Other approval requirements include: The Bento Business Visa Debit Card is available to all business owners, no matter the size or industry. Brex Treasury is not a bank; Brex Cash is not a bank account. 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. 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. Occasionally, we encounter noteworthy product options, even if they dont merit inclusion in our best-of lists. 50,000 bonus points after spending $9,000+ in the first 30 days. 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. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. The SVB Innovators Card is designed to support growth for startups. Business credit cards with no personal guarantee often don't report to personal credit, and since you're not personally liable for the debt they won't report to personal credit even if you default on your payments. You need to put down a security deposit (minimum of $1,000 . $1M MAX: Brex v Ramp v Stripe v Amex. What is the easiest business credit card to get? Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. Divvy is all about flexibility. Sole proprietors or other unregistered businesses need not apply. 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. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. All transactions are then instantly debited from the amount you deposit on your card. 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. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. 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. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. The best EIN-only business credit card for startups (no PG) is.. Watch the video to find. But first, lets go over the pros and cons of these cards from a business perspective. 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 Credit will appear within two billing cycles and will apply to whichever program is applied for first. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. For all those who dont want to risk personal liability, there are credit cards and accounts without personal guarantee requirements. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. 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. Of course, in such a scenario, your business assets can, in fact, be seized. There are good reasons to keep personal finances and risk separate from your business finances and risk. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. 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. So, the benefits of using this no PG credit card increase as your activity expands. Lets look at the seven best no personal guarantee credit cards for business. 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. All Rights Reserved. Ramp offers a free corporate card and finance management system for small businesses. 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. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. Rewards: Earn see terms for rewards details. - 15 Days Contact Us 15 Days Business Credit Funding Services We're a company with over 15 years in the industry, we are ready to provide you with 100% Reliable Business Loan Consulting. 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. ASAP EIN Business Credit-No PG Required! Your credit limit is determined by your payment processing history on the platform as well as your bank history, and it will only grow as your business grows and you generate more payment volume. You will be held personally liable for your business credit card balance if the business closes or defaults. Ramp aims its corporate card at corporations registered in the US. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. How can I open a business credit card without personal credit? Unlike most business credit cards, this corporate card doesn't require a personal guarantee. 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. Can you get a business credit card without a personal guarantee? BJ'S Perks World for Business MC - Comenity. You might need to fill out a paper application, but most providers allow you to apply online. 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. 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. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . So no, you do not need an EIN to apply for a business card. The Stripe card has zero fees and credit limits that grow alongside your business. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. In addition to tracking spending, Ramp claims the dashboard can identify redundant business subscriptions, better SaaS pricing options and other savings tailored to the company, leading to up to 2 percent in savings. 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. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Your rewards balance will be automatically credited to your balance each month. If this is in doubt, be sure you block it. Office Depot OfficeMax Business Credit Account. For large purchases, use other forms of financing instead, such as a business operating loan. Best Business Credit Cards (for Startups) LYFE. When using a Bento Spent Limit card, you first have to load money onto it. 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. 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. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. But remember, you're personally responsible for the charges on a business credit . As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. 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. 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. All Rights Reserved. What Is Online Check Writer & Is It Worth It? Use your points to pay for travel expenses, redeem them for gift cards, or take them back in cold, hard cash. Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. 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. Ramp savings. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. It targets "medium to large businesses" and it has high income and revenue requirements. 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. Additionally, when restricting your business credit card search to cards with no PG, it may be harder for you to find a card with a spending rewards program that matches your business spending. Would you like to get approval in as little as 48 72 hours, and your funds released within days? Its equally easy to see why a business owner might want to steer clear of them. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. In Summary: The 7 Best No PG Credit Cards, Our Experts Recommend Ramp Corporate Card . 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. At first, they ask for some simple personal and business details like contact information and your Employer Identification Number. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. Our explainer piece on invoice factoring further details this process. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. 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. We occasionally send out emails with special offers. Past performance is not indicative of future results. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. Some banks issue secured business credit cards for this purpose. 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? Are you sure you want to rest your choices? This Sams Club card is another option on our no-personal-guarantee business credit cards list. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. 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. If your business fails and you cant pay off your balance, Many credit cards that lack a PG are corporate credit cards, which typically give you features like spend management and business software integrations, Some of these cards dont even check your personal credit when you apply, instead relying on other metrics, Many business credit cards with no PG require your business to be a corporation or LLC non-incorporated businesses will have a smaller set of options, Some business credit cards with no PG have high cash-on-hand requirements and are difficult for startups to obtain, Since most business credit cards require a PG, it may be hard to find a credit card that doesnt require a PG, Some business credit cards without a PG will initially require you to make daily repayments, You want a corporate credit card with a flat cash back rate, You like the idea of having a feature that identifies unnecessary business spending, You use products from Ramps partner companies, like Xero and Amazon Web Services, You want a corporate card but your business is not a corporation, You want a corporate card that lets you choose your repayment schedule, You spend a lot at restaurants and want a card that rewards this, You want budget management and employee spending limits with your corporate card, Received an equity investment of any amount (accelerator, angel, VC, or web3 token) or plan to in the near future, Earn more than $1 million/year in revenue, Be a tech startup that is on a path to meeting the criteria above, and is referred by an existing customer or partner, You want the highest available rewards rates for a