Business credit card
planned
Brad Lookabaugh
It appears I have to take a credit card out personally in my name. The former owner used personal cards and would like to close them once they exit the business. Which credit card should I open? Is it possible to get a business credit card backed by Teamshares instead of me personally?
J
Jeff Cooke
Look at Ramp.com They don't require a personal guarantee if the financials look good....they auto-deduct the payment from your account on a set day each month and pay the card complete. I have 15 cards on our account that roll up to one master bill. I think there's 1.5% cash back that can be applied to the outstanding balance as well.
Brad Lookabaugh
Jeff Cooke: Thanks for sharing Jeff! Yes, Ramp could be a viable option for some businesses. Each business will have to separately apply.
We evaluated Ramp and others (such as Brex.com) as a means to develop a network-wide Teamshares program, which is what we are going to roll-out. But that use case is not necessarily configurable for the card products they offer.
This article provides a good comparison between Ramp and Brex:
https://quolum.com/blog/finance/brex-vs-ramp-a-startup-founders-perspective/
Brad Lookabaugh
planned