If an owner or operator makes business purchases on a personal card or vice versa, it may appear that the business isnt treated as a separate entity. 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. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. 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. Its a limited selection, but for those who insist on keeping things separate, there are a few options. When using a Bento Spent Limit card, you first have to load money onto it. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. If your business is not a corporation or LLC, dont waste your time applying for a corporate card unless you can confirm beforehand that your business is eligible for the card in question. If you want to go the corporate card route, you probably arent eligible if your business is a sole proprietorship or otherwise not registered as an S-corp, C-corp, or LLC. While Divvy can approve corporations for up to $15 million, most small business owners would only receive a credit limit of up to $50k. You can create separate physical and virtual cards for all of your employees, as well, as control spending and access to them individually. Check out our list of the best business credit cards. 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. Of course, in such a scenario, your business assets can, in fact, be seized. You wont be able to withdraw that money while your card is active, but over time, youll repair your credit and be able to apply for different types of business credit cards. Then they try to find out more about your business spending habits, by having you content your business bank accounts. 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. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? Earn miles and points with a small business. At first, be sure you enter your EIN only so that credit card approval will be based on the strength of your business purchasing power. Almost all business credit cards require a personal guarantee. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. Bad Credit Business Loans: 5 Best Options, How to Communicate a Price Increase to Customers, 13 Small Business Goals to Implement This Year, How to Create a Business Plan to Succeed in 2023, Build a Small Business Emergency Fund in 8 Steps, Best Ways to Use a Business Loan to Boost Growth, Loans & Grants for Hispanic-Owned Businesses, Here are some of the best business credit cards, Office Depot OfficeMax Business Credit Account, Silicon Valley Banks (SVB) Innovators Card, Your Ultimate Guide to Unsecured Business Lines of Credit, 48 Ecommerce Statistics to Know This Year, Calculate Your Payments and Total Cost of Borrowing, Advice and Answers for Small Business Entrepreneurs, No annual, foreign transaction or late fees, No interest because balance is paid in full every month, Unlimited 1.5% cash back on every business purchase, Cash-back balance automatically applied to your monthly Stripe bill, Benefits with some of Stripes partners (e.g., $150 credit for Google Ads, free 6-month Zendesk subscription, 25% off for 12 months of Slack subscription). While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Home Blog Business Credit Cards The 7 Best Business Credit Cards With No Personal Guarantee Required, Save money on credit card processing with one of our top 5 picks for 2022. You also use your EIN when you open a business bank account or establish a vendor line of . For all those who dont want to risk personal liability, there are credit cards and accounts without personal guarantee requirements. The card can be used anywhere where they accept MasterCard and you dont have to pay any additional annual or monthly fees. For one, the options are severely limited. 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. For credit cards where a personal guarantee is required, an applicant can be held personally liable for debts accrued on the business credit card. 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. As such, business credit cards without a personal guarantee are rare. This is why most issuers of business credit cards require a personal guarantee in the first place. You will be held personally liable for your business credit card balance if the business closes or defaults. Issuing business credit cards is risky because businesses fail so often. There are no other annual or monthly fees either, and extra employee cards are freely provided. However, you wont receive overwhelming rewards when you choose this card. 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. 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. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. Looking for a business card without a personal guarantee? This helps business owners protect personal property when a business fails. ASAP EIN Business Credit-No PG Required! 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. 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. 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. Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? 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. 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. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. To receive a statement credit, you must use your Spark Miles card to either complete the Global Entry application and pay the $100 application fee, or complete the TSA Pre application and pay the $85 application fee. Start earning rewards with your corporate spending today. This includes zero liability and fraud protection. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. The Forbes Advisor editorial team is independent and objective. Again, qualifying for a small business credit card might be easier than you think. Each lender will evaluate your specific circumstances to decide if it will want to take on the risk of lending to you. Visa benefits. Yes. 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. 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. Fast turnaround: as little as 1-2 days. Your rewards balance will be automatically credited to your balance each month. Some discounts arse given by using the same card at Jiffy Lube stations. Your Next Best Options. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. Divvy is all about flexibility. Are you personally liable for business credit cards? How can I open a business credit card without personal credit? Instantly provision cards and manage your company's spending in real-time. 1. Some banks issue secured business credit cards for this purpose. Bentos business debit cards can be used to make purchases in stores or online. Why Are Business Credit Cards with No Personal Guarantee Scarce? As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. Sams Club Business Credit - Synchrony Bank. The catch-22 is that you have to pay your bills weekly or bi-weekly to maximize your rewards point earnings. Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. Receive automatic reporting on every dollar spent. Reducing the liability you and your business faces by reducing access to the account and spending less can help. As such, there are no interest charges. Chauncey grew up on a farm in rural northern California. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. Would you like to get approval in as little as 48 72 hours, and your funds released within days? 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. 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. Costco Commercial Revolving and Net 30 - Capital One. Office Depot OfficeMax Business Credit Account. 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. 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. 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. If this is in doubt, be sure you block it. First, you can apply for a business credit card that does not require a personal credit check or guarantee. National Funding offers affordable small businesses funding with reasonable rates, zero collateral, and fast deposit upon approval. You might need to fill out a paper application, but most providers allow you to apply online. Brex Card: Best Cash Back Card With No Personal Guarantee, 4. 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. BJ'S Perks World for Business MC - Comenity. 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. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. A corporation in business for at least three years with more than $5 million in annual sales. 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. Thus it is a good no PG credit card for companies that own fleets. Startups face particular challenges in getting a business credit card without a personal guarantee, as they dont have a significant history that demonstrates their financial stability or spending patterns. Administrators of the account can access a section that illustrates the companys long-term spending over time, while identifying areas the company can save. 