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With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. While Divvy corporate charge cards do not have an annual fee. This means no credit check requirement for those business owners without solid or established credit. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. These include discounts and credits, such as 25% off an annual Slack subscription, three months free with Gusto and Guideline, and $150 in Google Ads credits. Merchant Mavericks ratings are not influenced by affiliate partnerships. 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. 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 can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. Points add up faster when all your employees purchases roll up into a single rewards account. Your Next Best Options. 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. 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. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. 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. 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. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. Chauncey grew up on a farm in rural northern California. 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. EINs are used by businesses, from large companies to sole proprietors, to file taxes. 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. Welcome Offer: Earn $50 credit for the first $150 purchase made within 60 days of account open date. 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. 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. - 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. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. They do, however, provide additional bonuses, discounts, and special offers, from over 20 partners. 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. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. You can use them as gifts, miles, a statement credit, or gift cards. NEW BUSINESS CARD NEW CARDMEMBER OFFER Earn $1,000 bonus cash back after you spend $10,000 on purchases in your first 3 months from account opening. To qualify for business-only liability, your organization must meet one of these requirements: Otherwise, you may need to provide a personal guarantee. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. 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. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. 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. You can build business credit with this card. You might be using an unsupported or outdated browser. 2 business credit card with no PG options: Credit card paid daily: for companies of any size, no minimum balance (available with every, 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, Both cards report your payments to credit bureaus to help build your business credit, 5% cash back on eligible gas purchases on the first $6,000 spent, 3% cash back on dining and travel and 1% cash back on other purchases, Authorized users can be added to your account for free, Card is exclusive to Sams Club members and doubles as your membership card when you shop at Sams Club, Variable annual percentage rate of either 15.90% or 23.90%, Save $50 on your first purchase of $150 or more, Free additional cards for other people at your business, Balance doesnt have to be paid in full at the end of the month, Discounts on certain preventative maintenance services at participating Jiffy Lube locations. What Is Online Check Writer & Is It Worth It? In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. 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. Through the Employee Retention Tax Credit, the IRS grants eligible employers a credit equal to 70% of qualifying wages per W2 employee, PER quarter. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. 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? An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. The Divvy no PG business card has no annual fee. It does, however, charge a fee for late payments of 2.99%. 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. 1. 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. Let us know how well the content on this page solved your problem today. Business Debit Card: 0%: 0.00%: No PG: . 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. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. 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. Welcome Offer: see terms for welcome offer details. 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. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. 1. Now let's take a look at how you can earn rewards with a small business. You can create separate physical and virtual cards for all of your employees, as well, as control spending and access to them individually. 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. Help us to improve by providing some feedback on your experience today. Copyright 2023 Merchant Maverick. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. 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. Ramp aims its corporate card at corporations registered in the US. If your balance is too low, the transaction simply will be denied. There are good reasons to keep personal finances and risk separate from your business finances and risk. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. Youll get a flexible line of credit, with your future sales being your collateral. There are no welcome bonuses or traditional 0% introductory APR periods with this card, but the issuers software identifies duplicate expenses and makes tracking and analysis of expenses quite hi-tech. It is designed for startups, especially in the tech and e-commerce industries. Dell Computer, Lowes, Amazon Net 55, JCP & Menards, might approve applications without PG if you can demostrate a year or so of payment . If a card without a personal guarantee requirement is important to you, it may be worth pursuing. Start earning rewards with your corporate spending today. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. Best Business Credit Cards (for Startups) LYFE. Costco Commercial Revolving and Net 30 - Capital One. A card solution for your company. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. However, you wont receive overwhelming rewards when you choose this card. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. 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. And like several other cards on this list, Divvy offers automatic expense reporting features. However, people with lower scores might qualify for a secured business credit card or another card designed for borrowers with poor credit. 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. Your rewards balance will be automatically credited to your balance each month. 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. If there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. Stripe also does not offer additional redemption options, such as airfare points or gift cards. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. 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. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. It depends. Performance information may have changed since the time of publication. SVB Innovators Card is aimed squarely at startups. 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. For one, the options are severely limited. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. Instead of paying interest on what you borrow, youll pay a fixed factor rate. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. The approval process is more lenient than traditional lender underwriting requirements. Free bill pay. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. 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 . As such, business credit cards without a personal guarantee are rare. Youll need to reach out to Divvy for more information. The SVB Innovators Card is another no personal guarantee credit card, that like Brex, works like a charge card where balances must be paid in full each month. The Brex 30 Card requires no guarantee because it sets credit limits based on cash flow and determines a business eligibility for qualification based on spending patterns and sales volume. 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 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. Though perhaps not as rewarding as some of the best business credit cards available, finding the right business credit card without a personal guarantee requirement may still be possible. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. 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. Which Business Bank Account is Right For You? Reducing the liability you and your business faces by reducing access to the account and spending less can help. 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? The Brex card features a rewards scheme with 8x points for ridesharing apps and taxis, 5x on travel, 4x at restaurants, 3x on recurring software, 3x on Apple products, and 1x on everything else. Youll earn 1.5% back across the board on all purchases made with your Ramp card and can redeem these rewards in the form of a statement credit. You can prequalify today, just by answering 8 simple Yes or No questions. You need to put down a security deposit (minimum of $1,000 . Bentos business debit cards can be used to make purchases in stores or online. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. 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 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 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. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. 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. Editorial Note: We earn a commission from partner links on Forbes Advisor. 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. 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. How To Get Business Credit Cards With An EIN Only. 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.". So no, you do not need an EIN to apply for a business card. 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. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. 0% on purchases for the first 12 months. But remember, you're personally responsible for the charges on a business credit . Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? Business credit cards without a personal guarantee can be hard to obtain. Finding the best credit card for your business needs can be overwhelming. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. What are Business Credit Cards With No Personal Guarantees? This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. All Rights Reserved. Since these cards require you to post a security deposit, they are relatively easy to obtain. Easier borrower qualifications that help you build business credit. 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. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. Looking for a business card without a personal guarantee? NO PG. Is looking for a business credit card with no PG worth it? The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card. 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.