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. 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. 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. How can I open a business credit card without personal credit? But remember, you're personally responsible for the charges on a business credit . Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. You might need to fill out a paper application, but most providers allow you to apply online. EINs are used by businesses, from large companies to sole proprietors, to file taxes. 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. Note that we are not able to provide private consultations, give advice, or answer questions. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. 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. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. You need to put down a security deposit (minimum of $1,000 . If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. 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. Yes, you can open a business credit card without using your personal credit, but only if the card issuer does not require a personal guarantee. Lets look at the seven best no personal guarantee credit cards for business. Brex Card: Best Cash Back Card With No Personal Guarantee, 4. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. 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. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. 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. 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. Some providers list these requirements online, but you may also need to ask for more information. Please try again later. With a few notable exceptions, Stripe Corporate does not offer any higher tiers of earning on specified categories, such as travel or dining. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. 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 that dont require a PG will have stringent qualification criteria. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. also offer 5% money back on purchases. 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. 1. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. To ensure you dont accidentally offer a personal guarantee, you have to fill out their business credit card application, and that only you allow them to use your SSN for verification purposes only. Yes. You dont need to have much business financial history nor do you require a personal guarantee. We specialize in aged (Primary Business Credit) with EXPERIAN/EQUIFAX/SBFE & PAYMENT LEASING CREDIT. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. 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. 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? Youll also get access to a number of Coast partner benefits, such as a 10% discount on maintenance & oil changes at Jiffy Lube and a 30% discount on QuickBooks products for 6 months. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. 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. 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. $1M MAX: Brex v Ramp v Stripe v Amex. Some discounts arse given by using the same card at Jiffy Lube stations. There is also a 24/7 customer service team based in the US. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Companies using Ramp are also required to have at least $75,000 in the bank. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. You can build business credit with this card. The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. 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. Rewards: This card does not offer a rewards, Welcome Offer: This card does not offer a welcome bonus. Editorial Note: We earn a commission from partner links on Forbes Advisor. For one, the options are severely limited. You also use your EIN when you open a business bank account or establish a vendor line of . Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. Carrying a Brex Card also involves other Brex rewards, such as deep discounts at a number of vendors like Amazon Web Service, Slack, UPS, Quickbooks, Google Ads, Freshworks and more. ASAP EIN Business Credit-No PG Required! Ramp advertises a larger than average credit limit for businesses. Credit line increases available as your business needs change, Integration with digital payments and spend management tools, such as Intuit Quickbooks and Expensify, Approval isnt dependent upon credit scores or a security deposit. Jason graduated with a Political Science degree from San Diego State University in 2001. Get industry-leading advice to help you make confident decisions. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . 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. To qualify for business-only liability, your organization must meet one of these requirements: Otherwise, you may need to provide a personal guarantee. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Most of the cards that are available are only for specific types of purchases, and many can only be used at a single retail location, such as a gas station or supply store. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. 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. Through the Employee Retention Tax Credit, the IRS grants eligible employers a credit equal to 70% of qualifying wages per W2 employee, PER quarter. Ramp offers a free corporate card and finance management system for small businesses. The only credit card that allows you to control spend at the merchant, category, and spend level. 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. 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 Divvy corporate charge cards do not have an annual fee. All Rights Reserved. Any business owner can apply for an . 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. Ramp makes corporate spend tracking easy. You can build business credit many different ways without using your personal credit score. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that 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. Your Next Best Options. Check out our post on the cards weve ranked as the best corporate credit cardsfor your business. Almost all business credit cards require a personal guarantee. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. Though cards without a personal guarantee requirement reduce risk, they often come with many disadvantages and financial costs. 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. No matter how many cards you use, points will accrue in a single pool. Rewards: Earn 1.5% cash back on every purchase. Issuing business credit cards is risky because businesses fail so often. 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. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. For many credit card applicationsespecially those where proper business registration has occurredbusiness assets and liability are separated from a business owners personal assets and liability. Its equally easy to see why a business owner might want to steer clear of them. 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. