Editorial Note: We earn a commission from partner links on Forbes Advisor. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. You can open a business credit card without personal credit in two ways. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. Some business credit cards dont require a personal guarantee. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. 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. You can also set employee spending limits and view and edit budgets in real-time & share them via the web or Divvys mobile app. 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. Best Business Credit Cards with EIN Only (& How to Get Them) - Credit Suite Business Credit Cards | Compare Business Credit Cards | U.S. Bank The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. Most credit card issuers will look for a credit score of 600 or above. Coast is available for US-based businesses that operate fleets of vehicles. And like several other cards on this list, Divvy offers automatic expense reporting features. You don't need perfect personal credit (or an established personal credit history to get approved). Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. Let us know how well the content on this page solved your problem today. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. However, if you want to avoid the PG with this card, youll need at least three years of business history and a minimum of $5 million in annual sales. Companies using Ramp are also required to have at least $75,000 in the bank. Which Business Bank Account is Right For You? Business credit no pg - myFICO Forums - 5714833 For credit cards where a personal guarantee is required, an applicant can be held personally liable for debts accrued on the business credit card. If there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. Chauncey grew up on a farm in rural northern California. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. Ramp offers a free corporate card for virtually any business. 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. We'd love to hear from you, please enter your comments. Note that we are not able to provide private consultations, give advice, or answer questions. 9 Best No PG Business Credit Cards Worth Applying For - Planning Guide Many business credit cards on the market require some personal guarantee. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. 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. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. Copyright 2022 Fast Capital 360. Many business credit cards that dont require a PG will have stringent qualification criteria. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. $0. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Finally, if you qualify for a corporate credit card and are determined to get one, know that although the requirements may be tough to meet, youll also get benefits not commonly offered by normal business credit cards, such as custom spend management, integrations with time tracking & accounting software, and other exclusive business perks. Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. Divvy is all about flexibility. Some specific partner companies like Snap and Kasa. You can also streamline work items, including approvals and accounting. Youll need to reach out to Divvy for more information. But the relative lack of options without a personal guarantee doesnt mean its impossible. 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. NO PG. Unlike the cards listed above, the Coast card is a fleet card a specialized payment instrument that helps trucking businesses save money on the cost of fuel and maintenance while monitoring employee spending. You can request an invitation online, but there is no guarantee that youll be accepted for the card. 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. 0% on purchases for the first 12 months. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. But remember, you're personally responsible for the charges on a business credit . Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. Then they try to find out more about your business spending habits, by having you content your business bank accounts. Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. business credit 2023 | top 5 business credit cards pull transunion only with no business credit schedule a consultation ?. How can I open a business credit card without personal credit? Businesses looking to carry balances should look elsewhere, but for those who can pay off charges each month (or even each day) the Brex 30 Card offers a long list of perks. This means no credit check requirement for those business owners without solid or established credit. 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. Can you get a business credit card without an EIN? 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. This is one of the major selling points of the card and currently unique to the Ramp Card. It takes into account the business growth, as the credit cards limits expand as your financial data progresses, this includes the available cash, credit history, and spending patterns in your business. For your monthly expenses, you get 2% back. 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 Office Depot Business Credit Account does not offer rewards on purchases. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. 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. For example, the Brex card we list below may require that you earn at least $1 million per year or have at least $500,000 in the bank. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. A card solution for your company. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. It provides credit cards and money management accounts to technology companies and startups. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Other approval requirements include: The Bento Business Visa Debit Card is available to all business owners, no matter the size or industry. There are no welcome bonuses or traditional 0% introductory APR periods with this card, but the issuers software identifies duplicate expenses and makes tracking and analysis of expenses quite hi-tech. This compensation comes from two main sources. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. NO PG. $1M MAX: Brex v Ramp v 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. You might need to fill out a paper application, but most providers allow you to apply online. You may also be able to open a secured business credit card account to help build your business credit. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. 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. You can use them as gifts, miles, a statement credit, or gift cards. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. Should the company go out of business or default on the debt, you will have to pay off the balance on the 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. It targets "medium to large businesses" and it has high income and revenue requirements. It is designed for startups, especially in the tech and e-commerce industries. SVB also offers a business checking account. Office Depot OfficeMax Business Credit Account. Sams Club Business Credit - Synchrony Bank. Since these cards require you to post a security deposit, they are relatively easy to obtain. If your business spending doesnt follow a predictable pattern and/or you dont want to have to keep track of bonus categories for spending rewards, Ramp may be the corporate card for you. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. The fraud protections offered to personal credit cards by federal law are not extended to business products, so fraud protections are not always guaranteed by credit card companies. That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. The Office Depot OfficeMax Business Credit Card is a no-annual-fee card with no personal guarantee requirements. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . This card doesnt require a personal guarantee for all users. Business Credit Card No Personal Guarantee | Sunwise Capital 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. Points add up faster when all your employees purchases roll up into a single rewards account. Best Business Credit Cards of February 2023 - Compare Offers | Nav Product & company names, logos, and trademarks referred to on this site belong to their respective owners. 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. Business credit cards without personal guarantee requirements can help reduce risk to your personal finances in the event of default, but it wont guarantee an issuer wont be allowed to come after you if it wants to collect. 0% on purchases for the first 12 months. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. 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. