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Since both options for business credit cards without a personal guarantee requirement and for secured business credit cards remain limited, we recommend you build some personal credit before applying for a business credit card, if at all possible. Ramp savings. Ink Business Cash Credit Card. 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. 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. As you use your business credit card responsibly, your credit profile will grow, and you may be able to apply for a different kind of business credit card. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. Citi Cards - Office Depot, Staples. Credit Score ranges are based on FICO credit scoring. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. 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. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. EINs are used by businesses, from large companies to sole proprietors, to file taxes. There is no revenue requirement nor a personal credit check, as the Bento debit card is very similar to a secured credit card. Each lender will evaluate your specific circumstances to decide if it will want to take on the risk of lending to you. Some banks issue secured business credit cards for this purpose. 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. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. 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. 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. Your personal credit won't be held liable. 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. Fast turnaround: as little as 1-2 days. Lets look at the seven best no personal guarantee credit cards for business. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. 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. Business credit cards that dont require a personal guarantee are difficult to qualify for. Youll also be asked to share information about your funding sources, any incubator or accelerator programs youre involved with, and service providers you work with, such as law or accounting firms. These types of cards are often called a Corporate Credit Card. $0. Yes. 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. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. You will be held personally liable for your business credit card balance if the business closes or defaults. If you decide to go this route, check out our article on getting a corporate credit card for tips that can help you succeed. 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. So its no surprise that credit card issuers are leery of extending credit to small businesses with no proven track record. 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. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. While many gas credit cards are specific to certain brands of gas stations, the Coast fleet card can be used at fuel stations nationwide and does not require a personal guarantee. 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. Yes, you can get a business credit card with bad personal credit. 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. 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. 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. The approval process is more lenient than traditional lender underwriting requirements. Jason graduated with a Political Science degree from San Diego State University in 2001. 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. You may also be able to open a secured business credit card account to help build your business credit. Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. All Rights Reserved. The card can be used anywhere where they accept MasterCard and you dont have to pay any additional annual or monthly fees. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. This is just one scoring method and a credit card issuer may use another method when considering your application. American Express Blue Business Cash Card. The Stripe Corporate Card is also invite-only. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. Would you like to get approval in as little as 48 72 hours, and your funds released within days? This Sams Club card is another option on our no-personal-guarantee business credit cards list. At first, they ask for some simple personal and business details like contact information and your Employer Identification Number. Brex Treasury is not a bank; Brex Cash is not a bank account. 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. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. The Advantages Of A No PG Business Credit Card, The Disadvantages Of A No PG Business Credit Card. What is the easiest business credit card to get? 2023 Forbes Media LLC. The Brex Corporate Card is a charge-type card where your balance is fully due. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. It is issued by the Silicon Valley Bank and specially designed for startup companies in IT and tech industries. Visa benefits. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. 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. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. 0% on purchases for the first 12 months. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or 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. Coast is available for US-based businesses that operate fleets of vehicles. As a cardholder, youll also get full to Divvys expense management software and budgeting tools. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. As such, business credit cards without a personal guarantee are rare. Brex Inc. is a financial service and technology company headquartered in San Francisco. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. Stripe is also an online payment processor, you can use them to process your business transactions too. Past performance is not indicative of future results. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. 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 For new businesses in tech or life sciences industries, you earn special lucrative rewards. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. 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. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. Streamline your bill payments with AP automation, approvals and accounting. What Is Online Check Writer & Is It Worth It? Thus it is a good no PG credit card for companies that own fleets. The Office Depot Business Credit Account does not offer rewards on purchases. Ramp offers a free corporate card for virtually any business. 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. This field is for validation purposes and should be left unchanged. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. For most small business owners, getting a company credit card without a personal guarantee probably wont be a walk in the park. While Divvy can approve corporations for up to $15 million, most small business owners would only receive a credit limit of up to $50k. Almost all business credit cards require a personal guarantee. 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. They even offer expert contract negotiation services to ensure you get similar pricing to the rest of their cardholders. With discounts on useful services and integrations with financial software platforms like QuickBooks & Xero, Stripe can help your business grow in the right direction. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. 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. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. His financial expertise has been cited in numerous publications, including The Ladders. Some discounts arse given by using the same card at Jiffy Lube stations. But remember, you're personally responsible for the charges on a business credit . Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. 1. Well be exploring these no personal guarantee credit cards in a moment. Other approval requirements include: The Bento Business Visa Debit Card is available to all business owners, no matter the size or industry. It also means that you will not have to pay for the additional cards your workers need. Read more below to learn why we chose these options. You can also streamline work items, including approvals and accounting. Pay weekly, and you can earn up to 7x points on restaurants, for example, with that rate dropping to 4x if you pay twice a month and 2x if you pay monthly. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. You need to put down a security deposit (minimum of $1,000 . The Office Depot/OfficeMax Business Credit card does provide some special financing terms on purchases over $299 but does not offer any cash-back or points rewards for your spending. It can be used anywhere Mastercard is accepted. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Most business credit cards require personal guarantees which allow creditors to place liens on personal property and finances, should your business not be able to pay its debts. So no, you do not need an EIN to apply for a business card. Otherwise, the moderate welcome bonus and revolving credit terms are the only major advantages this card offers. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. There are good reasons to keep personal finances and risk separate from your business finances and risk. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. Copyright 2023 Merchant Maverick. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. Easier borrower qualifications that help you build business credit. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. If this is in doubt, be sure you block it. Erin has more than 15 years experience writing, proofreading and editing web content, technical documentation, instructional materials, marketing copy, editorials, social copy and creative content. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. Receive automatic reporting on every dollar spent. You might need to fill out a paper application, but most providers allow you to apply online. Can you get a business credit card with bad personal credit? Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. BJ'S Perks World for Business MC - Comenity. 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. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. So, the benefits of using this no PG credit card increase as your activity expands. 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. 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. Bento debit accounts can be extended to an unlimited number of employees, but there is a $20 card expedite fee if you need rush delivery. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. Chauncey grew up on a farm in rural northern California. 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. 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. We specialize in aged (Primary Business Credit) with EXPERIAN/EQUIFAX/SBFE & PAYMENT LEASING CREDIT. Otherwise, a different card is likely a better, more rewarding fit. 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. There is no minimum or maximum number of vehicles, but qualifying businesses need to be structured as partnerships, corporations, or LLCs. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. Rather, it is a prepaid spending card tied to your future business revenue. Here are some options we researched and decided to leave off this list: If youre already a Sams Club warehouse store member or dont mind shelling out $45 to become one, you might be offered a Sams Club Business Mastercard. You can prequalify today, just by answering 8 simple Yes or No questions. 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. Looking for a business card without a personal guarantee? That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. Costco Commercial Revolving and Net 30 - Capital One. 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. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000.