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. The Divvy no PG business card has no annual fee. It does, however, charge a fee for late payments of 2.99%. National Funding offers affordable small businesses funding with reasonable rates, zero collateral, and fast deposit upon approval. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. Yes. Your revenue from your established business works for you. 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. 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. You don't need perfect personal credit (or an established personal credit history to get approved). Bentos business debit cards can be used to make purchases in stores or online. The card offers partner benefits from over three dozen partners. If a card without a personal guarantee requirement is important to you, it may be worth pursuing. 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. 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. Reducing the liability you and your business faces by reducing access to the account and spending less can help. You can open a business credit card without personal credit in two ways. A corporate card will have no annual fee. Read more below to learn why we chose these options. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. 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. 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. 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. 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. Receive automatic reporting on every dollar spent. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. Before applying, carefully consider your options. And like several other cards on this list, Divvy offers automatic expense reporting features. 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. $750 bonus cash back after spending $7,500 in the first 3 months after your account start date. Points add up faster when all your employees purchases roll up into a single rewards account. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. American Express Blue Business Cash Card. 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. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. This helps business owners protect personal property when a business fails. However, you wont receive overwhelming rewards when you choose this card. The only business credit cards worth having that do NOT have a personal guarantee. The SVB Innovators Card is designed to support growth for startups. Most credit card issuers will look for a credit score of 600 or above. There are no other annual or monthly fees either, and extra employee cards are freely provided. 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. 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. If youre interested in applying for the Stripe Corporate card, youll need to request an invitation and then reply to the email youll receive. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. You can apply for some business credit cards using an EIN, although in most casesbut not allyou have to provide a personal SSN as well. 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. A personal guarantee (PG) means the business owner or executive agrees to pay off the balance of the card with their own money if the business cannot. The approval process is more lenient than traditional lender underwriting requirements. What Is Online Check Writer & Is It Worth It? The Small Business Association says that about one-third of businesses with employees will fail within their first two years. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. These cards are generally reserved for larger businesses with an established credit history. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. 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. Here is Revenueds list of eligibility requirements: Stripe offers relatively new businesses that use the companys payment processing services a chance to apply for a corporate credit card without signing a personal guarantee. The Ramp Business Card does not offer rewards on purchases. Instantly provision cards and manage your company's spending in real-time. Nonetheless, if you qualify for a business credit card without a personal guarantee, you might be able to access a substantial line of credit without putting your personal wealth at risk. Again, qualifying for a small business credit card might be easier than you think. 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. If this is in doubt, be sure you block it. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. 2 business credit card with no PG options: Credit card paid daily: for companies of any size, no minimum balance (available with every cash management Brex account) 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 Let's look at the seven best no personal guarantee credit cards for business. Why Are Business Credit Cards with No Personal Guarantee Scarce? 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. This compensation comes from two main sources. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. So its no surprise that credit card issuers are leery of extending credit to small businesses with no proven track record. Additionally, Divvy lets you manage your companys spending by setting budgets by team, project, event, or any other category. They also numerous SaaS-related rebates that total a whopping $350,000 in savings. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. Sole proprietorships are not eligible. No founder liability. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. Commissions do not affect our editors' opinions or evaluations. Free employee cards. 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 Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Its ability to apply without a personal guarantee means your business can restock on critical supplies using a credit account without requiring a business owners personal assets be risked. Thus it is a good no PG credit card for companies that own fleets. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. 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. Sole proprietors or other unregistered businesses need not apply. Do you need startup financing, working capital for your business, funding for equipment or real estate? How To Get Business Credit Cards With An EIN Only. 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. The credit is offered without collateral. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. Opinions expressed here are authors alone. 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. As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. Some discounts arse given by using the same card at Jiffy Lube stations. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. Best Business Credit Cards (for Startups) LYFE. The Stripe Corporate Card is also invite-only. Performance information may have changed since the time of publication. 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. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. For your monthly expenses, you get 2% back. 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.