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In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account.

In January 2021, they would not let me create virtual cards for my consulting business because I did not have a $250K cash balance in my business bank account. The Ramp support guy said he didn’t know of any similar service that did not have such a requirement. After that I discovered Stripe easily provided that service for my business with no threshold at all and wrote back to let him know and he was very surprised I could get that without even having a Stripe merchant account.

ejstronge 5y ago
Did they let you open an account before imposing this limit? When I was looking into using them, I noted the $250,000 limit for new accounts but I'm not sure if they were always structured this way.
- stephenhuey 5y ago
  No, I completed the application process but they rejected me.
sebmellen 5y ago
https://Privacy.com https://Privacy.com also has a great “Team” account.
arthurcolle 5y ago
That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?
- Terretta 5y ago
  Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.
  - RobRivera 5y ago
    being able to and Actually doing it is costing (assuming 2k monthly) 600 a year in earned interest. people shouldnt do things they dont have to
  - arthurcolle 5y ago
    Checking account earns no interest. That's a foolish waste of money
    - Terretta 5y ago
      Geez people - “checking account” should have been a relatively obvious figure of speech meaning “bank account”, or “cash and cash equivalents”. https://en.wikipedia.org/wiki/Cash_and_cash_equivalents https://en.wikipedia.org/wiki/Cash_and_cash_equivalents When you pull a balance report for proving personal or business funds, your bank includes checking, money market, savings, etc., the literal type doesn’t matter as much. (Also, for replies saying the 6 months worth should only be in a higher return higher risk account — things that can lose significant value — well, ideally, no, that’s what you do with everything beyond your six months cash and cash equivalents reserve, or carefully understand your risk exposure and ensure black swan deviations would still leave you above your reserve.)
    - kyleee 5y ago
      Until it's right there when you need it. It's not called an emergency fund for nothing
      - Retric 5y ago
        Any way you slice it 6 months living expenses earning no interest is a huge expense. For the average person putting that away at 30 means delaying retirement by around 2 years. Worse you need to keep adding money in to keep up with inflation. It’s reasonable to keep 6 weeks of living expenses on hand, but the rest doesn’t need to be in cash as long as you can quickly liquidate it.
        5y ago
iancarroll 5y ago
I use https://mercury.com https://mercury.com for this and it is great; I have a card for each SaaS app with their own limits. Just a standard debit card so no credit complexity.

ejstronge 5y ago

Did they let you open an account before imposing this limit? When I was looking into using them, I noted the $250,000 limit for new accounts but I'm not sure if they were always structured this way.

stephenhuey 5y ago
No, I completed the application process but they rejected me.

sebmellen 5y ago

https://Privacy.com https://Privacy.com also has a great “Team” account.

arthurcolle 5y ago

That is a crazy high requirement. I am planning on moving to Miami and they need evidence that I've had >3 months rent in the account for 3 months. Who keeps that much money in a checking account?

Terretta 5y ago
Everyone should work towards being able to keep minimum 6 mos of burn in their checking account. Ideally more.
- RobRivera 5y ago
  being able to and Actually doing it is costing (assuming 2k monthly) 600 a year in earned interest. people shouldnt do things they dont have to
- arthurcolle 5y ago
  Checking account earns no interest. That's a foolish waste of money
  - Terretta 5y ago
    Geez people - “checking account” should have been a relatively obvious figure of speech meaning “bank account”, or “cash and cash equivalents”. https://en.wikipedia.org/wiki/Cash_and_cash_equivalents https://en.wikipedia.org/wiki/Cash_and_cash_equivalents When you pull a balance report for proving personal or business funds, your bank includes checking, money market, savings, etc., the literal type doesn’t matter as much. (Also, for replies saying the 6 months worth should only be in a higher return higher risk account — things that can lose significant value — well, ideally, no, that’s what you do with everything beyond your six months cash and cash equivalents reserve, or carefully understand your risk exposure and ensure black swan deviations would still leave you above your reserve.)
  - kyleee 5y ago
    Until it's right there when you need it. It's not called an emergency fund for nothing
    - Retric 5y ago
      Any way you slice it 6 months living expenses earning no interest is a huge expense. For the average person putting that away at 30 means delaying retirement by around 2 years. Worse you need to keep adding money in to keep up with inflation. It’s reasonable to keep 6 weeks of living expenses on hand, but the rest doesn’t need to be in cash as long as you can quickly liquidate it.
      - 5y ago

iancarroll 5y ago

I use https://mercury.com https://mercury.com for this and it is great; I have a card for each SaaS app with their own limits. Just a standard debit card so no credit complexity.