You can open a business credit card without personal credit in two ways. These are provided as guidelines only and approval is not guaranteed. 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. 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. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. Spark Small Business Credit Cards | Capital One | Apply Now If your business spending is varied and a flat-rate rewards card fits your needs, youll have several good options to choose from, but if youre looking for great travel rewards & perks, your search may be more challenging, and you may have to moderate your expectations a bit. $0. Though Revenued doesnt have any credit score requirements and does not require a personal guarantee, its eligibility requirements will prevent brand-new startups and businesses without significant monthly revenue from qualifying. Your financial situation is unique and the products and services we review may not be right for your circumstances. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Help us to improve by providing some feedback on your experience today. Best no PG business credit card options - Wise, formerly TransferWise 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. 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. Lets look at the seven best no personal guarantee credit cards for business. It grants 3x reward points for all software purchases. Whereas large companies can often offer their own assets as collateral for a line of credit, most small businesses dont have that option. 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. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. Youll get a flexible line of credit, with your future sales being your collateral. To that end, the following three factors can provide card issuers with this reassurance andimprove your chances of being approved: Your business will need to be financially stable. 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. 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. 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. Many business credit cards that dont require a PG will have stringent qualification criteria. That said, what is best for the majority of businesses might not be right for you. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. Receive automatic reporting on every dollar spent. But first, lets go over the pros and cons of these cards from a business perspective. If your balance is too low, the transaction simply will be denied. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. 0% on purchases for the first 12 months. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. Let us know how well the content on this page solved your problem today. Some discounts arse given by using the same card at Jiffy Lube stations. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. Ramp savings. $750 bonus cash back after spending $7,500 in the first 3 months after your account start date. Looking for a business card without a personal guarantee? Again, qualifying for a small business credit card might be easier than you think. Almost all business credit cards require a personal guarantee. 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. 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. Rewards: Earn 1.5% cash back on every purchase. Compare Business Credit Cards | Chase First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. 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. Find Loan Options For Your Small Business. A card solution for your company. 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. If you want to apply for the account without a personal guarantee, though, there are some stipulations. They also numerous SaaS-related rebates that total a whopping $350,000 in savings. The SVB Innovators MasterCard is a flexible line of credit that scales alongside company growth. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. Here are some options we researched and decided to leave off this list: If youre already a Sams Club warehouse store member or dont mind shelling out $45 to become one, you might be offered a Sams Club Business Mastercard. there are some foreign transaction fees in the form of 0.90% cross-border fees, and 0.20% currency conversion fees. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. Rewards: Earn see terms for rewards details. Yes. Are you sure you want to rest your choices? Yet, after $500 spent over a 12 months period you enter the VIP status which will bring you an extra earn back amounting to 5% for print services, paper, toner, and ink, plus some other rewards and free delivery within two days. 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. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. Is looking for a business credit card with no PG worth it? Read more below to learn why we chose these options. $1M MAX: Brex v Ramp v Stripe v Amex. Your personal credit won't be held liable. 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. 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. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. BJ'S Perks World for Business MC - Comenity. Other Benefits and Drawbacks: The Brex 30 Card is a charge card, meaning it must be paid off every month in full. The Forbes Advisor editorial team is independent and objective. Costco Commercial Revolving and Net 30 - Capital One. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. Business credit cards without a personal guarantee can be hard to obtain. Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. They even offer expert contract negotiation services to ensure you get similar pricing to the rest of their cardholders. 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. So, the benefits of using this no PG credit card increase as your activity expands. Commissions do not affect our editors' opinions or evaluations. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. Editorial Note: We earn a commission from partner links on Forbes Advisor. Yes, you can get a business credit card with bad personal credit. Generally speaking, a brand new business without any major assets or revenue to show will more than likely be considered high risk and will not qualify for most cards without a personal guarantee from an owner. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. 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. A personal guarantee (PG) means the business owner or executive agrees to pay off the balance of the card with their own money if the business cannot. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. Then they try to find out more about your business spending habits, by having you content your business bank accounts. 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. This form is for feedback only. All feedback, positive or negative, helps us to improve the way we help small businesses. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. No monthly fees or account setup costs are associated with this card, which is free to apply. 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. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Ramp offers a free corporate card and finance management system for small businesses. It is designed for startups, especially in the tech and e-commerce industries. 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. Copyright 2022 Fast Capital 360. This helps business owners protect personal property when a business fails. Businesses looking to carry balances should look elsewhere, but for those who can pay off charges each month (or even each day) the Brex 30 Card offers a long list of perks. The application is available online and asks for information about your business, including address and year of founding, revenue model, and forecasted and previous annual revenue. This card doesnt require a personal guarantee for all users. 