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First, you can apply for a business credit card that does not require a personal credit check or guarantee. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. Youll also gain access to $350,000 in exclusive Ramp partner rewards, bill payment, and a savings insight tool that aims to help companies find ways to cut costs and limit unnecessary spending. Companies must qualify to be eligible for a paid-monthly credit card, but those eligible for a Brex Cash account qualify for a paid-daily card. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. The Shell Small Business Card can be used at over 14,000 gas stations around the U.S. For each gallon fuelled at Shell stations, you can earn up to six cents. If your business experienced a significant decline in gross receipts or was impacted by government shutdowns due to COVID-19, then let us help you solve the IRSs refund application puzzle. 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.". The Employer Identification Number (EIN) is a nine-digit tax identification number, similar to a Social Security Number or Individual Taxpayer Identification Number (ITIN), but mostly used by businesses. So its no surprise that credit card issuers are leery of extending credit to small businesses with no proven track record. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. The best EIN-only business credit card for startups (no PG) is.. Watch the video to find. Explore the best options & rewards available, as well as eligibility requirements. Help us to improve by providing some feedback on your experience today. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. Whatever the amount is that you deposit is your credit limit. 0% on purchases for the first 12 months. Any business owner can apply for an . Personal guarantee requirements mean that when you apply for a business credit card, youll be required to share your personal information, and your personal credit will be hit with a hard inquiry that can affect your credit score. The SVB Innovators Card is designed to support growth for startups. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. What is the easiest business credit card to get? As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. Something went wrong. Credit limit. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. The Office Depot Business Credit Account does not offer rewards on purchases. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. The Shell Small Business Card is available for use at Shell gas stations and is another small business credit card with no personal guarantee required. Then they try to find out more about your business spending habits, by having you content your business bank accounts. The SVB Innovators MasterCard is a flexible line of credit that scales alongside company growth. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. You can also streamline work items, including approvals and accounting. 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. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. Almost all business credit cards require a personal guarantee. A corporate card will have no annual fee. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. If you have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. In Summary: The 7 Best No PG Credit Cards, Our Experts Recommend Ramp Corporate Card . Finding the best credit card for your business needs can be overwhelming. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. 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. Personal credit scores required to qualify for business credit cards vary depending on both credit card product and issuer. When youre searching for a no-personal-guarantee business credit card, the Brex Corporate Card, powered by the Mastercard network, is another one to consider. BJ'S Perks World for Business MC - Comenity. Other Benefits and Drawbacks: The one listed extra perk of the Office Depot Business Credit Account* is the ability to link an Office Depot/OfficeMax Rewards account with the card to ensure every purchase the card is used for automatically earns rewards. Generally speaking, business credit cards that dont require a personal guarantee come in three forms: Now, these three credit card types target different markets corporate cards target sizable corporations (and, in the case of Brex, tech startups vouched for by an existing Brex customer or partner), startup credit cards target startups more generally, and fleet cards target trucking businesses. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. These are provided as guidelines only and approval is not guaranteed. Editorial Note: We earn a commission from partner links on Forbes Advisor. Ink Business Cash Credit Card. According to the application form, your company must have more than $5 million in annual sales revenues, be more than 2 years old and have more than 10 employees. The card offers partner benefits from over three dozen partners. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. also offer 5% money back on purchases. Though Revenued doesnt have any credit score requirements and does not require a personal guarantee, its eligibility requirements will prevent brand-new startups and businesses without significant monthly revenue from qualifying. An EIN is a nine-digit tax ID number that sole proprietors, small business owners, corporations and other entities can apply for with and receive from the IRS. These details are not available on the Divvy website, but have been confirmed by MerchantMaverick. Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. Welcome Offer: This card does not offer a welcome bonus. Visa benefits. Business credit cards with no personal guarantee often don't report to personal credit, and since you're not personally liable for the debt they won't report to personal credit even if you default on your payments. The Stripe Corporate Card is still invite-only in the US. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Otherwise, the moderate welcome bonus and revolving credit terms are the only major advantages this card offers. Most credit card issuers will look for a credit score of 600 or above. - 15 Days Contact Us 15 Days Business Credit Funding Services We're a company with over 15 years in the industry, we are ready to provide you with 100% Reliable Business Loan Consulting. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. 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. Which card meets the needs of and best suits your business is up to you and how you run your business. 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. Ramp advertises a larger than average credit limit for businesses. 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. 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. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. You can open a business credit card without personal credit in two ways. Additionally, when restricting your business credit card search to cards with no PG, it may be harder for you to find a card with a spending rewards program that matches your business spending. These types of cards are often called a Corporate Credit Card. 1. there are some foreign transaction fees in the form of 0.90% cross-border fees, and 0.20% currency conversion fees. The main benefit of getting a business credit card that doesnt require a personal guarantee is that in the event that you cant pay off your card, your personal assets cannot be seized to pay the debt. 8 Annual fee 2023 Forbes Media LLC. