EIN-only cards are great for building your business credit, and they're a huge help when it comes to keeping your personal and business expenses separate. If you need a business credit card and cant or dont want to provide a personal guarantee, your options may be limited to cards such as the ones on our list above. Credit Score ranges are based on FICO credit scoring. The approval process is more lenient than traditional lender underwriting requirements. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. American Express Blue Business Cash Card. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. Stripe also does not offer additional redemption options, such as airfare points or gift cards. Youll also be asked to share information about your funding sources, any incubator or accelerator programs youre involved with, and service providers you work with, such as law or accounting firms. Silicon Valley Bank Innovators Card: Best No Personal Guarantee Card For Startups, SVB Innovators Card Eligibility Requirements, Why We Don't Recommend These Credit Card Options, Office Depot/OfficeMax Business Credit Card, How To Get Business Credit Cards Without A Personal Guarantee, What You Need To Apply For A No Personal Guarantee Card, Choosing The Right No PG Credit Card For Your Business, Dont Qualify For A Card Without A Personal Guarantee? Before applying, carefully consider your options. Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. If you want to apply for the account without a personal guarantee, though, there are some stipulations. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. Copyright 2023 Merchant Maverick. You can apply for some business credit cards using an EIN, although in most casesbut not allyou have to provide a personal SSN as well. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. Divvy is all about flexibility. The credit is offered without collateral. Visa benefits. 0% on purchases for the first 12 months. In other words, most small businesses don't qualify. If you want to go the corporate card route, you probably arent eligible if your business is a sole proprietorship or otherwise not registered as an S-corp, C-corp, or LLC. BJ'S Perks World for Business MC - Comenity. The Brex corporate card offers the highest rewards rates of all the cards on this list, but only if you make this card your only business credit card and pay off your balance daily. Realtime reporting and integrations. Nonetheless, if you qualify for a business credit card without a personal guarantee, you might be able to access a substantial line of credit without putting your personal wealth at risk. Fortunately, if youre looking for business credit cards with no personal guarantee, you have some good options. Office Depot OfficeMax Business Credit Account. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. Though cards without a personal guarantee requirement reduce risk, they often come with many disadvantages and financial costs. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. You can open a business credit card without personal credit in two ways. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Brex Inc. is a financial service and technology company headquartered in San Francisco. Here are some of the best business credit cards with no personal guarantee required: The Stripe Corporate Visa Card is available to businesses that already have a Stripe account, which allows companies to accept payments online. AT A GLANCE Pay in Full Card with Unlimited Earn Potential Earn 2.5% cash back on purchases over $5,000 and 2% cash back on all other business purchases. It grants 3x reward points for all software purchases. Any business owner can apply for an . Unlike most business credit cards, this corporate card doesn't require a personal guarantee. There is also a 24/7 customer service team based in the US. Sams Club Business MC - Synchrony Bank. We occasionally send out emails with special offers. Nonetheless, you cant expect to get a decent line of credit if you sign up for the card immediately after starting your first Stripe account. A personal guarantee means that if you default on the credit card or make late payments, the issuer can try to collect from the cardholder, and not just the business. A corporation in business for at least three years with more than $5 million in annual sales. It provides credit cards and money management accounts to technology companies and startups. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. Here are some options we researched and decided to leave off this list: If youre already a Sams Club warehouse store member or dont mind shelling out $45 to become one, you might be offered a Sams Club Business Mastercard. This is why most issuers of business credit cards require a personal guarantee in the first place. The Stripe Corporate Card is also invite-only. One of the most enjoyable perks of the Sams Club Business MasterCard is that you can use it as a net 30 account and earn cash back on your Walmart and Sams Club purchases. With automatically-credited rewards and dynamic credit limits that will grow with your business, the Stripe Corporate Card packs in the partner offers and integrates with finance tracking softwares like Quickbooks, Expensify and Xero. The card offers partner benefits from over three dozen partners. This is just one scoring method and a credit card issuer may use another method when considering your application. The Stripe Corporate Card is relatively easy for new businesses to get approved for. Are you personally liable for business credit cards? While you wont have to offer a PG to Ramp, the company will examine your companys cash balance, cash flow, and other indicators of its financial health. The Ramp Business Card is only for corporations and LLCs registered in the U.S. with at least $75,000 in an U.S. bank account. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. Can you get a business credit card with bad personal credit? There is also no limit on the number of reward points and they can be used to redeem merchandise, gift cards, credit, or travel offers. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Unless your business has at least $5 million in annual revenue, a minimum of two years of operating history, and more than ten employees, you will not be eligible for this card unless youre willing to sign a PG. Erin has more than 15 years experience writing, proofreading and editing web content, technical documentation, instructional materials, marketing copy, editorials, social copy and creative content. Except for businesses easily showing sufficient collateral in the forms of assets or sufficient revenue and sales numbers, its difficult to receive approval for a small business credit card without a personal guarantee, which will likely involve a personal credit check. Commissions do not affect our editors' opinions or evaluations. Stripe is also an online payment processor, you can use them to process your business transactions too. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. The 7 Best Business Credit Cards With No Personal Guarantee Required. All feedback, positive or negative, helps us to improve the way we help small businesses. You wont be able to withdraw that money while your card is active, but over time, youll repair your credit and be able to apply for different types of business credit cards. Rewards: Earn 1.5% cash back on every purchase. You might need to fill out a paper application, but most providers allow you to apply online. The Office Depot/OfficeMax Business Credit card does provide some special financing terms on purchases over $299 but does not offer any cash-back or points rewards for your spending. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. That said, what is best for the majority of businesses might not be right for you. