Just like the title says, this post deals with bank cards and a few that I have used and currently use. While they do offer better rates and some perks that you can’t get anywhere. Yet they do not have an actual bank you can visit or have the traditional trappings of opening a bank account.
A lot of these types of bank cards operate mostly online and use the national or international banking system for deposits, transfers, and bill payments. There are many out there and some that have limitations. They all are called fintech types of banking. Meaning they offer a service that is used through a bank and offers services based on that bank but also offer other things that you can do through an online platform instead of having to deal with going into a bank. For example, a mobile deposit for checks rather than a bulk deposit is usually found in a traditional bank.
A few perks…
One of the biggest perks you will notice is the speed at which you can set up an account. Fund that account. Then get started with it. The best part is funding can be done with crypto, bank transfer, wire, and even if you want to go old school, some can be mailed in (check only usually).
Granted, you will have to wait for the actual physical card before using it. Most of the time you can use a virtual card, but can be used one time. The few biggest perks I have noticed with the few cards that I currently use is there is a nice savings rate that is better than most traditional banks.
The biggest perk I have noticed, besides being able to get above the .5% interest rate of many traditional banks, is the ability to tag my spending and have it analyzed to what I am spending on as well as budget for each month. Most when using an online type of bank card, you will get detailed expense reports each month, like a regular bank statement, but since you are an entrepreneur or owner of an LLC, you also get quarterly reports if you set it up.
New member perks…
Don’t forget if you are a new member, there is a free trial of premium services, many of which includes security and reporting features.
Even with being a new member and declining the premium upgrade, you still get a great banking option that works well for those who need flexibility and speed to work in today’s economy.
Just because you’re a new member, also you have the option to start with various funding options, other than just a paycheck type of deposit. Which is great, if you have other payments coming in the form of crypto, dividends, etc.
Did I mention that many are now offering you the option to design your own cards! This is a nice touch if you want to use your company logo on your cards and if you have other company employees and want to track expenses further. Online reporting and efficiency are key when expanding your finances further.
In my rounds…
I am currently using both Lili and Revolut. I tend to use Lili for more of the month-to-month for the website and related expenses. This ensures that even though I may deposit money into the account. Anything left over will be sitting there collecting some interest until the next deposit. This also with the intention of any money from ads, merch, and donations or paid services would go into this account and help maintain this.
Using the Revolut card, I have found that the vaults are a nice feature to help me save for those big purchases and also to use the loose change from transactions to add to the vault on purchases. The other feature or perk I like is the percentage off from select merchants, while also having the round-up part added to the vault of your choosing.
The main reason why I wanted to use a Revolut card was to be able to spend in many different currencies and also the ability to create separate accounts in that currency. This card works way better than the Uphold card I have used in the past as was more restrictive than this one. I like the ability to invest in crypto and have a vault for many things while drawing way better interest rates. Currencies are the biggest one. I wanted to travel, and not have to deal with exchange rates. This gives me the option to put money in for a certain currency they offer and if I visit that country I use my same card to use while in that country. No exchange rate is needed!
Last thoughts…
This is just from the past year dealing with both cards. I took a while off from Lili, mainly to take a break from the website and figure a few things out. This time around, I have now found out that, I would use it more for the website side of the LLC and once I grew I would look at other options or upgrade my services a little more with them. As for the Revolut card, I am using it for many things, but I like the flexibility of currencies, vaults, savings rates, and deposits and transfers.
My suggestion is to write out a list of what you like to see in a freelancer or small business card. Be open-minded and think hard about your actual uses and needs. It does take some time to get new cards made and actually use them for a while to get the full run of things. Go with your gut feeling and see what happens you may find it to be what you were looking for.