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If youre looking for a business credit card with no personal guarantee and regularly have business expenses with those two businesses, this card definitely is worth looking into. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Your revenue from your established business works for you. 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. 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 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.". Your Next Best Options. The Stripe Corporate Card is also invite-only. 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 you cant provide a personal guarantee because your personal credit doesnt yet exist, you may be able to instead apply for a secured business credit card or work on building your credit. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. 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. 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. While Revenued doesnt offer any additional partner discounts, it does offer a generous welcome offer: $500 cash back after you spend $5,000+ within three months of getting your card. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. 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. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. How Do You Apply for a Credit Card with No Personal Guarantee? Editorial Note: We earn a commission from partner links on Forbes Advisor. Many business credit cards that dont require a PG will have stringent qualification criteria. 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. This field is for validation purposes and should be left unchanged. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. But first, lets go over the pros and cons of these cards from a business perspective. 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. 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. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. Each lender will evaluate your specific circumstances to decide if it will want to take on the risk of lending to you. No matter how many cards you use, points will accrue in a single pool. Reducing the liability you and your business faces by reducing access to the account and spending less can help. $1M MAX: Brex v Ramp v Stripe v Amex. 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. Chauncey grew up on a farm in rural northern California. In addition to the other rewards above, the Plus version of this card also earns 3% cash back on Sams Club purchases, so businesses will likely be better off with the Plus version if the fees for Plus membership make financial sense. Please try again later. We specialize in aged (Primary Business Credit) with EXPERIAN/EQUIFAX/SBFE & PAYMENT LEASING CREDIT. Read more below to learn why we chose these options. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Alternatively, you might be looking to apply for a business credit card using EIN only because your are working with poor personal credit. Divvy now accepts all business types, from sole proprietorships to corporations to LLCs, although its website doesnt disclose this. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. It is designed for startups, especially in the tech and e-commerce industries. Commissions do not affect our editors' opinions or evaluations. You can also streamline work items, including approvals and accounting. 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. SVB Innovators Card is aimed squarely at startups. Rewards: Earn see terms for rewards details. With no annual fees and no foreign transaction fees, those companies using the Brex Card exclusively and paying it off from a Brex Cash account will see the best points per dollar spent in rewards. Opinions expressed here are authors alone. Copyright 2023 Merchant Maverick. Something went wrong. That said, what is best for the majority of businesses might not be right for you. Free accounting automation. What are Business Credit Cards With No Personal Guarantees? 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. Streamline your bill payments with AP automation, approvals and accounting. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. 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. Information provided on Forbes Advisor is for educational purposes only. If your balance is too low, the transaction simply will be denied. Bad Credit Business Loans: 5 Best Options, How to Communicate a Price Increase to Customers, 13 Small Business Goals to Implement This Year, How to Create a Business Plan to Succeed in 2023, Build a Small Business Emergency Fund in 8 Steps, Best Ways to Use a Business Loan to Boost Growth, Loans & Grants for Hispanic-Owned Businesses, Here are some of the best business credit cards, Office Depot OfficeMax Business Credit Account, Silicon Valley Banks (SVB) Innovators Card, Your Ultimate Guide to Unsecured Business Lines of Credit, 48 Ecommerce Statistics to Know This Year, Calculate Your Payments and Total Cost of Borrowing, Advice and Answers for Small Business Entrepreneurs, No annual, foreign transaction or late fees, No interest because balance is paid in full every month, Unlimited 1.5% cash back on every business purchase, Cash-back balance automatically applied to your monthly Stripe bill, Benefits with some of Stripes partners (e.g., $150 credit for Google Ads, free 6-month Zendesk subscription, 25% off for 12 months of Slack subscription). The best business credit cards without a personal guarantee requirement were chosen based on whether they required a personal guarantee first and foremost, then welcome bonuses, fees, rewards and other perks. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. 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. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. There is also a 24/7 customer service team based in the US. 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. 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. 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. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. The Blue Business Plus Credit Card from American Express is good for businesses that don't want to deal with bonus categories, as cardholders earn 2% cash back on every purchase, regardless of category, on up to $50,000 in purchases each year, after which purchases earn 1% on all eligible purchases. To qualify for the Tillful Business Credit Card, your business needs to (1) be incorporated in the US with a valid EIN, (2) be incorporated for a minimum of 3 months, (3) not be in any of the restricted industries specified by Sutton Bank, and (4) have a Tillful Credit Account and be in compliance with . Ramp offers a free corporate card for virtually any business. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. However, people with lower scores might qualify for a secured business credit card or another card designed for borrowers with poor credit. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. At first, they ask for some simple personal and business details like contact information and your Employer Identification Number. 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. How To Get Business Credit Cards With An EIN Only. Your rewards balance will be automatically credited to your balance each month. 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. No founder liability. If youre interested in applying for the Stripe Corporate card, youll need to request an invitation and then reply to the email youll receive. While many issuers wont offer business credit cards without the financial security that a personal guarantee provides, you can find a few options that dont require a personal guarantee. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. Most issuers require one or more people within the business to guarantee theyll pay off the balance on their credit account with their personal funds, even if the business goes under. Welcome Offer: see terms for welcome offer details. 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. BJ'S Perks World for Business MC - Comenity. Best no-personal-guarantee business credit cards Here are the best no-personal-guarantee business credit cards that are currently available: SVB Innovators Card: Best for. 50,000 bonus points after spending $9,000+ in the first 30 days. Conduct informed research before deciding which cards will best help you achieve your financial goals. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. Youll need to reach out to Divvy for more information. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. 