If your balance is too low, the transaction simply will be denied. 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. You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. APR 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. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. 8 Annual fee 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. These Credit Card Issuers Are Offering Assistance, The 11 Best Small Business Credit Cards For Cash Back, Introductory Offers, Travel Rewards, & More, The Step-By-Step Guide To Getting A Business Credit Card, Personal Credit Scores Explained: Everything You Need To Know To Understand, Access, & Improve Your Credit Score, Must be a corporation or LLC with $75k+ in the bank to qualify, Opaque eligibility requirements, but non-corporations may qualify, 8x rewards on rideshares if you make daily repayments & make Brex your exclusive corporate card, Must meet one of a number of stringent business requirements, Must have 6+ months in business, $1K in the bank, & $15K/month in revenue, Must have a Stripe account and request an invite in order to qualify, Get a fuel discount of 2 cents per gallon, Must be a partnership, corporation, or LLC -- no sole proprietorships, 2x rewards points on all business purchases + expense management & reporting. This card doesnt require a personal guarantee for all users. 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. All Rights Reserved. Read more below to learn why we chose these options. So no, you do not need an EIN to apply for a business card. 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. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. 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. 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. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. This helps business owners protect personal property when a business fails. 0% on purchases for the first 12 months. 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. Many business credit cards on the market require some personal guarantee. When using a Bento Spent Limit card, you first have to load money onto it. Opinions expressed here are authors alone. No fees. All Rights Reserved. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. 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. Rewards: Earn 1.5% cash back on every purchase. Our explainer piece on invoice factoring further details this process. 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. Whereas large companies can often offer their own assets as collateral for a line of credit, most small businesses dont have that option. Top 10 Business Credit Cards Using EIN Only 2023: Cards For Bad, Fair or No Credit CREDIT S2E158 The Awesome S'witty Kiwi Show 38.9K subscribers Subscribe 2.6K Share 97K views. The approval process is more lenient than traditional lender underwriting requirements. Youll need to reach out to Divvy for more information. No monthly fees or account setup costs are associated with this card, which is free to apply. There is also a 24/7 customer service team based in the US. Well detail the best of these cards in this guide. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. There is no minimum or maximum number of vehicles, but qualifying businesses need to be structured as partnerships, corporations, or LLCs. All Rights Reserved. This means that if you must have a business credit card with no PG, your options will be limited, making it all the more important that you find the card that makes sense for your business needs. Some companies will qualify for monthly repayments, but your rewards rate will be slightly lower. 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. Divvy does disclose that international companies may apply so long as at least one owner with a 25% or higher stake is a US citizen. Start earning rewards with your corporate spending today. 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. What's the benefit of getting a no personal guarantee business credit card? Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. 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. Credit will appear within two billing cycles and will apply to whichever program is applied for first. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. What are Business Credit Cards With No Personal Guarantees? With a handful of other benefits, the Sams Club Business Mastercard is likely only a solid card for those who plan to shop with Sams Club, and even then those businesses using the Plus version of membership. Merchant Mavericks ratings are not influenced by affiliate partnerships. Performance information may have changed since the time of publication. Its equally easy to see why a business owner might want to steer clear of them. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. Though cards without a personal guarantee requirement reduce risk, they often come with many disadvantages and financial costs. Conduct informed research before deciding which cards will best help you achieve your financial goals. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. 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. Do Economic or Industry Factors Affect Business Survival? 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. As such, there are no interest charges. 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. 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. 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. All transactions are then instantly debited from the amount you deposit on your card. The cards reward-earning makes it convenient for flush businesses with no need for 0% intro APRs, welcome bonuses and no desire for annual fees. 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. Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? Divvy is all about flexibility. Find Loan Options For Your Small Business. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. Using these types of cards responsibly can help you build your credit profile. Separation of business and personal life is as sacrosanct as the separation of church and state. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. Some discounts arse given by using the same card at Jiffy Lube stations. Help us to improve by providing some feedback on your experience today. 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. The credit is offered without collateral. Their rewards program also offers up to 7x bonus points for restaurant purchases and 5x on hotels, and 1.5x on everything else. In Summary: The 7 Best No PG Credit Cards, Our Experts Recommend Ramp Corporate Card . 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. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. 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. You can prequalify today, just by answering 8 simple Yes or No questions. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. The Brex Corporate Card is a charge-type card where your balance is fully due.