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Karat offers two types of cards: a Banking Card and a Karat Card to help you manage business spend. You can issue virtual cards, set spend limits, and manage how funds are used from your dashboard.
Banking Cards are connected to your Karat checking account and pull directly from your available balance. There is no statement and no repayment required. Spending is limited to the cash in your account. Use this to spend cash on hand or withdraw from ATMs.To create a Banking Card, go to Banking > Cards > Issue new card, select yourself or a team member, choose virtual or physical, and set spend limits. All transactions draw from the selected checking account.
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The Karat Card is a corporate card designed for business spend and rewards.Transactions accumulate throughout your monthly statement period. At the end of each billing cycle, a statement is issued showing your total balance due. The full statement balance must be paid by the due date.Spending is subject to your organization’s approved limit established during underwriting.To create a Karat Card, go to Credit Card > Cards > Issue new card , select yourself or a team member, choose virtual or physical, and set spend limits.
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Virtual and physical cards can be issued for expenses like ad spend, travel for shoots, content production, software, equipment, or contractor payments. Virtual cards are available instantly and can be added to your mobile wallet right away. Physical cards can be ordered for in-person purchases and are also eligible for mobile wallet use. Contact us if you need a replacement physical card or would like to order one for a team member. Karat is a financial technology company, not a bank. Banking services provided by Grasshopper Bank, N.A., Member FDIC. The Karat Visa® Business Credit Card is issued by Cross River Bank, Member FDIC, and pursuant to a license from Visa️ USA.