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. Issuers may also charge higher APRs or charge other fees for the privilege of a business credit card that doesnt risk your personal financial and credit health. Requiring only a Stripe account to apply, The Stripe Corporate Card* is available by invite only, but charges no annual fees, no foreign transaction fees and no late fees. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2023, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Well detail the best of these cards in this guide. Brex Treasury is not a bank; Brex Cash is not a bank account. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. You need to put down a security deposit (minimum of $1,000 . There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. Save $50 on the first $150 purchase made within 60 days of account open date, Best for Businesses Resupplying With Sams Club, Best for Those Constantly Wondering Why the Printer Has No Paper. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. This compensation comes from two main sources. The only credit card that allows you to control spend at the merchant, category, and spend level. Fast turnaround: as little as 1-2 days. The best EIN-only business credit card for startups (no PG) is.. Watch the video to find. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, Revenueds list of eligibility requirements, top business credit cards for borrowers with bad credit, How To Get Lower Interest Rates On Credit Cards. That's because the card is used to pay for expenses of the business, and the business assets (revenue, assets) pay for the credit card debt. All transactions are then instantly debited from the amount you deposit on your card. This includes zero liability and fraud protection. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. Other Benefits and Drawbacks: The Sams Club Business Mastercard* has zero foreign transaction fees and doubles as a Sams Club membership card, but doesnt offer many benefits beyond this. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. They do, however, provide additional bonuses, discounts, and special offers, from over 20 partners. Beyond requiring applicants to have a US bank account and EIN, Divvy is nontransparent about its eligibility requirements the one requirement it discloses is that most applying businesses must have at least $20K in an active account. You can request an invitation online, but there is no guarantee that youll be accepted for the card. This can save users the step of using a separate rewards card or punching in a phone number at checkout every time. Chauncey grew up on a farm in rural northern California. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. If an owner or operator makes business purchases on a personal card or vice versa, it may appear that the business isnt treated as a separate entity. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. Costco Commercial Revolving and Net 30 - Capital One. If your business is not a corporation or LLC, dont waste your time applying for a corporate card unless you can confirm beforehand that your business is eligible for the card in question. If you cant find a business credit card that doesnt require a PG and which sports eligibility requirements you can meet, you might look for a secured credit cardinstead. You can also apply for a business credit card for a particular store, such as Office Depot/Office Max, or a gas station, such as the Shell card. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. To qualify for business-only liability, your organization must meet one of these requirements: Otherwise, you may need to provide a personal guarantee. Use your points to pay for travel expenses, redeem them for gift cards, or take them back in cold, hard cash. Thus it is a good no PG credit card for companies that own fleets. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. There are no other annual or monthly fees either, and extra employee cards are freely provided. One option is to apply for a secured business credit card with a credit limit equal to the amount of money you deposit into a secured account. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. Another option to consider when youre looking to apply for a business credit card with no personal guarantee is Silicon Valley Banks (SVB) Innovators Card, which is designed to be paid in full at the end of each month. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. How Do You Apply for a Credit Card with No Personal Guarantee? Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. As a cardholder, youll also get full to Divvys expense management software and budgeting tools. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. No founder liability. there are some foreign transaction fees in the form of 0.90% cross-border fees, and 0.20% currency conversion fees. Cash back. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. The advantage of using this Bento Visa debit card is that you can make unlimited transactions anywhere Visa is accepted without having to pay any business banking fees, like debit or overdraft. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. How can I open a business credit card without personal credit? Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. Since these cards require you to post a security deposit, they are relatively easy to obtain. Welcome Offer: see terms for welcome offer details. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Whereas large companies can often offer their own assets as collateral for a line of credit, most small businesses dont have that option. The Bremer Bank Visa Signature Business Company Card is basically the only true business credit card that's available with no personal guarantee and isn't classified as a "corporate card.". You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. Past performance is not indicative of future results. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Almost all business credit cards require a personal guarantee. Coast is available for US-based businesses that operate fleets of vehicles. Most business credit cards require an individual often the business owner to serve as a guarantor that the balance on the card will be paid. Youll also get access to a number of Coast partner benefits, such as a 10% discount on maintenance & oil changes at Jiffy Lube and a 30% discount on QuickBooks products for 6 months. Ramp Corporate Card: Best Corporate Card With No Personal Guarantee, 2. Performance information may have changed since the time of publication. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. Ramp makes corporate spend tracking easy. Various lending products ranging from $5,000 to $5,000,000 are available for most businesses, including those with limited history or bad credit, without requiring a personal guarantee. You might also consider one of our top business credit cards for borrowers with bad credit if your credit score is a limiting factor in your search for a business credit card. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Thus it is a good no PG credit card for companies that own fleets. These include discounts and credits, such as 25% off an annual Slack subscription, three months free with Gusto and Guideline, and $150 in Google Ads credits. Bento debit accounts can be extended to an unlimited number of employees, but there is a $20 card expedite fee if you need rush delivery. 8 Annual fee Instead of paying interest on what you borrow, youll pay a fixed factor rate. However, no matter which of these no personal guarantee credit cards youre trying to get, the card issuer needs some form of assurance that youll be able to pay for the purchases you make with said card. Most of the cards that are available are only for specific types of purchases, and many can only be used at a single retail location, such as a gas station or supply store.