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. Your personal credit won't be held liable. Best Business Credit Cards Without A Personal Guarantee Requirement, Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, like. There is also a 24/7 customer service team based in the US. 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. It only works at Office Depot and OfficeMax locations. Do Economic or Industry Factors Affect Business Survival? Credit Score ranges are based on FICO credit scoring. You can find a few business credit cards that do not require a personal credit card, or you can apply for a corporate card if you can meet eligibility requirements. The 7 Best Business Credit Cards With No Personal Guarantee Required. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. Thus it is a good no PG credit card for companies that own fleets. For one, the options are severely limited. Sole proprietorships are not eligible. 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. It depends. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. They also numerous SaaS-related rebates that total a whopping $350,000 in savings. 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. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. The SVB Innovators Card is designed to support growth for startups. Read more below to learn why we chose these options. Additional perks are available to Stripe Corporate customers in special offers from about 20 partner companies. 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. Occasionally, we encounter noteworthy product options, even if they dont merit inclusion in our best-of lists. The SVB Innovators MasterCard is a flexible line of credit that scales alongside company growth. Past performance is not indicative of future results. Ramp makes corporate spend tracking easy. The reality is that most business credit card issuers require you to sign a personal guarantee when you apply. So, the benefits of using this no PG credit card increase as your activity expands. Cash back. Your financial situation is unique and the products and services we review may not be right for your circumstances. Ramp offers a free corporate card and finance management system for small businesses. Other Benefits and Drawbacks: With The Stripe Corporate Card* , there are no fees, but also no balances carried: you must pay off your balance each month. 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. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. 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. Use your points to pay for travel expenses, redeem them for gift cards, or take them back in cold, hard cash. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. 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. To qualify for business-only liability, your organization must meet one of these requirements: Otherwise, you may need to provide a personal guarantee. 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 have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. BJ'S Perks World for Business MC - Comenity. What's the benefit of getting a no personal guarantee business credit card? Any business owner can apply for an . An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. 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. Why Are Business Credit Cards with No Personal Guarantee Scarce? Otherwise, the moderate welcome bonus and revolving credit terms are the only major advantages this card offers. Advertiser Disclosure: Our unbiased reviews and content are supported in part by, Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. When using your Stripe corporate credit card, you will earn 1.5% money back on expenses no matter the category, and the rewards are immediately credited to your monthly due balance. Applying for a Business Credit Card Using an EIN - Lendio Ramp Corporate Card: Best Corporate Card With No Personal Guarantee Pros No personal guarantee Simple and solid cash back rate No fees Algorithm-driven insights that can help save money Cons Available only to US-based companies High cash requirements No mobile app Earn miles and points with a small business. National Funding offers affordable small businesses funding with reasonable rates, zero collateral, and fast deposit upon approval. Its equally easy to see why a business owner might want to steer clear of them. If you want to apply for the account without a personal guarantee, though, there are some stipulations. 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. It also means that you will not have to pay for the additional cards your workers need. 2022's Best Business Credit Cards With No Personal Guarantee (PG) Sams Club Business MC - Synchrony Bank. We suspect that veteran Stripe users with plenty of history with the company that show regular sales and revenue will be more likely to receive approval for this card from the payment processing company. Other Benefits and Drawbacks: The Brex 30 Card is a charge card, meaning it must be paid off every month in full. It is issued by the Silicon Valley Bank and specially designed for startup companies in IT and tech industries. How to Get a Business Credit Card with an EIN Only In some cases, you could be approved in a matter of minutes and immediately start using your card. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. They provide online and mobile services that can be accessed from everywhere, at any time. Realtime reporting and integrations. As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. 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. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Your revenue from your established business works for you. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. Ink Business Cash Credit Card. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. As such, business credit cards without a personal guarantee are rare. You dont need to have much business financial history nor do you require a personal guarantee. 1. Getting approved for a no PG credit card will also protect the personal assets of a small business owner personal if they incur business debt. Before applying, carefully consider your options. Sole proprietors or other unregistered businesses need not apply. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. Redeem points for travel, gift cards, a statement credit, or cash back at a rate of 1 cent per point for travel and about a half-cent per point on everything else. Well be exploring these no personal guarantee credit cards in a moment. Whatever the amount is that you deposit is your credit limit. 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. There are good reasons to keep personal finances and risk separate from your business finances and risk. 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. 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. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. 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. We occasionally send out emails with special offers. Well detail the best of these cards in this guide. Ramp advertises a larger than average credit limit for businesses. 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. Get industry-leading advice to help you make confident decisions. These cards are generally reserved for larger businesses with an established credit history. 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. A business credit card offers many conveniences, but one without a personal guarantee requirement will mean you wont necessarily be held personally liable for your business debts on the card. 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. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. The only business credit cards worth having that do NOT have a personal guarantee. Your Next Best Options. Which card meets the needs of and best suits your business is up to you and how you run your business. Find Loan Options For Your Small Business. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. SVB Innovators Card is aimed squarely at startups. Brex Treasury is not a bank; Brex Cash is not a bank account. Instead of paying interest on what you borrow, youll pay a fixed factor rate. 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. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Can you get a business credit card without a personal guarantee? 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. So no, you do not need an EIN to apply for a business 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. Can you get a business credit card with bad personal credit? If you're trying to avoid personal liability, then look to corporate credit cards, gas cards, or prepaid business credit cards as your top options for business credit cards you can get with an EIN only. Compare Business Credit Cards | Chase Something went wrong. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. Unlike most business credit cards, this corporate card doesn't require a personal guarantee.