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You might be using an unsupported or outdated browser. 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. $1M MAX: Brex v Ramp v Stripe v Amex. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. How To Build Business Credit Fast in 2023 | EIN Only & No PG shorts Additional rewards options are available for tech, science, and remote companies. 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. They do, however, provide additional bonuses, discounts, and special offers, from over 20 partners. Best Business Credit Cards Without a Personal Guarantee - WalletHub Thus it is a good no PG credit card for companies that own fleets. 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. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. One of the most enjoyable perks of the Sams Club Business MasterCard is that you can use it as a net 30 account and earn cash back on your Walmart and Sams Club purchases. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. 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. Some banks issue secured business credit cards for this purpose. Commissions do not affect our editors' opinions or evaluations. 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). Thus it is a good no PG credit card for companies that own fleets. The SVB Innovators Card is designed to support growth for startups. Additional perks are available to Stripe Corporate customers in special offers from about 20 partner companies. 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. NO PG. Merchant Mavericks ratings are not influenced by affiliate partnerships. The 7 Best Business Credit Cards With No Personal Guarantee Required. 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. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. NO PG. $1M MAX: Brex v Ramp v 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. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. 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. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. A personal guarantee means that if you default on the credit card or make late payments, the issuer can try to collect from the cardholder, and not just the business. Ramp offers a free corporate card for virtually any business. That can even mean suing the cardholder personally to get a judgment. Brex Treasury is not a bank; Brex Cash is not a bank account. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. Shell Small Business Card is one of the best options for road warriors and fleet managers alike. APR 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. Sams Club Business MC - Synchrony Bank. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. If this is in doubt, be sure you block it. While the names might not be glamorous, using business credit cards with no personal guarantees will ensure that only your business is liable for money your borrowing and cant pay back. For large purchases, use other forms of financing instead, such as a business operating loan. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . As such, there are no interest charges. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The only business credit cards worth having that do NOT have a personal guarantee. Some of the 50+ companies that offer Ramp cardholder discounts are Salesforce, Slack, and Zendesk, as well as, Amazon Web Services (AWS), Stripe, and Plastiq. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. For all those who dont want to risk personal liability, there are credit cards and accounts without personal guarantee requirements. No founder liability. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. Some discounts arse given by using the same card at Jiffy Lube stations. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. For your monthly expenses, you get 2% back. Compare Business Credit Cards | Chase 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. 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. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. Best Business Credit Cards Without A Personal Guarantee Requirement, Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, like. You can also set employee spending limits and view and edit budgets in real-time & share them via the web or Divvys mobile app. So, the benefits of using this no PG credit card increase as your activity expands. Compare business credit cards without a personal guarantee 2023 - Finder 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. Check out our list of the best business credit cards. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Redeem points for travel, gift cards, a statement credit, or cash back at a rate of 1 cent per point for travel and about a half-cent per point on everything else. Start earning rewards with your corporate spending today. If you want to apply for the account without a personal guarantee, though, there are some stipulations. 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. 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. 2023 Forbes Media LLC. 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. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. 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. Earn miles and points with a small business. 0% on purchases for the first 12 months. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. If your business experienced a significant decline in gross receipts or was impacted by government shutdowns due to COVID-19, then let us help you solve the IRSs refund application puzzle. As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. Many business credit cards that dont require a PG will have stringent qualification criteria. 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. These types of cards are often called a Corporate Credit Card. If you have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. These cards are generally reserved for larger businesses with an established credit history. The only credit card that allows you to control spend at the merchant, category, and spend level. A corporate card will have no annual fee. 0% on purchases for the first 12 months. Applying for a Business Credit Card Using an EIN - Lendio Sole proprietorships are not eligible. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. No PG Business Line Of Credit Stop Struggling Now Reducing the liability you and your business faces by reducing access to the account and spending less can help. Office Depot OfficeMax Business Credit Account. There is no minimum or maximum number of vehicles, but qualifying businesses need to be structured as partnerships, corporations, or LLCs. 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. Can I Get a Business Credit Card With Only an EIN? An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Best no PG business credit card options - Wise, formerly TransferWise While Divvy corporate charge cards do not have an annual fee. Ramp is offering unlimited virtual with support for Apple and Google Pay, as well as custom-branded physical employee cards at no additional cost. Visa benefits. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. The credit is offered without collateral. Dell Computer, Lowes, Amazon Net 55, JCP & Menards, might approve applications without PG if you can demostrate a year or so of payment . In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Divvy is all about flexibility. You also use your EIN when you open a business bank account or establish a vendor line of . You can build business credit many different ways without using your personal credit score. With automatically-credited rewards and dynamic credit limits that will grow with your business, the Stripe Corporate Card packs in the partner offers and integrates with finance tracking softwares like Quickbooks, Expensify and Xero. This form is for feedback only. We occasionally send out emails with special offers. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. Well detail the best of these cards in this guide. There is also a 50% cash back offer if you purchase 1Password. there are some foreign transaction fees in the form of 0.90% cross-border fees, and 0.20% currency conversion fees. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. 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 . 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. Stripe also does not offer additional redemption options, such as airfare points or gift cards. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. You can also streamline work items, including approvals and accounting. Yes. Streamline your bill payments with AP automation, approvals and accounting. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Rather, it is a prepaid spending card tied to your future business revenue. Youll need to reach out to Divvy for more information. $0. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. Business Debit Card: 0%: 0.00%: No PG: . Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. They provide online and mobile services that can be accessed from everywhere, at any time. Read more below to learn why we chose these options. This can save users the step of using a separate rewards card or punching in a phone number at checkout every time. If your bank statements show a healthy cash flow, and you pay some monthly bills or online subscriptions via credit card this will help get you higher credit limits. What credit score is needed for a business credit card? The catch-22 is that you have to pay your bills weekly or bi-weekly to maximize your rewards point earnings. But startups with good or excellent business credit may be able to apply for loans . While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. 50,000 bonus points after spending $9,000+ in the first 30 days. Best Business Credit Cards With No Personal Guarantee Of March 2023 Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). But first, lets go over the pros and cons of these cards from a business perspective. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. You can request an invitation online, but there is no guarantee that youll be accepted for the card. But the relative lack of options without a personal guarantee doesnt mean its impossible. But remember, you're personally responsible for the charges on a business credit . Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. Get industry-leading advice to help you make confident decisions. Welcome Offer: This card does not offer a welcome bonus. Lets look at the seven best no personal guarantee credit cards for business. There are no other annual or monthly fees either, and extra employee cards are freely provided. The reality is that most business credit card issuers require you to sign a personal guarantee when you apply. 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. Do all business credit cards require a personal guarantee? 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. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. The Forbes Advisor editorial team is independent and objective. How To Get Business Credit Cards With An EIN Only - Merchant Maverick Testimonials may not represent experiences of all clients. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. 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. These are provided as guidelines only and approval is not guaranteed. 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. Welcome Offer: see terms for welcome offer details. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. Brex Card: Best Cash Back Card With No Personal Guarantee, 4.