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. The Brex 30 Card requires no guarantee because it sets credit limits based on cash flow and determines a business eligibility for qualification based on spending patterns and sales volume. For new businesses in tech or life sciences industries, you earn special lucrative rewards. Ramp makes corporate spend tracking easy. The best business credit card without a personal guarantee is the Brex Corporate Card for Startups because it has a $0 annual fee and offers bonus rewards in categories relevant to small businesses, like travel, dining and software. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. Coast is available for US-based businesses that operate fleets of vehicles. The best way to apply for a Sams MasterCard is in-store, so you can have the sales rep contact to personally call their credit department to discuss why you dont want to give a personal guarantee or to ensure your personal credit is not checked. In addition to tracking spending, Ramp claims the dashboard can identify redundant business subscriptions, better SaaS pricing options and other savings tailored to the company, leading to up to 2 percent in savings. How can I open a business credit card without personal credit? The Ramp Business Card does not offer rewards on purchases. 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. Our explainer piece on invoice factoring further details this process. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. Business Debit Card: 0%: 0.00%: No PG: . Other Benefits and Drawbacks: The Brex 30 Card is a charge card, meaning it must be paid off every month in full. What Is Online Check Writer & Is It Worth It? Brex Treasury is not a bank; Brex Cash is not a bank account. Corporate cards, expense management, bill payments, accounting integrations, and real-time reporting in one free and easy to use solution, Controls at scale. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. No PG business credit lines backed by Citi, Home Depot, Staples, TSC, Office Depot, Sunoco, Exxon/Mobil, require a min of 3 years business credit history before they'll consider an application without a PG. reported to Experian and Dun & Bradstreet, Lenders Like Kabbage: Competitors for Small Business Loans, C Corp vs S Corp: Best Options for Small Business Owners, Biz2credit Review: Direct Lender for Working Capital Loans, Cares Act: Tax Benefits for Businesses and Employees in 2023, Employee Retention Credit for Manufacturing Industry (2023), Employee Retention Credit for Nonprofits/Tax Exempt in 2023, How to Apply for Employee Retention Credit in 2023 Guide, There is no security deposit or credit check required, You can easily issue unlimited employee cards, You can easily limit or block employee cards with a few clicks. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Please try again later. Free employee cards. Well be exploring these no personal guarantee credit cards in a moment. Get industry-leading advice to help you make confident decisions. What credit score is needed for a business credit card? Business credit cards that dont require a personal guarantee are difficult to qualify for. Sole proprietorships are not eligible. $750 bonus cash back after spending $7,500 in the first 3 months after your account start date. For example, you can get a 25% discount on the annual subscription to Slack, three months free at Gusto and Guideline, and a $150 bonus for Google Ads. Best Business Credit Cards (for Startups) LYFE. 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. The Brex card features a rewards scheme with 8x points for ridesharing apps and taxis, 5x on travel, 4x at restaurants, 3x on recurring software, 3x on Apple products, and 1x on everything else. Otherwise, a different card is likely a better, more rewarding fit. For credit cards where a personal guarantee is required, an applicant can be held personally liable for debts accrued on the business credit card. With this in mind, once your business is large enough, with a certain number of employees or a high enough revenue stream, you may be able to sign up for a corporate credit card. This helps business owners protect personal property when a business fails. Again, qualifying for a small business credit card might be easier than you think. If youre looking for a business credit card that wont require a personal guarantee, you have several options, ranging from specialized business charge cards like the SVB Innovators Card, corporate credit cards like Brex, and fleet fuel cards like the Coast card. Yet, after $500 spent over a 12 months period you enter the VIP status which will bring you an extra earn back amounting to 5% for print services, paper, toner, and ink, plus some other rewards and free delivery within two days. It only works at Office Depot and OfficeMax locations. You need to put down a security deposit (minimum of $1,000 . Almost anyone with a business can get approved, even if you have bad credit. To ensure you dont accidentally offer a personal guarantee, you have to fill out their business credit card application, and that only you allow them to use your SSN for verification purposes only. Instead of charging you interest on charges made to your business line of credit, Revenued relies on factoring essentially, you are borrowing against future revenue via invoices. However, you wont receive overwhelming rewards when you choose this card. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? Some companies will qualify for monthly repayments, but your rewards rate will be slightly lower. It is designed for startups, especially in the tech and e-commerce industries. Do Economic or Industry Factors Affect Business Survival? If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2023, Discover The Best eCommerce Platforms In 2023, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? The Sams Club Business Mastercard* charges no annual fee (apart from the fees required for Sams Club Membership) and earns solid rewards for companies with moderate gas purchases and who plan to eat out or order in often. $0. When business credit card issuers approve small business owners based on their EIN only, there is an extra layer of financial protection added to ensure creditors cannot go after your personal assets. Lets look at the seven best no personal guarantee credit cards for business. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. Good credit is typically defined as a score above 670 on the FICO Score model, but its unlikely youll find many business credit card issuers willing to issue your business a credit card if your credit remains subprime unless you can collateralize or secure the line of credit. American Express Blue Business Cash Card. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. Yes. With a few notable exceptions, Stripe Corporate does not offer any higher tiers of earning on specified categories, such as travel or dining. Some banks issue secured business credit cards for this purpose. Free bill pay. