The Stripe card has zero fees and credit limits that grow alongside your business. 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. Ink Business Cash Credit Card. EINs are used by businesses, from large companies to sole proprietors, to file taxes. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. So, the benefits of using this no PG credit card increase as your activity expands. Some banks issue secured business credit cards for this purpose. Coast is available for US-based businesses that operate fleets of vehicles. 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. 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. 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. Start earning rewards with your corporate spending today. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. $0. 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. 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. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. This is one of the major selling points of the card and currently unique to the Ramp Card. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. What's the benefit of getting a no personal guarantee business credit card? 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. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. Yes, you can get a business credit card with bad personal credit. 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. You might need to fill out a paper application, but most providers allow you to apply online. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. You can also streamline work items, including approvals and accounting. A corporate card will have no annual fee. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. Editorial Note: We earn a commission from partner links on Forbes Advisor. 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. 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. 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. BJ'S Perks World for Business MC - Comenity. 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. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. 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. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. 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. $750 bonus cash back after spending $7,500 in the first 3 months after your account start date. 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. Almost anyone with a business can get approved, even if you have bad credit. 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. Corporate cards, expense management, bill payments, accounting integrations, and real-time reporting in one free and easy to use solution, Controls at scale. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. And like several other cards on this list, Divvy offers automatic expense reporting features. Get industry-leading advice to help you make confident decisions. 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. What is the easiest business credit card to get? U.S. Bank Business Leverage Visa Signature Card Earn $750 in rewards Welcome offer Earn $750 in rewards when you spend $7,500 in eligible purchases on the account owner's card within the first 120 days of opening your account. But the relative lack of options without a personal guarantee doesnt mean its impossible. 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. 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. 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. Some business credit cards dont require a personal guarantee. Do all business credit cards require a personal guarantee? Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? The Divvy no PG business card has no annual fee. It does, however, charge a fee for late payments of 2.99%. Copyright 2023 Merchant Maverick. Business credit cards without a personal guarantee can be hard to obtain. It only works at Office Depot and OfficeMax locations. Most business credit card issuers require your SSN when you apply, as this allows them to perform a hard inquiry on your personal credit report and to establish the personal guarantee required by most business credit cards. 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. Its a limited selection, but for those who insist on keeping things separate, there are a few options. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. Free employee cards. Well be exploring these no personal guarantee credit cards in a moment. When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. Some discounts arse given by using the same card at Jiffy Lube stations. A KleerCard is best suited for growing businesses aside from being a credit card you can use to make purchases anywhere, it's a great expense management tool. Then they try to find out more about your business spending habits, by having you content your business bank accounts. ASAP EIN Business Credit-No PG Required! 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. Youll need to reach out to Divvy for more information. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. There is also a 24/7 customer service team based in the US. 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. 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. 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. Sams Club Business Credit - Synchrony Bank. Companies using Ramp are also required to have at least $75,000 in the bank. It targets "medium to large businesses" and it has high income and revenue requirements. So, whatever money you deposit onto a Bento Visa debit card, you can spend it immediately, and When you use your Bento debit card, you will also not be charged any interest, as you will only be spending your own money when doing so. 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. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. If this is in doubt, be sure you block it. 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? Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. Copyright 2022 Fast Capital 360. Costco Commercial Revolving and Net 30 - Capital One. 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. Any business owner can apply for an . 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? 50,000 bonus points after spending $9,000+ in the first 30 days. 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. If your balance is too low, the transaction simply will be denied. This includes zero liability and fraud protection. As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. 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. With a few notable exceptions, Stripe Corporate does not offer any higher tiers of earning on specified categories, such as travel or dining. Many business credit cards on the market require some personal guarantee. 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. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. 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. Whatever the amount is that you deposit is your credit limit. 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. Business credit cards that dont require a personal guarantee are difficult to qualify for. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. 3. Divvy is all about flexibility. All Rights Reserved. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. Something went wrong. 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. Thus it is a good no PG credit card for companies that own fleets. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. It can be used anywhere Mastercard is accepted. This Sams Club card is another option on our no-personal-guarantee business credit cards list. Do you need startup financing, working capital for your business, funding for equipment or real estate? However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. This form is for feedback only. 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. Rewards: Earn 7 points per dollar on rideshare, 4 points per dollar on travel booked through Brex Travel, 3 points per dollar on restaurants, 2 points per dollar on recurring software and 1 point per dollar on everything else. Each lender will evaluate your specific circumstances to decide if it will want to take on the risk of lending to you. 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. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. 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. We'd love to hear from you, please enter your comments. 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. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. How Do You Apply for a Credit Card with No Personal Guarantee? This is just one scoring method and a credit card issuer may use another method when considering your application. Sole proprietorships are not eligible. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. Reducing the liability you and your business faces by reducing access to the account and spending less can help. 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. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. SVB Innovators Card is aimed squarely at startups. But first, lets go over the pros and cons of these cards from a business perspective. Separation of business and personal life is as sacrosanct as the separation of church and state. 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. Would you like to get approval in as little as 48 72 hours, and your funds released within days? The Stripe Corporate Card is relatively easy for new businesses to get approved for. 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. 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. This means no credit check requirement for those business owners without solid or established credit. 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. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. 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. 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. 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. American Express Blue Business Cash Card. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. 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. 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. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. No fees. A card solution for your company. 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. 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. 0% on purchases for the first 12 months. It depends. 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. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. The SVB Innovators Card is another no personal guarantee credit card, that like Brex, works like a charge card where balances must be paid in full each month. However, people with lower scores might qualify for a secured business credit card or another card designed for borrowers with poor credit. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. Sams Club Business MC - Synchrony Bank. This can save users the step of using a separate rewards card or punching in a phone number at checkout every time. This is why most issuers of business credit cards require a personal guarantee in the first place. For one, the options are severely limited. Thus it is a good no PG credit card for companies that own fleets. Looking for a business card without a personal guarantee? Check out our post on the cards weve ranked as the best corporate credit cardsfor your business.