusion

If you can qualify for a Ramp card, the only reason you might not want to would be to go with a competing corporate card. Otherwise, this is a fantastic offer. Now, if you can’t yet qualify, but want to learn how to get up to $100K in business credit within as few as 30 days, you’re probably a good candidate for our credit courses and coaching. Join Business Credit Workshop today to start learning.

Get Business Credit!

By Joe Lawrence

Get funding for a small business

Learn how to get business credit by preparing your company and knowing which types of banks to speak to

Many small business owners want to learn how to get business credit in this market. The idea of having credit for your business that is separate than your personal credit can be quite appealing. I mean, who doesn’t want to have thousands of dollars in credit at your disposal? And even better if this credit doesn’t show up on your personal credit report, right?

Unfortunately, it’s not as easy as most other companies or “gurus” would like you to think. In this market, you’ll have to spend a lot more energy to get business credit especially that which is unsecured and low doc / no doc. But with that said, with the proper knowledge and a good process, it is still possible to get business credit in today’s lending market! In fact, one of our Business Credit Workshop Clients obtained $70,000 in unsecured credit in under 30 days using our process outlined below (you can check out the case study here).

So, how do you get business credit in today’s market?

The overall process is to first prepare your company in such a way that banks are willing to lend to you, then know what banks to go after. Focus on local community banks and credit unions. Some national banks have great no-doc programs, but it is usually easier to get business credit from a local community bank. The reason is with national lenders, you either fit into their underwriting “box” or you don’t. With local community bank and credit unions, they take a common sense approach to lending and have a more personal approach to qualifying.

We have seen approvals as small as a few thousand and as big as $135,000 and higher. To determine how much credit you can obtain, consider how much revenue and sales your business makes. If your company is just starting out and you have no sales, then most likely, you will go for a no-doc loan (up to $50,000) or a business credit card with a smaller limit ($5,000 – $15,000 each). However, if your company has been established for a while and has sales and revenue figures (preferably two years or more of positive tax returns available), then you could apply for higher limits.

It’s going to be very important to have a relationship with the lender (usually the Vice President of Business Lending) so that you can discuss ball-park figures before applying for credit. Find a point of contact (POC) that you are comfortable with. Someone that you can speak openly with. A good Business Lender will know a lot about your company but before he/she submits your application will prepare your application and cover letter to show your best side. They will only reveal what is necessary to help you get approved and filter out what is not beneficial to your approval.

Getting prepared

Some preparation of your business will go a long way in getting business credit.

Prepare your company

One of the first steps in getting business credit is to make sure your company is in compliance with your local, county and state requirements. Make sure you are in good standing with the secretary of your state and with your local town and county clerk. You can order a standing certificate from the division of revenue in your state to confirm you are in good standing.

Also, make sure your company has sufficient business credit history with the business credit bureaus (read more on this in our free guide). It’s the same concept as trying to get personal credit. If you have no personal credit history, it’s hard to get a loan, right? With business credit, it’s the same idea, you need some credit history to get a business loan too. Now I realize you may be wondering, how do I get business credit, if I first need business credit history to get approved? Well, there’s a process for that too. And it involves setting up small trade lines of credit that report payment history to the business credit bureaus (Dun and Bradstreet, Equifax and Experian).

Before you can setup small trade line credit (also referred to as Vendor Credit or NET 30 Credit), make sure you have a Business Credit Profile setup with Dun and Bradstreet (first step would be getting your DUNS Number). Then have anyone you do business with report to the business credit bureaus the fact that you pay on time. This is very important when trying to get a business credit card, business loan and/or larger business lines of credit. Essentially, you want to have small trade lines of credit established to build-up your business credit profile, before you apply for the bigger types of business credit (lines of credit, loans, etc).

Now that you have the foundation laid and have a presence with the business credit bureaus, determine what your business has to bring to the table. Ideally, you will have tax returns with solid revenues (I’m saying solid because this is a big variable among our readers, but think positive cash flow), assets and the person applying (CEO, CFO, or credit partner) would have good personal credit habits (and a good FICO score). Now assuming this is your case, it will be easy to move to the next step.

For those that don’t have profitable tax returns, assets or good personal credit; then you will have to take additional steps and will most likely have to do no-doc, unsecured applications. Our case study previously mentioned in this post was no-doc and unsecured, by the way. The applicant did bring a good FICO score to the table however. And for clarity, the business credit does not show on his personal credit report. But being that the line of credit was no-doc and unsecured with no pledged collateral, the bank wanted to check the credit score of the applicant (note: the applicant does not have to be the business owner).

Where can you get business credit?

The best places to get business credit right now are through local, community banks and credit unions.

Where Can I Get Business Financing

Where can you get business financing? Try local community banks and credit unions.

The simplest technique is to simply call 10-15 banks near you that are local banks (not national banks). The reasoning is complex, but to put it simply: most local Business Banks are very competitively lending to small businesses in this market and you get a more personal approach and customer service experience. Try googling nearby banks and call any banks that you may not have heard of. Trust me, no matter what area you live in there are at least 50-100 community banks in your state that are eager to hear from you. This comes from years of experience working with coaching clients to help them get business credit.

You can also reach out to banks that you see advertising to small business owners and banks you see while driving around that you may not have heard of. If a bank is spending money on a newspaper ad or a billboard, then they have money to lend and most importantly, they are in a “lending mood”.

Once you have a list of banks to speak to, start calling each bank and just ask a few general questions:

  1. Do they offer business checking accounts
  2. Do they offer business credit products (credit cards, loans, lines of credit)
  3. Who is the best person to speak to about the requirements for business credit? (Point of Contact / POC)

With these three simple questions, you’ll have your list narrowed down to a few banks that offer the products you are looking for and you will also have the best person to speak to. At this phase, you’ll want to introduce yourself to the POC and setup a time to meet.

Meeting with the Point of Contact at the Bank

At the meeting, you are not necessarily applying for credit, but rather getting to know the lender and having them get to know you as well. In some cases, the banker will tell you nothing at all about their underwriting requirements. Those are the banks, I usually won’t work with. But some POCs are very open with their requirements and will often tell you what the underwriting guidelines are!

Meeting the POC

Find the contact at the bank willing to share with you some tips on what it takes to get approved

Make sure to let them know that you want to have your business be well prepared before making application and you don’t just want to submit an application and “see what happens”. Find the person or the bank that wants to build a long term relationship with you and is willing to share with you some tips on what it takes to get approved. Often, the banker will point blank tell me: to get approved for up to $50,000 you need to state about $400,000 in revenue (gross sales). Then they’ll tell me that the loan is no-doc / low-doc under the $50,000 mark. Now this is just an example, the numbers will be different for each bank, but it’s often that banks will lend 10-15% of gross sales (Yes, gross sales, not profit!).

At this point, you’ve prepared your company and found your lender. It’s time to make application! A good banker will help you fill out the application and when they submit it to underwriting, they’ll usually write up a few words on why they think you’re a good fit for the bank. If you do not get approved the first round, don’t be discouraged, I like to say that denials are part of the approval process. Learn what you can from the process and re-apply or move to the next bank if you have to. I find that more than 20% of declines can be overturned by the POC. One of the advantages of working with a local bank is that if you have enough rapport with your lender, he or she can personally speak to the CEO of the bank or lending committee about your application (this would never happen with a big national bank!). And often they have pull with the underwriters to get your application pushed to the finish line or at least get a counter offer!

This process of getting business credit does take a lot of work, but focus on what’s on the other side: Business Credit! Business credit that can be used to dramatically improve your business, fund your accounts receivable, increase your marketing (hence improving your profit), buy equipment/inventory or give you the money needed to expand!

I always have more to share, so if you could use some personal help on getting business credit, please feel free to shoot us an email or give us a call at (888) 218-6354 and we’ll put together a plan and a list of local banks to help you hit your goals.

Written by: Joe Lawrence while listening to Wonderful Chill Out Music Beach Lounge Mix by Tekiu

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