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. Many business credit cards on the market require some personal guarantee. Copyright 2022 Fast Capital 360. This might involve a hard inquiry on the owners credit report. Your Next Best Options. Sams Club Business Credit - Synchrony Bank. Receive automatic reporting on every dollar spent. It grants 3x reward points for all software purchases. Their rewards program also offers up to 7x bonus points for restaurant purchases and 5x on hotels, and 1.5x on everything else. These include $5,000 in AWS credits, 25% off Slack for 12 months, $150 in Google Ads credit, 50% off Expensify for six months and many, many more. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. As such, business credit cards without a personal guarantee are rare. The Office Depot OfficeMax Business Credit Account is available without a personal guarantee and it comes with a card, but it doesnt work as a traditional credit card. Generally speaking, a brand new business without any major assets or revenue to show will more than likely be considered high risk and will not qualify for most cards without a personal guarantee from an owner. Ramp offers a free corporate card for virtually any business. You can request an invitation online, but there is no guarantee that youll be accepted for the card. Though perhaps not as rewarding as some of the best business credit cards available, finding the right business credit card without a personal guarantee requirement may still be possible. Performance information may have changed since the time of publication. Yes, you can open a business credit card without using your personal credit, but only if the card issuer does not require a personal guarantee. What's the benefit of getting a no personal guarantee business credit card? Divvy now accepts all business types, from sole proprietorships to corporations to LLCs, although its website doesnt disclose this. Here are some points to consider: A business credit card without a personal guarantee requirement sounds appealing, but youll be more likely to find a wider variety of options if you do provide a personal guarantee. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. If a card without a personal guarantee requirement is important to you, it may be worth pursuing. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. You can also get 5% back on gasoline purchases up to $6,000 (1% thereafter), 3% back on dining and takeout, and 1% back on all other purchases. Thats because your credit limit will be equal to the amount you deposit with the credit card issuer, and the issuer will have that collateral if you dont repay your debt. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Credit will appear within two billing cycles and will apply to whichever program is applied for first. Whereas large companies can often offer their own assets as collateral for a line of credit, most small businesses dont have that option. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. Its ability to apply without a personal guarantee means your business can restock on critical supplies using a credit account without requiring a business owners personal assets be risked. However, people with lower scores might qualify for a secured business credit card or another card designed for borrowers with poor credit. For small business owners, there are other ways to identify yourself and your business when applying for credit cardsmost commonly, businesses have an Employer Identification Number, or EIN. While the names might not be glamorous, using business credit cards with no personal guarantees will ensure that only your business is liable for money your borrowing and cant pay back. Companies using Ramp are also required to have at least $75,000 in the bank. Another charge card with no personal guarantee requirement on its application is the Ramp Business Card, which charges no annual fee, earns 1.5% cash back on every purchase and, though it has no travel or lifestyle perks like other business cards, it offers tools for precise control over spending and employee cards. 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. Stripe is also an online payment processor, you can use them to process your business transactions too. 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. Can you get a business credit card without a personal guarantee? To that end, the following three factors can provide card issuers with this reassurance andimprove your chances of being approved: Your business will need to be financially stable. The only business credit cards worth having that do NOT have a personal guarantee. Fast turnaround: as little as 1-2 days. Ramp is offering unlimited virtual with support for Apple and Google Pay, as well as custom-branded physical employee cards at no additional cost. 2 business credit card with no PG options: Credit card paid daily: for companies of any size, no minimum balance (available with every, Credit card paid monthly: for eligible companies that meet certain size and revenue criteria, Up to 7-8 times rewards points, depending on card selected, Both cards report your payments to credit bureaus to help build your business credit, 5% cash back on eligible gas purchases on the first $6,000 spent, 3% cash back on dining and travel and 1% cash back on other purchases, Authorized users can be added to your account for free, Card is exclusive to Sams Club members and doubles as your membership card when you shop at Sams Club, Variable annual percentage rate of either 15.90% or 23.90%, Save $50 on your first purchase of $150 or more, Free additional cards for other people at your business, Balance doesnt have to be paid in full at the end of the month, Discounts on certain preventative maintenance services at participating Jiffy Lube locations. Alternatively, you might be looking to apply for a business credit card using EIN only because your are working with poor personal credit. Well detail the best of these cards in this guide. Make Brex your exclusive corporate card, and youll earn up to 8x points per dollar spent, with a minimum of 1x earning on every purchase. Some business credit cards dont require a personal guarantee. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Many business credit cards that dont require a PG will have stringent qualification criteria. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. If your business spending is varied and diffuse, youll love Revenueds flat 3% cash back rate on all eligible purchases an exceptional rate for any small business credit card, much less one that doesnt sport any credit score requirements. Why Are Business Credit Cards with No Personal Guarantee Scarce? If you decide to go this route, check out our article on getting a corporate credit card for tips that can help you succeed. The credit is offered without collateral. Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? As a cardholder, youll also get full to Divvys expense management software and budgeting tools. 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. The reality is that most business credit card issuers require you to sign a personal guarantee when you apply. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue.