Relay - Best Business Credit Card? (Full Review)

In this video, I'm going to talk about what could be one of the best and most convenient credit cards and money management platforms for your business. And that would be Relay. They provide a system where you can seamlessly create up to 20 business checking accounts, multiple debit cards, and set up auto transfers to move money where you need it. And they've just released a credit card with some great features that ties into their whole ecosystem. So come with me on a journey to explore Relay and their new credit card offering and see if Relay could be right for your business. I have the credit card right here. I'm going to unbox it for you on the show. Hey, credit warriors. Welcome to the show. My name is Ben Hedges, aka The Credit Shofu, and on this channel, I cover US credit cards, financial products, and topics like investing. If you like the sound of that, do subscribe to the channel. But let's now get into looking at Relay's money management platform and their brand new business credit card. And this video was sponsored by Relay, but I intend to simply show you the features of the Relay card and the Relay platform, and you can make up your own mind whether it's going to be right for you and your business. So let's take a look at Relay's business checking account first, and then I'll unbox the credit card and tell you all about it. So Relay's business banking platform is an entirely online bank account system where you can create up to 20 different checking accounts and up to two savings accounts for different aspects of your business. You can then have auto transfer rules. So let's say your cost of merchandise is 40% of your revenue, where you can set up a rule to transfer 40% of all income to a separate checking account that you then use to restock. After accounting for other expenses, maybe your profit margin is 30%. Well, you can have Relay transfer 30% of all sales to a profit account. I think you get the idea. The possibilities are really endless, and you can customize it for your specific business. You can also create up to 50 virtual and physical debit cards for team members and set spending limits. Whenever a purchase is made by you or your team members, you will be able to snap a photo of the receipt for your expenses. In fact, if your employees forget to do this, Relay will follow up with a text message reminding them to upload the receipt. Thus, you will have all the evidence you need to satisfy any audit from the IRS. Money in your Relay accounts is FDIC insured up to $3 million through ThreadBank and its partners. There are no account fees or minimums, and Relay seamlessly integrates with many industry standard payroll and accounting services like Intuit, QuickBooks Online and Xero. So that's their business banking service. Actually, there are way more things that we didn't talk about, like business savings accounts, different ways to pay vendors, etc. But in this video, we are focusing on their newly released credit card, the Relay Visa Signature Business Credit Card. But I needed to give you some background on their whole ecosystem first, and I just got their credit card. So let's cut to the unboxing. So this credit card, apart from being presented in a cool little envelope, it has some pretty interesting features. First, there is no annual fee. It earns 1.5% cash back on all purchases. Credit limits tend to be on average between $10,000 and $25,000 per month. And the card has a 30-day billing cycle, meaning it needs to be paid in full every 30 days. This means there is no interest rate since you pay it off every 30 days and the payment is made automatically from an account that you select during the application. And you can even set up a backup account as well. But the really cool thing is how it integrates with the other features that Relay provides. So you can have your business checking, savings, and credit card all on one platform for quicker transfers and payments. Then you can create up to 50 virtual credit cards and 20 physical cards for employees and team members. On those cards, you can set spend limits and even spend categories that they're allowed to spend in. So they can't go and buy things at a restaurant where they're supposed to be buying building materials for your construction business. And you can also freeze or cancel the cards at any time. And you'll be able to upload receipts, the same way that you can with the debit card. And to get approved for the Relay Visa Signature Card, there is no effect on either your business or personal credit score. So how do you get it? Well, they look at your business. The main criteria is you need to be an existing Relay customer. You must be a company, so an LLC or a corporation, and must have been incorporated for at least one year and have monthly revenue of $20,000 or more. In my opinion, as someone who runs a business, my company manages several YouTube channels, including the one you're watching, and my Airbnb cabin. For this card, the 1.5% cashback, sure, it's nice. But the real advantage of using the Relay Visa Signature Card is going to be all of the features like receipt capture, super detailed vendor information, and absolute control over your employee cards, even down to being able to limit their spending to certain categories, set spending limits, etc. I think it's also going to work really well as one tool in a larger system that has a load of useful money management features. One thing that is very enticing for me on their platform in general is the ability to create multiple checking accounts and have automatic rules to divide money between them for different things every time you get a payment from a vendor. For example, with my Airbnb, my cleaner charges $100. So every time I got an Airbnb payment, I could just have a rule to split off $100 into an account that I pay my cleaner from. Super useful and totally automated, so I don't even need to think about it. But what do you guys think? Please leave your comments below. And the Relay Visa Signature Card is now available. So if you are interested, click the link in the description section below to learn more. Please subscribe to the channel if you're new, and we'll see you next time. Bye-bye.