Karat Creator Card Review - Does it Live Up to the Hype?

Are you a creator looking for a card that can help you grow your business while rewarding you for your purchases? Let's take a look at Karat and what it has to offer.

Review: https://fioney.com/karat-creator-card-review/
Karat: https://app.trykarat.com/signup?code=Moneyat30

A while back, I saw ads for a product called Karat, which billed itself as a card for creators. At long last, I was able to apply for myself a few weeks ago and have been trying out the card ever since. So, What does Karat have to offer and what does it do differently? Let’s take a look at a few key things to know about the card.

The first thing to know about Karat is that the application process will focus on two main things: your following and your cash on hand.
Unlike regular cards, applying for Karat won’t impact your credit as this isn’t a factor in their decisions. Instead, your approval and spending limit will be determined by your following as well as your bank account. As part of the application process, you’ll be asked for any of your socials or platforms. Additionally, you can link bank accounts via Plaid. 

Personally, I shared this 10,000-subscriber YouTube channel along with my primary checking account and was ultimately approved for a $3,000 limit. For context, this is between one-third to one-quarter of the limits I have on my normal credit cards, but it’s understandable given my relatively small following. Presumably, those with larger audiences and needs will see larger limits. Additionally, you can request a new spending limit - but there’s of course no guarantee that you’ll get it.

Next, one of the coolest things about Karat is that you’ll receive a customized metal card

As I mentioned in my recent metal card round-up, the Karat card is perhaps the most impressive-looking card I own. Not only is the card itself hefty at around 27 grams on my scale, but the custom etching — in my case, the Money@30 logo — is really quite awesome. What’s more, the card arrived in this fancy box that fits the vibe for sure. 

On the downside, since it is solid metal, it doesn’t seem as though the Karat card supports tap technology - but I haven't tried it. However, you can add the card to your mobile wallet and use it wherever Visa and such contactless payments are accepted.

While Karat might seem like a credit card, it’s actually a charge card that will automatically be paid off in full each month.

If you’re wondering why I keep saying “card” instead of “credit card” it’s because Karat isn’t one. Instead, it’s most comparable to a charge card, meaning that you’ll need to pay off your balance each month. Specifically, Karat will automatically make a payment using your linked bank account on the first of each month. Alternatively, you are able to make a payment early by using your dashboard.

In terms of rewards, Karat allows you to select three categories from a list of eligible options

Obviously one of the best things about using credit cards for business purchases instead of cash is that you earn rewards. Sure enough, Karat is no exception. In this case, you can actually select three categories you want to earn rewards in, with eligible options including dining, electronics, gas, pets and vets, PayPal, and more. Each purchase in your selected categories will earn between 1% to 5% back depending on which category it is. That said, based on my experience, it seems most offer 3% back, which makes the card pretty useful as long as you select the best options for you.

By the way, if you do want to swap out categories, you can message Karat on their site. However, they did inform me that this can currently only be done once every three months.
As for redeeming your earned rewards, you can select how much cashback you want to claim and have it deducted from your balance. 
As far as technology goes, one downside is that there’s not currently a Karat app but on the upside you can connect the card to services such as Quickbooks

When I first signed up for Karat, I was a bit taken aback to realize that there was not yet a mobile app. While this isn’t a deal-breaker, I do think it would be useful for monitoring my transactions and making payments. 
Meanwhile, a more pleasant surprise was that Karat can be connected to Quickbooks Self-Employed. I’ve already found this to be helpful and I’ve been using the card mostly for business expenses that can be deducted from my taxes. On that note, it seems that Karat is also in the process of working on its own bookkeeping and tax solution, so stay tuned for that.
Finally, I should mention Karat’s current referral program which rewards users who bring other creators on board

For more credit card reviews make sure to visit https://fioney.com/category/reviews/ and for all my credit card review videos https://www.youtube.com/playlist?list=PLFfM5Lf816alHHyNZJHOsxyZjXl0UlLyJ

#Karat #Creators #FioneyMoney

Видео Karat Creator Card Review - Does it Live Up to the Hype? канала Fioney