Corporate cards compared

A corporate card platform issues payment cards to a company's employees, lets finance set limits on each card, and sends the resulting transactions to the accounting system. The nine products on this page all meet the same three tests: they issue both physical and virtual cards, they let an administrator set spend limits, and they sync card transactions with accounting software. We read each claim on the vendor's own website, and every product page links to the pages we used.

Some of these products are broader spend management suites that also handle reimbursements, bill payment and procurement. Here we look only at the card side. The cards are the part that carries credit risk, legal liability and fees, so they deserve their own comparison.

What a corporate card platform is, and what it is not

A business credit card from a bank is usually opened by an owner, underwritten on that owner's personal credit, and issued to employees as extra cards on one shared limit. A corporate card platform changes three things. Cards are issued in software, so a virtual card can exist seconds after an administrator creates it. Limits are set on each card or each person instead of on one shared pool. Transactions arrive in the finance system already matched to a card, a cardholder and often a receipt.

The platforms differ in how they extend credit. Ramp labels its card a corporate liability charge card, and the card page of Moss says the business, not an individual, is liable for the account. Payhawk offers debit cards linked to funds held with it and optional credit cards. Airwallex issues cards against the balance in a business account, so spending comes out of money already deposited. Whether the card is a charge card, a credit card or a debit card changes how you fund it, so ask for the product's exact type before you compare prices.

Personal guarantees and who is liable

The personal guarantee is the most important term in this category, and many buyers find it late. A guarantee makes an owner personally responsible for the company's card debt. A founder who signs one has put personal assets behind a business expense account.

Several vendors say plainly that they do not require one. Brex states on its card page, "Brex does not require a personal guarantee," and says limits are set from the company's financial profile rather than a personal credit score. Rho says no personal guarantee or personal credit report is required to apply. The Airwallex card FAQ says a US business can apply with an EIN without a Social Security Number or personal guarantee. Payhawk says "No personal credit checks," although its page does not address guarantees. Ramp's pricing page notes that its card is subject to credit approval and does not mention a guarantee either way.

Missing statements are not the same as a no. Where a vendor's page is silent, we say so on the product page, and you should ask in writing before signing. The law does give some structure here. Under Regulation B, which implements the Equal Credit Opportunity Act, a creditor may request a guarantor when personal liability is needed to support the credit. The rule bars a creditor from requiring the signature of a guarantor's spouse in most cases, and the official commentary treats a guarantee as part of the credit transaction.

What the CARD Act does and does not cover

The Credit CARD Act of 2009, enacted on May 22, 2009 as Public Law 111-24, amended the Truth in Lending Act with rules on interest rate increases, fees and ability to pay. Many buyers assume these protections cover any card. They were written mainly for consumer credit.

Regulation Z implements the Truth in Lending Act, and section 1026.3(a) exempts credit extended primarily for a business, commercial or agricultural purpose. For business credit cards, the commentary says the regulation applies only as provided in sections 1026.12(a) and 1026.12(b), which cover card issuance and limits on liability for unauthorized use.

That leaves a narrow but useful protection. Under section 1026.12(b)(5), where one issuer gives an organization 10 or more cards for its employees, the issuer and the organization may agree on employee liability for unauthorized use that differs from the standard rule. The standard cap in section 1026.12(b)(1)(ii) is the lesser of $50 or the value obtained. For a company with a card program, this means the agreement itself sets many of the terms that a consumer would get by statute. Read the cardholder agreement for late fees, liability for lost cards and how disputes work.

Spend limits in practice

All nine products let an administrator limit card spending, but the controls differ in detail. Airwallex lets an administrator set daily, weekly, monthly, quarterly or annual limits on employee cards and limits per transaction on company cards. Rho says limits are set per card, with merchant restrictions and permitted categories. Brex lets administrators set limits with controls for category and merchant. Moss lists per-card and per-transaction limits plus merchant category and time restrictions.

BILL Spend & Expense says administrators can create business budgets, assign card limits and automate approval workflows. Volopay lets an administrator set a limit on each virtual card and set rules that decline transactions that break them. Pleo lists individual card limits, limits per purchase and temporary limits on both of its plans. Ramp lists spend limits with preset accounting codes.

Cards can also have limits the vendor or its issuing bank sets. These depend on your agreement and your underwriting, and none of the pricing pages we read published a limit for a typical customer. Ask what the starting limit will be, how it is reviewed and whether a limit increase requires a new credit review.

Physical and virtual cards

Virtual cards suit subscriptions, software, advertising and one-time vendor payments, because each vendor can have its own card number. If one vendor is breached or raises a price, the card is frozen without disturbing any other payment. Physical cards suit travel, fuel, field staff and any merchant that wants a chip or contactless tap.

