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Credit Reporting
Credit Building with Karat
Low credit or no credit, start improving your credit score with regular, on-time payments using the Karat card. You’ll thank us next time you apply for a loan, apartment, or mortgage.
In order to report to personal credit files, customers must agree to a Personal Guaranty. This simply means that the applicant, in their individual capacity, agrees to the Karat Charge Card obligations, hence their credit report will be done on their consumer files.
Benefits of credit reporting:
Credit building - Many creators are young and/or have had limited opportunities to build their credit. They’re generally self-employed, their income is volatile, and banks don’t understand their business to give them high limits. Building credit can help them with:
• Greater access to credit in the future, loans, credit cards, mortgages, and other financial products.
• Lower insurance premiums
• More financial stability
No hard pull - We won’t be doing any hard inquiries/pulls on your credit report. Your Karat Card will appear as a new line of credit once you being using your card and your first billing cycle is complete.
Visa Business Card Benefits
Certain terms, conditions and exclusions apply. Please refer to your Guide to Benefits for further details.
Travel Protection & Assistance:
• 24/7 Roadside Dispatch® - Offers you a 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing, and locksmith services giving you peace of mind when you’re out on the road. For roadside assistance, call 1-800-847-2869.
• Auto Rental Collision Damage Waiver: Covers damages caused by theft or collision for rental cars. It reimburses you up to the Actual Cash Value of most rented cars for rental periods of up to 31 consecutive days. In order for coverage to apply, you must use your covered Karat Charge Card to secure transactions.
• Travel & Emergency Assistance Services: This service provides 24/7 assistance and can connect you with local emergency and assistance resources in case of an emergency. However, the cardholder is responsible for any medical, legal, or transportation costs related to this.
• Emergency Medical and Dental: Provides reimbursement for emergency medical or dental treatment expenses that may be incurred due to injury or illness while on a covered trip. The benefit has a limit of $2,500 and is subject to a $50 deductible. In order for coverage to apply, you must use your covered Karat Charge Card to secure transactions.
Coverage for the following benefits is available only if you made the purchase using your Karat Charge Card.
• Purchase Security: Did you buy a new item and it got damaged or stolen? With Purchase Security, you're covered. You can be reimbursed for eligible items if they get stolen or accidentally damaged within 90 days from the date of purchase. The coverage is up to $10,000 per claim and $50,000 per cardholder.
• Extended Warranty Protection: Eligible items will get an extended warranty of up to one year on eligible warranties of 3 years or less.• Return Protection: If you are disappointed with an item within 90 days from the date of purchase and the merchant will not accept the return; you can be reimbursed up to $250 per item and $1,000 per account. In order for coverage to apply, you must use your covered Karat Charge Card to secure transactions.
• Baggage Delay Reimbursement: If your checked baggage is delayed for more than four hours on a covered trip, you can get reimbursed up to $100 per day for essential items, for a maximum of three days or $300. In order for coverage to apply, you must use your covered Karat Charge Card to secure transactions.
• Lost Luggage Reimbursement: If your checked luggage is lost due to theft or misdirection by a common carrier, you can get reimbursed up to $3,000 (or $2,000 for New York residents) for the value of your items. In order for coverage to apply, you must use your covered Karat Charge Card to secure transactions.
• Trip Delay Reimbursement: If your trip is delayed for more than 12 hours due to a covered event, you can be reimbursed up to $300 per ticket for reasonable expenses incurred such as meals, lodging, and transportation. This coverage is supplemental, which means it applies to expenses that are not covered by your common carrier or other personal insurance policy.
• Cellular Telephone Protection: You can receive supplemental coverage for damage to, theft of, or involuntary and accidental parting of your cell phone when you pay your monthly cellular wireless phone bill with your covered Karat Charge Card. In order for coverage to apply, you must pay your eligible cellular wireless bill with your covered Karat Charge Card.
