For many content creators, explaining their job to their parents can be challenging. But even traditional banks may not fully grasp what you do, making it difficult to access financial services for your business.
Karat, a fintech company, understands this struggle and aims to support entrepreneurs on platforms like YouTube, TikTok, and Twitch. One of their offerings is the Karat Card, which comes with no annual fee and is issued by Cross River Bank, providing a credit limit based on creators’ unique metrics of success.
Here are five key points to consider about the Karat Card:
Karat evaluates eligibility for the card and determines credit limits based on factors like social media following, revenue, and cash flow. On average, Karat cardholders have 2 million social media followers and generate $300,000 in annual revenue.
As your following and revenue grow, you may qualify for a credit limit increase. Karat also reports payment history to major credit bureaus, aiding in credit establishment.
2. It earns rewards you can customize
With the Karat Card, you can earn points on categories of your choice and adjust your earnings every six months. Categories align with typical business expenses for creators, such as fitness memberships.
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Fitness and gym memberships.
While the Karat Card offers unique rewards for creators, it’s worth noting that other cards like the Venmo Credit Card also provide customizable rewards programs that may better suit your spending habits.
The Venmo Credit Card allows you to earn cash back in different categories, with no need to change categories every six months. This can be especially beneficial if you have specific spending preferences.
3. Redeem rewards in creative ways
Aside from typical cash back options, the Karat Card offers unique redemption choices that can enhance your content creation experience. From exclusive merchandise to podcast studio time, there are various ways to make the most of your rewards.
One standout feature is the opportunity to have your content showcased on a billboard in Times Square, creating a memorable moment for creators to share with their audience.
4. There are no fees
As a charge card, the Karat Card requires full monthly payment, eliminating the need for interest charges. Additionally, there are no annual, late, or foreign transaction fees, providing a hassle-free financial experience for creators.
5. It offers a concierge service
Karat provides a concierge service to assist cardholders with various tasks, ensuring a seamless experience. Whether you need help with reward categories or suspect fraudulent activity, the concierge service is available to support you.