Reap Card vs Neat Visa: More credit limit, Less operational disruptions | Reap

Reap Card vs Neat Visa: More credit limit, Less operational disruptions

Anson

4 min read

Corporate credit cards are favoured by entrepreneurs to better manage everyday business expenses and improve work efficiency. A multifunctional corporate card not only saves time from performing manual accounting tasks, but also improves liquidity ratios! With a conglomerate of virtual corporate credit cards available on the market, Reap is here to offer a side by side comparison between Reap Card and Neat Corporate Visa Card (Neat Visa), so that you can find the right card that best suits your business needs.

Reap Card and Neat Visa are both built on the Visa network. That being said, unlike Neat Visa, Reap Card allows you to fully leverage the credit limit as a cash buffer for any unplanned expenses. Reap Card does not require any personal guarantee or cash collateral in your Reap account, nor setting up an account for cash reserves. Neat Visa resembles other debit cards available, its application process entails registering for a Neat account. The total credit is also restricted by the balance in your Neat account, and additional administrative fees are applied if you need to top up for large transactions, which makes it less flexible and convenient.

Besides, Reap Card encompasses real-time expense analysis and cost categorisation, as well as entitlements to issue physical and virtual credit cards and sets individual monthly limits for employees. With these expense management tools, business owners can gain full visibility and control to manage cash flow. Enjoy a 2% cash rebate on all day-to-day business digital expenses using Reap Card.

Why Reap Card is more preferable than Neat Visa

Reap Card

Neat Corporate Visa Card

Card Type

Physical and Virtual

Physical and Virtual

Cash Collateral

Not required

Required

Account Registration

Not required

Required

Application Procedure

Business registration proof is not mandatory for eligibility for credit limit

No credit rating or collateral required

Neat Card is available upon Neat account opening

Interest-free Period

Up to 58 days

Not applicable

Privileges / Cash Rebate

2% cash back on all business digital purchases worldwide from now

1% cash back exclusive to local purchases

Administrative Permissions

  • Freeze and reactivate credit card anytime
  • Can create unlimited virtual card for free
  • Discretionary physical and virtual supplementary card issuance
  • Freeze and reactivate card via account portal
  • Can create virtual card
  • Each cardholder is eligible for one physical and one virtual card per Neat Wallet

Expense Management Features

  • Set monthly spending limit
  • Customise transaction limit for each card
  • Receive instant transaction notification and integrate accounting softwares
  • Support real-time expense analysis and classification
  • Set monthly spending limit
  • Support real-time expense analysis and instant payments

Auto Repayment

Available

Not available

Sync and integrate to Xero

Support

Support

Comprehensive Review on Reap Card and Neat Corporate Visa Card

#1 Fully Utilise Credit Limits for Operational Flexibilities

Reap launches the Reap Card in partnership with Visa. By conducting business model assessments, we aim to offer an optimal amount of credit to run your business and manage payments for suppliers, rent, employees and so on, such that an adequate amount of cash reserves is built to maintain flexibility for your business. The primary Reap Card holder can also apply for unlimited supplementary cards for free as employee credit cards or for breaking down various types of expenditure while expanding your business.

Neat Corporate Visa Card, also a Visa partner, has more restrictions imposed on its credit limit as compared to other corporate cards. Neat Corporate Visa Card initially does not offer credit beyond the balance of the Neat account. Sharing credit data and transaction records are mandatory if users wish to increase the credit limit. Neat Corporate Visa Card also limits the number of cards allowed to each cardholder to one physical and virtual card per Neat Multi-currency Wallet. Thus, Reap Card is more commendable in terms of flexibility in taking care of your business’ financial needs.

#2 Unlimited Supplementary Card Issuance Accompanied by Comprehensive Software Support with Reap to Improve Budgeting Processes

Even though Reap Card and Neat Corporate Visa Card both perform the functions of managing daily business spending, which includes freezing and reactivating your card and issuing automated commercial invoices, Reap Card is further supplemented with the expenditure classification feature by allowing principal cardholders to issue limitless supplementary cards. You can streamline your payment process for each supplier and employee, one for Facebook Ads and another for Google Ads, as a case in point. Upon setting spending limits, you can rest easy with built-in limits and controls that ensure employees spend responsibly and prevent budget overrun.

Meanwhile, virtual cards can also help realise business efficiency as it simplifies the process for claiming and reconciliation with employee cards. You can also designate virtual cards for one-time or multiple use. Along with the integration of software, business owners can analyse and track payments in one place and in real-time.

Other advanced expense management features include:

  • Made compatible with accounting softwares: Execute automated accounting tools like Xero to free up your valuable employees time
  • Support inter-bank transfers
  • Limit supplementary card spending based on time and merchant categories

#3 2% Cash Back for All Local and Overseas Digital Business Spending with Reap Card

Effectively immediately, Reap Card offers a 2% cash rebate upon spending – local or abroad – on a wide range of selected categories, which include but not limited to social media or paid advertising platforms, such as Google Ads, Facebook Ads and Youtube, as well as delivery services, involving subscriptions to local and cross-border logistics or operational services (newspaper and magazines, to name a few). Reap Card also contains automatic payment service for online subscription-based services, such as Google Drive, Adobe Creative Cloud and SaaS, to achieve high administrative output and avoid burdening management with administrative detail.

While Neat Corporate Visa Card also offers 1% cash back, it is restricted to local expenses, which means users are only partially rewarded for all company expenses.



Key Takeaways

The above analysis and comparisons substantiate the results of increasing work productivity and liquidity ratios using Reap Card and Neat Corporate Visa Card, with which flexibility to classify expenses by nature free of charge and matching softwares are incorporated to fix the pain points all entrepreneurs are dealing with. On top of that, Reap Card provides an additional function of offering an optimal amount of credit to secure cash flow without the need to make any cash deposit in the account. This buy now pay later payment model facilitates opportunities for realising business dreams. Reap Card also supports any payments made at both local and foreign merchants. You can enjoy a 2% cash back with your business spending whether it is for countermanding online services or business operations.

To consider from an entrepreneurial angle, an assorted, user-oriented and streamlined corporate card is imperative for planning finances confidently. Reap Card provides versatile advanced financial monitoring tools for small and medium-sized enterprises to track business performance efficiently and make business operations smarter.

Click herefor more details about Reap Card. Get in touch with Reap team here.

The above are sheerly the true and honest opinions of Reap as of publication date. Please be advised to evaluate product features on your own account.