#Amex platinum social media full#

But unlike the Karat Black Card, Brex will not issue to a sole proprietor. For example, the Brex Card for StartupsВ also skips annual fees, personal guarantee requirements and credit scores, basing the credit limits on a companyвЂ™s cash flow and financial backing. The Karat Black Card is issued in partnership with Stripe and is accepted anywhere that Visa is accepted.В Cardholders can request to cash out their earnings, starting at a minimum of $100, via an ACH deposit to the bank account linked to their bank account.ДЄlthough itвЂ™s the first business card on the market aimed at the social media crowd, the Karat Black Card is not the first card looking to circumvent the methods used by traditional banks. Rewards range from 2% to 5% cash back on vertical-specific purchases (streaming equipment, electronics, makeup etc) with premium perks such as advances on sponsorship payments at zero cost. According to Kim and Wei, Karat determines the rewards rate based on an algorithm that analyzes the cardholderвЂ™s spending habits and social media reach. Unlike many business cards, if your business fails, you arenвЂ™t on the hook for any debt on the card.

No interest fees.В The Karat Black Card is a charge card so your bill has to be paid in full each month.This is in the form of a statement credit towards any future purchases. Other highlights of the Karat Black Card include: The average Karat Black Card cardholder has over $100,000 in the bank and one million combined followers on popular social media platforms like Instagram, YouTube, Twitch and TikTok, says Kim. вЂњAs a creator you could be making a million dollars and get a secured card or one meant for students,вЂќ says Wei. Many successful content creators and social media influencers are young and havenвЂ™t had the opportunity yet to build up a strong credit profile, which means they could be unfairly penalized when it comes to obtaining a credit card for their business expenses, says co-founder Wei. Traditional financial institutions donвЂ™t fit their model.вЂќ вЂњThis is a new type of business, a $15 to $20 billion industry, and there are millions of creators and they make lots of money.

вЂњThe traditional financial product doesnвЂ™t understand creators,вЂќ says Will Kim, who along with co-founder Eric Wei created the Karat Black Card. Unlike traditional cards that rely on credit scores to determine your eligibility, Karat looks at an applicantвЂ™s social stats along with income as part of their underwriting criteria. The Karat Black Card is the first business credit cardВ where вЂњlikesвЂќ matter.

#Amex platinum social media full#