corporate card and are willing to make Brex your exclusive business credit card, You want a card with multiple rewards redemption options, You want a corporate card with spend management, bill pay, and a mobile app, You must have 6+ months of business history, You must have a business bank account and maintain a positive account balance (an average daily balance of $1K+ is preferred), You must maintain a monthly revenue of $10K+, Your business spending is varied, and you want a spending card that handsomely rewards all your business purchases, Your business suffers from uneven cash flow, and you want a spending card that helps to even out your cash flow, You want a spending card with no personal guarantee and a nice welcome offer most of these other cards dont have a welcome offer, You use Stripe for payment processing (or if you want to), You own a new business and you want a no personal guarantee credit card with relaxed qualifications, You want a corporate card with a flat cash back rate and automatic reward redemption, You want to take advantage of Stripes partner rewards & discounts with services like Gusto and Guideline, You run a trucking business and you want a fleet fuel card with no personal guarantee, You run a non-trucking business with significant driving needs and you want a card that helps your business save on the cost of fuel, You want a fleet fuel card that doesnt limit you to certain gas station chains, You want a startup-friendly credit card with no PG and relaxed eligibility requirements, You want an unlimited number of employee cards for no extra charge, You want a business credit card with flat-rate rewards earning along with multiple redemption options, Specialized startup credit cards (like the SVB Innovators card). Few of the business credit cards without personal guarantee requirements weve reviewed compare well to the best business credit cards. 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. Almost all business credit cards require a personal guarantee. 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. Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. 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. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. The 7 Best Business Credit Cards With No Personal Guarantee Required. You dont need to have much business financial history nor do you require a personal guarantee. If your business spending doesnt follow a predictable pattern and/or you dont want to have to keep track of bonus categories for spending rewards, Ramp may be the corporate card for you. The only credit card that allows you to control spend at the merchant, category, and spend level. Coast is available for US-based businesses that operate fleets of vehicles. Divvy now accepts all business types, from sole proprietorships to corporations to LLCs, although its website doesnt disclose this. 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. 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. You may also be able to open a secured business credit card account to help build your business credit. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. Something went wrong. Can you get a business credit card with bad personal credit? While many issuers wont offer business credit cards without the financial security that a personal guarantee provides, you can find a few options that dont require a personal guarantee. 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. These are provided as guidelines only and approval is not guaranteed. The card offers partner benefits from over three dozen partners. Many business credit cards that dont require a PG will have stringent qualification criteria. You can create separate physical and virtual cards for all of your employees, as well, as control spending and access to them individually. Find Loan Options For Your Small Business. So its no surprise that credit card issuers are leery of extending credit to small businesses with no proven track record. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. 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. 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. Brex Inc. is a financial service and technology company headquartered in San Francisco. The Office Depot Business Credit Account does not offer rewards on purchases. Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. It also means that you will not have to pay for the additional cards your workers need. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. Information provided on Forbes Advisor is for educational purposes only. Copyright 2022 Fast Capital 360. Explore the best options & rewards available, as well as eligibility requirements. Credit limit. It depends. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Points add up faster when all your employees purchases roll up into a single rewards account. Visa benefits. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. Cash back. 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. 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. We specialize in aged (Primary Business Credit) with EXPERIAN/EQUIFAX/SBFE & PAYMENT LEASING CREDIT. The Bremer Bank Visa Signature Business Company Card is basically the only true business credit card that's available with no personal guarantee and isn't classified as a "corporate card.". National Funding offers affordable small businesses funding with reasonable rates, zero collateral, and fast deposit upon approval. Get industry-leading advice to help you make confident decisions. NO PG. Otherwise, a different card is likely a better, more rewarding fit. Bremer Bank Visa Signature Business Company Card. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. Ink Business Cash Credit Card. Ramp is offering unlimited virtual with support for Apple and Google Pay, as well as custom-branded physical employee cards at no additional cost. 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. Opinions expressed here are authors alone. 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. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. 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. Shell Small Business Card is one of the best options for road warriors and fleet managers alike. Stripe is also an online payment processor, you can use them to process your business transactions too. 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. Sole proprietorships are not eligible. 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. Youll get a flexible line of credit, with your future sales being your collateral. Other Benefits and Drawbacks: The Brex 30 Card is a charge card, meaning it must be paid off every month in full. We'd love to hear from you, please enter your comments. SVB also offers a business checking account. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. If your balance is too low, the transaction simply will be denied. 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. 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. The Shell Small Business Card is available for use at Shell gas stations and is another small business credit card with no personal guarantee required. For one, the options are severely limited. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. 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. 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. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. 0% on purchases for the first 12 months. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. 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. 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. What's the benefit of getting a no personal guarantee business credit card? Realtime reporting and integrations. 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 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. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. It is designed for startups, especially in the tech and e-commerce industries. This might involve a hard inquiry on the owners credit report. If youre looking for a business credit card with no personal guarantee and regularly have business expenses with those two businesses, this card definitely is worth looking into. Easier borrower qualifications that help you build business credit. 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. Well detail the best of these cards in this guide. Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). The reality is that most business credit card issuers require you to sign a personal guarantee when you apply. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. How Do You Apply for a Credit Card with No Personal Guarantee? 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. This helps business owners protect personal property when a business fails. Please try again later. 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. 8 Annual fee 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. 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. Which card meets the needs of and best suits your business is up to you and how you run your business.