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. 8 Annual fee This means no credit check requirement for those business owners without solid or established credit. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. This compensation comes from two main sources. 9 Best No PG Business Credit Cards Worth Applying For - Planning Guide What is the easiest business credit card to get? 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. 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. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. Pay weekly, and you can earn up to 7x points on restaurants, for example, with that rate dropping to 4x if you pay twice a month and 2x if you pay monthly. For new businesses in tech or life sciences industries, you earn special lucrative rewards. Free employee cards. Best Business Credit Cards of February 2023 - Compare Offers | Nav Fund Your Business with No PG Business Credit Cards - Small Business Brain 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. 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. 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. You don't need perfect personal credit (or an established personal credit history to get approved). The Office Depot Business Credit Account does not offer rewards on purchases. Which card meets the needs of and best suits your business is up to you and how you run your business. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. How Do You Apply for a Credit Card with No Personal Guarantee? This is just one scoring method and a credit card issuer may use another method when considering your application. Many business credit cards on the market require some personal guarantee. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. They provide online and mobile services that can be accessed from everywhere, at any time. The Stripe Corporate Card is relatively easy for new businesses to get approved for. It also means that you will not have to pay for the additional cards your workers need. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. Administrators of the account can access a section that illustrates the companys long-term spending over time, while identifying areas the company can save. That can even mean suing the cardholder personally to get a judgment. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. There is also a 50% cash back offer if you purchase 1Password. 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. For one, the options are severely limited. You can also earn a higher rewards rate on spending with several specific partners, such as 5% back on purchases with Kasa and Snap or 50% cash back on what you spend with 1Password. So, whatever money you deposit onto a Bento Visa debit card, you can spend it immediately, and When you use your Bento debit card, you will also not be charged any interest, as you will only be spending your own money when doing so. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Now let's take a look at how you can earn rewards with a small business. Most business credit cards require an individual often the business owner to serve as a guarantor that the balance on the card will be paid. Easier borrower qualifications that help you build business credit. Best Business Credit Cards (for Startups) LYFE. For most small business owners, getting a company credit card without a personal guarantee probably wont be a walk in the park. Coast is available for US-based businesses that operate fleets of vehicles. Business Credit 2023 | Top 5 Business Credit Cards Pull Transunion Only You might need to fill out a paper application, but most providers allow you to apply online. 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. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. Do all business credit cards require a personal guarantee? These details are not available on the Divvy website, but have been confirmed by MerchantMaverick. Please try again later. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. It only works at Office Depot and OfficeMax locations. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. 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. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. Your Next Best Options. Let's look at the seven best no personal guarantee credit cards for business. 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. So no, you do not need an EIN to apply for a business card. Ramp aims its corporate card at corporations registered in the US. How to Get a Business Credit Card with an EIN Only Get industry-leading advice to help you make confident decisions. 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. While Divvy corporate charge cards do not have an annual fee. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. Business Credit Cards | Compare Business Credit Cards | U.S. Bank Some business credit cards dont require a personal guarantee. These cards are generally reserved for larger businesses with an established credit history. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. But remember, you're personally responsible for the charges on a business credit . Welcome Offer: This card does not offer a welcome bonus. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. Its equally easy to see why a business owner might want to steer clear of them. Well detail the best of these cards in this guide. ASAP EIN Business Credit-No PG Required! - 15 Days 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. 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. The Small Business Association says that about one-third of businesses with employees will fail within their first two years. Divvy is all about flexibility. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. If you cant find a business credit card that doesnt require a PG and which sports eligibility requirements you can meet, you might look for a secured credit cardinstead. Rewards: This card does not offer a rewards, Welcome Offer: This card does not offer a welcome bonus. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. How To Get Business Credit Cards With An EIN Only. At first, they ask for some simple personal and business details like contact information and your Employer Identification Number. The approval process is more lenient than traditional lender underwriting requirements. It targets "medium to large businesses" and it has high income and revenue requirements. As such, there are no interest charges. This might involve a hard inquiry on the owners credit report. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. For credit cards where a personal guarantee is required, an applicant can be held personally liable for debts accrued on the business credit card. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. 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. Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? Citi Cards - Shell Gas Revovling and Net 30. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. Free accounting automation. Beyond requiring applicants to have a US bank account and EIN, Divvy is nontransparent about its eligibility requirements the one requirement it discloses is that most applying businesses must have at least $20K in an active account. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. Ramp makes corporate spend tracking easy. As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. 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. 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. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. Its ability to apply without a personal guarantee means your business can restock on critical supplies using a credit account without requiring a business owners personal assets be risked. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card.