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. Youll earn 1.5% back across the board on all purchases made with your Ramp card and can redeem these rewards in the form of a statement credit. Additionally, Divvy lets you manage your companys spending by setting budgets by team, project, event, or any other category. APR For one, the options are severely limited. Some banks issue secured business credit cards for this purpose. So no, you do not need an EIN to apply for a business card. Since these cards require you to post a security deposit, they are relatively easy to obtain. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. The application is available online and asks for information about your business, including address and year of founding, revenue model, and forecasted and previous annual revenue. - 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. If your business fails and you cant pay off your balance, Many credit cards that lack a PG are corporate credit cards, which typically give you features like spend management and business software integrations, Some of these cards dont even check your personal credit when you apply, instead relying on other metrics, Many business credit cards with no PG require your business to be a corporation or LLC non-incorporated businesses will have a smaller set of options, Some business credit cards with no PG have high cash-on-hand requirements and are difficult for startups to obtain, Since most business credit cards require a PG, it may be hard to find a credit card that doesnt require a PG, Some business credit cards without a PG will initially require you to make daily repayments, You want a corporate credit card with a flat cash back rate, You like the idea of having a feature that identifies unnecessary business spending, You use products from Ramps partner companies, like Xero and Amazon Web Services, You want a corporate card but your business is not a corporation, You want a corporate card that lets you choose your repayment schedule, You spend a lot at restaurants and want a card that rewards this, You want budget management and employee spending limits with your corporate card, Received an equity investment of any amount (accelerator, angel, VC, or web3 token) or plan to in the near future, Earn more than $1 million/year in revenue, Be a tech startup that is on a path to meeting the criteria above, and is referred by an existing customer or partner, You want the highest available rewards rates for a corporate card and are willing to make Brex your exclusive business credit card, You want a card with multiple rewards redemption options, You want a corporate card with spend management, bill pay, and a mobile app, You must have 6+ months of business history, You must have a business bank account and maintain a positive account balance (an average daily balance of $1K+ is preferred), You must maintain a monthly revenue of $10K+, Your business spending is varied, and you want a spending card that handsomely rewards all your business purchases, Your business suffers from uneven cash flow, and you want a spending card that helps to even out your cash flow, You want a spending card with no personal guarantee and a nice welcome offer most of these other cards dont have a welcome offer, You use Stripe for payment processing (or if you want to), You own a new business and you want a no personal guarantee credit card with relaxed qualifications, You want a corporate card with a flat cash back rate and automatic reward redemption, You want to take advantage of Stripes partner rewards & discounts with services like Gusto and Guideline, You run a trucking business and you want a fleet fuel card with no personal guarantee, You run a non-trucking business with significant driving needs and you want a card that helps your business save on the cost of fuel, You want a fleet fuel card that doesnt limit you to certain gas station chains, You want a startup-friendly credit card with no PG and relaxed eligibility requirements, You want an unlimited number of employee cards for no extra charge, You want a business credit card with flat-rate rewards earning along with multiple redemption options, Specialized startup credit cards (like the SVB Innovators card). We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. A corporation in business for at least three years with more than $5 million in annual sales. Which card meets the needs of and best suits your business is up to you and how you run your business. 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. When a business owner gives a personal guarantee to a credit card issuer or other lender, he or she is agreeing that his or her personal assets and credit are open to collections in the event he or she cant or doesnt pay the business bill. Let us know how well the content on this page solved your problem today. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. With discounts on useful services and integrations with financial software platforms like QuickBooks & Xero, Stripe can help your business grow in the right direction. 1. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. 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. This form is for feedback only. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. The approval process is more lenient than traditional lender underwriting requirements. Welcome Offer: This card does not offer a welcome bonus. Do Economic or Industry Factors Affect Business Survival? It depends. Well be exploring these no personal guarantee credit cards in a moment. Administrators of the account can access a section that illustrates the companys long-term spending over time, while identifying areas the company can save. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. 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. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. 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. 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. Finding the best credit card for your business needs can be overwhelming. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. A personal guarantee on a business credit card is a legally binding agreement to repay credit issued to the business with your personal assets if the business cannot pay off the debt. 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. Citi Cards - Office Depot, Staples. 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. No fees. You can also earn a higher rewards rate on spending with several specific partners, such as 5% back on purchases with Kasa and Snap or 50% cash back on what you spend with 1Password. 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. You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. 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. 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 there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. Can you get a business credit card without a personal guarantee? 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. Some specific partner companies like Snap and Kasa. Even if you dont qualify for a card that can be used for any type of purchase, you can still take advantage of perks at the stores your business uses most often. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. All Rights Reserved. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. Sole proprietors or other unregistered businesses need not apply. There are no other annual or monthly fees either, and extra employee cards are freely provided. 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. Yes. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. Testimonials may not represent experiences of all clients. Best Business Credit Cards Without a Personal Guarantee Requirement Best for Well-Funded Startups Brex 30 Card Apply Now On Brex's Website Up to 10-20X Reward Rate Get 10-20x higher limits. Many business credit cards require a personal guarantee a business owner will pay off debt and this personal guarantee opens a business owner up to liability he or she may not have with respect to other finances. In some cases, you could be approved in a matter of minutes and immediately start using your card. Otherwise, a different card is likely a better, more rewarding fit. Stripe is also an online payment processor, you can use them to process your business transactions too. It can be used anywhere Mastercard is accepted. 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. Points add up faster when all your employees purchases roll up into a single rewards account. 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. First, you can apply for a business credit card that does not require a personal credit check or guarantee. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. Rather, it is a prepaid spending card tied to your future business revenue. However, you wont receive overwhelming rewards when you choose this card. 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?