The products handle the split differently. Airwallex says company cards are virtual only, while employee cards can be virtual or physical. Ramp and Pleo list unlimited or included physical and virtual cards on their pricing pages, and Moss says unlimited virtual cards come with no per-user fees. Volopay lists a physical card per user on its Premium card plan. Payhawk says physical cards arrive in 5 days and virtual cards are live in 30 seconds. Brex says a physical card follows by mail within a few days, and BILL says teams can receive physical or virtual cards.

Accounting sync

Accounting sync is where card programs save the most time, and it is also where they differ most. Ramp's pricing page names QuickBooks Online and Xero on the Free plan and NetSuite and Sage Intacct on Plus. Rho names QuickBooks Online, NetSuite, Sage Intacct and Puzzle as native integrations, with bank feeds for Xero and QuickBooks Online. Airwallex syncs with Xero, NetSuite and QuickBooks, and BILL names NetSuite, Sage Intacct, QuickBooks, Microsoft and Xero.

Payhawk's expense page names Xero, QuickBooks, NetSuite, Sage Intacct, Exact Online, Microsoft Dynamics, DATEV and Exact Globe. Moss lists Xero, QuickBooks, DATEV and Exact, which reflects its European base. Brex names NetSuite on its pricing page and describes native integrations with leading accounting tools elsewhere. Pleo and Volopay say accounting integrations are included, and neither page we read names the software.

Plan level often decides which ERP you can connect. Ramp keeps NetSuite and Sage Intacct on Plus. Airwallex adds NetSuite and Dynamics 365 Business Central on Grow. Check the exact system and version you use before buying, because a vendor that syncs with your ledger only through a spreadsheet export has not met the test.

How the fees compare

Pricing models fall into three groups. Rho lists $0 for subscription and per-user fees. BILL lists its Spend & Expense plan at $0 per user each month, and Airwallex lists Explore at $0 per user for up to 10 Spend users. Brex lists Essentials at $0 and Premium at $12 per user each month. Ramp lists Free at $0 and Plus at $15 per user each month, plus a platform fee based on team size. Airwallex Grow costs $12 per user plus a platform fee.

Pleo is the only product here with a published per-user price and no free tier. Its US page lists Build at $14 and Optimise at $18 per user each month, billed yearly with a three-user minimum. Moss and Volopay publish no amounts on the pages we read, and Payhawk prices by module, so we leave their fees out of this comparison.

The sticker price leaves out the charges that matter on a card. Pleo lists foreign exchange fees of 1.75% on Build and 1.49% on Optimise. Rho lists 1% for foreign currency transfer and conversion and a late fee of 3% of the delinquent balance each month for up to six months. BILL says standard card and payment fees apply on top of its plan. Airwallex lists zero international card fees, and the Explore plan lists cash rebates of up to 2% on local USD spend, with terms.

Rewards often come with conditions. Rho's up to 2% cashback applies to its Platinum tier, and the full statement balance must be paid on time or the cashback is forfeited. A company that carries a balance should price the card without the cashback.

Where the products can be used

Card programs depend on where the company is incorporated. Brex serves US-incorporated companies and uses an EIN on the application. Rho requires a US-incorporated company, and its Monthly Terms open at $25,000 held at Rho, or $75,000 combined with linked external accounts, subject to underwriting. Ramp, Brex, Rho, Airwallex, BILL and Pleo are priced in dollars on the pages we used.

Moss and Payhawk need a closer look at location. The Moss card page lists the EU, the UK, Germany, Austria and the Netherlands, and the Moss pricing page we read does not publish prices. Payhawk names three issuers: Payhawk Financial Services UAB in the EEA, Payhawk Financial Services Limited in the UK, and Cross River Bank, Member FDIC, in the US. A US company should confirm which of these entities would issue its cards and which terms apply.

What the nine products have in common

Each qualifies on three tests, and each page cited for a test names the capability directly. Physical and virtual cards are listed on every product page. Spend limits are described per card, per user or per policy. Accounting sync is stated for every product, though only some pages name the software. Products that fell short on any of the three, on the pages we could read, are left off this page until we can source them.

We did not include Spendesk here. Its pricing page lists physical and virtual cards and names Xero, QuickBooks and DATEV, but the pages we read described spending limits only in general budgeting terms. Navan is also left off, because we did not source all three tests from its pages.

What to test during a trial

• Issue one virtual card and one physical card, set a monthly limit on each and try a purchase that exceeds the limit.
• Ask in writing whether a personal guarantee is required, what the starting credit limit is and how it is reviewed.
• Sync a week of card transactions to your ledger and check that the cardholder, the category and the receipt arrive.
• Record a foreign currency purchase and compare the fee against the pricing page.
• Ask how a lost or stolen card is reported and what liability the company carries for unauthorized use.
• Cancel a test card and ask how long the closing balance takes to settle.