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. 0% on purchases for the first 12 months. If there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. We'd love to hear from you, please enter your comments. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. 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. 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. Yes, you can get a business credit card with bad personal credit. If your balance is too low, the transaction simply will be denied. The approval process is more lenient than traditional lender underwriting requirements. 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. Opinions expressed here are authors alone. This Sams Club card is another option on our no-personal-guarantee business credit cards list. 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. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Rewards: Earn see terms for rewards details. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. There is no minimum or maximum number of vehicles, but qualifying businesses need to be structured as partnerships, corporations, or LLCs. It provides credit cards and money management accounts to technology companies and startups. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. This compensation comes from two main sources. Companies must qualify to be eligible for a paid-monthly credit card, but those eligible for a Brex Cash account qualify for a paid-daily card. You can also apply for a business credit card for a particular store, such as Office Depot/Office Max, or a gas station, such as the Shell card. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. Note that we are not able to provide private consultations, give advice, or answer questions. The SVB Innovators Card is designed to support growth for startups. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. Points add up faster when all your employees purchases roll up into a single rewards account. 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? 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. Testimonials may not represent experiences of all clients. To qualify for the Tillful Business Credit Card, your business needs to (1) be incorporated in the US with a valid EIN, (2) be incorporated for a minimum of 3 months, (3) not be in any of the restricted industries specified by Sutton Bank, and (4) have a Tillful Credit Account and be in compliance with . 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. But the relative lack of options without a personal guarantee doesnt mean its impossible. Terms apply, visit, Exclusive offers, plus sneak previews and special savings, Included software identifies redundancies in spending, Sole proprietors are not eligible to apply, As a charge card, you cant carry a balance, 5-in-1 platform. How To Find The Cheapest Travel Insurance, Ink Business Preferred Credit Card Review, Generous rewards on certain spending categories, 50,000 signup bonus points after spending $9,000+ in the first 30 days, Brex offers a corporate credit card designed to help companies boost their spending power and grow faster, Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, like 7x on rideshare and 2x on recurring software, Build business credit from day one with a card thats automatically paid monthly, No credit check, no personal guarantee, no account fees, and no interest, Save time and money with automatic receipt-matching and built-in expense management tools to help you gain detailed insights on your spend, Issue unlimited virtual cards to your team, and set custom limits on each card, Close the books in record time with QuickBooks, Xero, NetSuite, Concur, and Expensify integrations, To get approved for a Brex card with monthly payments, businesses need a linked bank balance of at least $50,000, Brex Mastercard issued by Emigrant Bank, Member FDIC. Whereas large companies can often offer their own assets as collateral for a line of credit, most small businesses dont have that option. Which credit card or cards will work for your business will depend on your business needs. 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. You can build business credit many different ways without using your personal credit score. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. 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. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. Well detail the best of these cards in this guide. The Ramp Business Card does not offer rewards on purchases. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. 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. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. 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. Otherwise, a different card is likely a better, more rewarding fit. Few of the business credit cards without personal guarantee requirements weve reviewed compare well to the best business credit cards. 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. 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. Let us know how well the content on this page solved your problem today. They do, however, provide additional bonuses, discounts, and special offers, from over 20 partners. The Stripe card has zero fees and credit limits that grow alongside your business. At first, they ask for some simple personal and business details like contact information and your Employer Identification Number. All Rights Reserved. They provide online and mobile services that can be accessed from everywhere, at any time. Most credit card issuers will look for a credit score of 600 or above. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. It targets "medium to large businesses" and it has high income and revenue requirements. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. 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. With Divvy, you can choose to make your repayments weekly, twice a month, or once a month, with your rewards scheme depending on the frequency of your repayments. 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. It only works at Office Depot and OfficeMax locations. 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 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. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. 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. 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. There is no revenue requirement nor a personal credit check, as the Bento debit card is very similar to a secured credit card. There are good reasons to keep personal finances and risk separate from your business finances and risk. 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. 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. Our explainer piece on invoice factoring further details this process. How To Get Business Credit Cards With An EIN Only. SVB Innovators Card is aimed squarely at startups. How Do You Apply for a Credit Card with No Personal Guarantee? 50,000 bonus points after spending $9,000+ in the first 30 days. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. All Rights Reserved. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. Rather, it is a prepaid spending card tied to your future business revenue. 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. Though cards without a personal guarantee requirement reduce risk, they often come with many disadvantages and financial costs. business credit 2023 | top 5 business credit cards pull transunion only with no business credit schedule a consultation ?. Cash back. Many business credit cards that dont require a PG will have stringent qualification criteria. NO PG. 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. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. 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. The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card. Additionally, corporate cards often have stringent eligibility requirements, so if, say, your business cant meet the cash-on-hand requirements, youll need to look elsewhere. Free employee cards. Its easy to see why credit card companies require personal guarantees. Issuers may also charge higher APRs or charge other fees for the privilege of a business credit card that doesnt risk your personal financial and credit health. Free bill pay. 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. Which Business Bank Account is Right For You? But startups with good or excellent business credit may be able to apply for loans . Even if you dont qualify for a card that can be used for any type of purchase, you can still take advantage of perks at the stores your business uses most often. You need to put down a security deposit (minimum of $1,000 . 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. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. This means no credit check requirement for those business owners without solid or established credit. 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.