Rho Card Review (2026): A Corporate Card That Comes With a Bank

Rho's card earns cashback on its Platinum tier, and the number depends on which Rho document you read. On the product page the figure is 1.75% with monthly terms. In the governing cashback rewards policy it is 1.5%, and that policy carries an April 10, 2025 date, older than the current marketing copy. Both figures are Rho's. The prudent way to model this is at 1.5%, with 1.75% treated as something to have confirmed in writing before it goes in your projections.

The carve-out is the part that does not appear in the marketing at all. Rho's cashback policy excludes transactions conducted or authorized in non-US jurisdictions from earning rewards. If a meaningful share of your card spend goes to overseas vendors, software billed abroad or travel booked outside the country, that spend may generate no cashback under the policy as written. For a US-only spender the exclusion is invisible. For an importer or a company with international contractors it can reshape the entire return.

The entity rule is the clearest one: Rho's corporate cards FAQ states the business must be based in the United States, and the card requires a formally registered entity, which excludes sole proprietors. Separately, a Rho help article states that Rho offers accounts to business owners worldwide. Read together, those mean a US-registered company is required but the person who owns it does not have to be American or US-resident. That combination is genuinely useful and not widely available: a founder abroad who has incorporated in Delaware is a live applicant here.

Cash is the other half of the decision, and Rho does not publish a minimum balance requirement anywhere on its own pages. Do not assume the thresholds you may have seen for other corporate card providers apply, because they are not Rho's numbers. Limits are set from cash on deposit and business financials with no published formula, so the practical approach is to open the conversation with your actual balances and let Rho size it.

This is where the platform separates itself. Business checking carries FDIC coverage extended through a sweep network administered by American Deposit Management, and Rho describes that savings network as spanning more than 400 institutions as of August 2026. The sweep structure is what allows coverage beyond a single institution's limit.

Treasury is the 2026 addition worth understanding. Rho's Multi-Asset Portfolios combine T-Bills with the MULSX and VFSTX funds and rebalance automatically. Two accuracy notes matter when you compare yields on this product: bond funds quote a 30-day SEC yield while money market funds quote a 7-day SEC yield, so the two figures are not interchangeable, and any yield you compare should be net of fees.

The coverage distinction is the one to get right before you move real money. Deposits in the checking product sit under FDIC coverage through the sweep network. Treasury assets are held in brokerage and carry SIPC coverage instead, which protects against a different failure entirely. Around all of it sit bill pay, expense management, reimbursements and accounting integrations, which is the operational reason most companies consolidate onto a single platform in the first place.

The card has no annual fee, and Rho's positioning is that the platform comes with the banking relationship rather than as a separate subscription. Confirm the current tiering on Rho's pricing page at the time you sign, since platform packaging in this category changes more often than card terms do.

There is no APR to quote, because the balance settles rather than revolves. That removes interest as a cost line and replaces it with a discipline requirement: the money has to be there on the settlement date.

On foreign spend, be careful about what you are reading. Rho's pricing page discloses a 1% fee on foreign currency transfers and an optional $15 SWIFT fee on payments. Those are payment-rail charges on wires and transfers, not card transaction fees, and they should not be quoted as a card foreign transaction fee. Rho does not publish a foreign transaction fee for card purchases, so if international card spend matters to you, ask for that number specifically and ask about the non-US cashback exclusion in the same conversation.

The best fit is a US-registered company that is willing to move its operating account, not just its card program. If you are choosing a bank and an expense platform at the same time, the case is strongest, because the card's limit, the treasury yield and the software all key off the same deposit relationship. It is also one of the few realistic options for a non-US founder running a US entity, and for a company that wants employee spend controls without the owner signing a personal guarantee.

Skip it if you are a sole proprietor or have not registered a US entity, since the entity requirement is not negotiable. Skip it if most of your card spend is authorized outside the United States, because the cashback policy excludes those transactions and the card foreign transaction fee is not published, which leaves you pricing a program on two unknowns. And skip it if you need a card you can carry a balance on, since settlement in full is how the product works rather than a setting you can change.

**Is the cashback rate 1.75% or 1.5%?**

Rho publishes both. The corporate card marketing page advertises 1.75% on Platinum with monthly terms, and the governing cashback rewards policy, dated April 10, 2025, states 1.5%. The policy document is the binding one, so plan around 1.5% and ask Rho to confirm the current rate in writing before you treat the higher number as real.

**Can I open a Rho account if I do not live in the United States?**

Most likely yes, provided the business itself is US-based. Rho's corporate cards FAQ requires the business to be based in the United States, and a Rho help article states that Rho offers accounts to business owners worldwide. The requirement attaches to the entity, not to the owner's passport or country of residence.

**Does Rho charge a foreign transaction fee on card purchases?**

Rho does not publish one. The 1% figure that appears on its pricing page applies to foreign currency transfers, and the $15 SWIFT charge is an optional payment fee, both of which are wire and transfer costs rather than card costs. Ask for the card figure directly rather than assuming the transfer rate carries over.

**Is money held with Rho FDIC insured?**

It depends which product holds it. Business checking carries FDIC coverage extended through a sweep network administered by American Deposit Management, spanning more than 400 institutions as of August 2026. Treasury assets are held in brokerage and carry SIPC coverage instead. The two are different protections and should not be treated as one number.

Rho is a banking and treasury platform that issues a card, and it should be evaluated in that order. Take it if you are consolidating deposits, treasury and spend onto one system, if your entity is US-registered, and if your card spend is domestic enough that the non-US cashback exclusion does not quietly remove your return. Get the cashback rate confirmed in writing before you commit, since Rho's own marketing and its own policy do not currently agree, and treat the unpublished minimum balance as a conversation you have to have rather than a box you can check yourself.

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