Updated 2026-06-01
The economics of 'free' corporate cards
How Ramp, Brex, BILL Spend & Expense, Rho and Wallester make money — and what it costs you.
Quick answer
TL;DR
How Ramp, Brex, BILL Spend & Expense, Rho and Wallester make money — and what it costs you.
- •Free = paid by interchange. The card network charges your supplier; you keep cashback.
- •Margin is real: 1.5-2.5% interchange on commercial cards.
- •Trade-off: 'free' platforms monetise via premium tiers, FX, treasury yield.
Where the money comes from
Commercial card interchange is 1.5-2.5% of every transaction. On a $5M/yr spend program, that's $75-125k of interchange. The vendor keeps most of it, gives you cashback, and runs the platform free.
Why this works for you
You pay nothing for the platform. Your cashback offsets some interchange. Your vendors are paying for it via card acceptance — but they're paying anyway.
Where the trade-off hides
Free platforms monetise via premium tiers (Ramp Plus, Brex Premium), FX markup (1-2% on cross-border), and treasury yield. Read the FX line carefully on global spend.