The SVB Innovators MasterCard is a flexible line of credit that scales alongside company growth. Welcome Offer: Earn $50 credit for the first $150 purchase made within 60 days of account open date. Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. If you want to go the corporate card route, you probably arent eligible if your business is a sole proprietorship or otherwise not registered as an S-corp, C-corp, or LLC. How to Get a Business Credit Card with an EIN Only Issuers may also charge higher APRs or charge other fees for the privilege of a business credit card that doesnt risk your personal financial and credit health. 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 You can request an invitation online, but there is no guarantee that youll be accepted for the card. In other words, most small businesses don't qualify. If your business spending is varied and diffuse, youll love Revenueds flat 3% cash back rate on all eligible purchases an exceptional rate for any small business credit card, much less one that doesnt sport any credit score requirements. 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. If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. Fortunately, if youre looking for business credit cards with no personal guarantee, you have some good options. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. Yes. Streamline your bill payments with AP automation, approvals and accounting. 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. The Stripe Corporate Card is still invite-only in the US. 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? Ramp aims its corporate card at corporations registered in the US. Finding the best credit card for your business needs can be overwhelming. 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. 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. We'd love to hear from you, please enter your comments. Brex Treasury is not a bank; Brex Cash is not a bank account. It is issued by the Silicon Valley Bank and specially designed for startup companies in IT and tech industries. 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. 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. Best no PG business credit card options - Wise, formerly TransferWise At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. Are you sure you want to rest your choices? 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. 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. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. Personal guarantee requirements mean that when you apply for a business credit card, youll be required to share your personal information, and your personal credit will be hit with a hard inquiry that can affect your credit score. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. 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. 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. Stripe also does not offer additional redemption options, such as airfare points or gift cards. No monthly fees or account setup costs are associated with this card, which is free to apply. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. 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. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. Though cards without a personal guarantee requirement reduce risk, they often come with many disadvantages and financial costs. 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. 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? Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. Citi Cards - Shell Gas Revovling and Net 30. The card offers partner benefits from over three dozen partners. What Is Online Check Writer & Is It Worth It? 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. No matter how many cards you use, points will accrue in a single pool. Youll also gain access to $350,000 in exclusive Ramp partner rewards, bill payment, and a savings insight tool that aims to help companies find ways to cut costs and limit unnecessary spending. Additionally, corporate cards often have stringent eligibility requirements, so if, say, your business cant meet the cash-on-hand requirements, youll need to look elsewhere. 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 . Do you need startup financing, working capital for your business, funding for equipment or real estate? If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Which credit card or cards will work for your business will depend on your business needs. Ramp savings. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. This compensation comes from two main sources. reported to Experian and Dun & Bradstreet, Lenders Like Kabbage: Competitors for Small Business Loans, C Corp vs S Corp: Best Options for Small Business Owners, Biz2credit Review: Direct Lender for Working Capital Loans, Cares Act: Tax Benefits for Businesses and Employees in 2023, Employee Retention Credit for Manufacturing Industry (2023), Employee Retention Credit for Nonprofits/Tax Exempt in 2023, How to Apply for Employee Retention Credit in 2023 Guide, There is no security deposit or credit check required, You can easily issue unlimited employee cards, You can easily limit or block employee cards with a few clicks. Copyright 2023 Merchant Maverick. 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. You can prequalify today, just by answering 8 simple Yes or No questions. Additionally, Divvy lets you manage your companys spending by setting budgets by team, project, event, or any other category. 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. Which Business Bank Account is Right For You? 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. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. 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. For one, the options are severely limited. The only business credit cards worth having that do NOT have a personal guarantee. SVB customers also have access to unique lending options geared specifically toward startups, including venture debt, growth capital, working capital, and mezzanine financing to support acquisitions, earnouts, capital expenditures, and more. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. What's the benefit of getting a no personal guarantee business credit card? As such, business credit cards without a personal guarantee are rare. #1 Business Credit Card *WITHOUT* a Personal Guarantee 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. 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. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. This is just one scoring method and a credit card issuer may use another method when considering your application. For new businesses in tech or life sciences industries, you earn special lucrative rewards. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. 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. 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. Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. If this is in doubt, be sure you block it. However, you wont receive overwhelming rewards when you choose this card. 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. It also means that you will not have to pay for the additional cards your workers need. Through the Employee Retention Tax Credit, the IRS grants eligible employers a credit equal to 70% of qualifying wages per W2 employee, PER quarter. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. 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. They also numerous SaaS-related rebates that total a whopping $350,000 in savings. All transactions are then instantly debited from the amount you deposit on your card. Best Business Credit Cards with EIN Only (& How to Get Them) - Credit Suite 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. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. Other Benefits and Drawbacks: The Sams Club Business Mastercard* has zero foreign transaction fees and doubles as a Sams Club membership card, but doesnt offer many benefits beyond this. 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. 2022's Best Business Credit Cards With No Personal Guarantee (PG) As an added credit building bonus, your Sams Business Club MasterCard payment history will get reported to Experian and Dun & Bradstreet. You can also streamline work items, including approvals and accounting. Additional perks are available to Stripe Corporate customers in special offers from about 20 partner companies. Almost anyone with a business can get approved, even if you have bad credit. The only credit card that allows you to control spend at the merchant, category, and spend level. Free accounting automation. Now let's take a look at how you can earn rewards with a small business. Conduct informed research before deciding which cards will best help you achieve your financial goals. How can I open a business credit card without personal credit? $0. 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. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. It depends. 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. 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. 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. 2023's Best Business Credit Cards With No Personal Guarantee (PG) Required 3. All Rights Reserved. If youre interested in applying for the Stripe Corporate card, youll need to request an invitation and then reply to the email youll receive. 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. Can you get a business credit card with bad personal credit? There is also a 24/7 customer service team based in the US. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Your financial situation is unique and the products and services we review may not be right for your circumstances. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast 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. NO PG. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. The Sams Club Business Mastercard* charges no annual fee (apart from the fees required for Sams Club Membership) and earns solid rewards for companies with moderate gas purchases and who plan to eat out or order in often. You might be using an unsupported or outdated browser. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. Bentos business debit cards can be used to make purchases in stores or online. With a handful of other benefits, the Sams Club Business Mastercard is likely only a solid card for those who plan to shop with Sams Club, and even then those businesses using the Plus version of membership. This might involve a hard inquiry on the owners credit report. The catch is, they typically require cardholders to meet minimum revenue requirements and have more than a year's worth of business history. Brex Card: Best Cash Back Card With No Personal Guarantee, 4. Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. 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. 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. Shell Small Business Card is one of the best options for road warriors and fleet managers alike. For most small business owners, getting a company credit card without a personal guarantee probably wont be a walk in the park. Do all business credit cards require a personal guarantee? Divvy now accepts all business types, from sole proprietorships to corporations to LLCs, although its website doesnt disclose this. All Rights Reserved. Coast is available for US-based businesses that operate fleets of vehicles. 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. 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. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. NO PG. $1M MAX: Brex v Ramp v Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. A corporation in business for at least three years with more than $5 million in annual sales. Do Economic or Industry Factors Affect Business Survival? How To Get Business Credit Cards With An EIN Only - Merchant Maverick The best way to apply for a Sams MasterCard is in-store, so you can have the sales rep contact to personally call their credit department to discuss why you dont want to give a personal guarantee or to ensure your personal credit is not checked. 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. Start earning rewards with your corporate spending today. 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. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. 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. 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. When using a Bento Spent Limit card, you first have to load money onto it. Your revenue from your established business works for you. 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. Yes, you can get a business credit card with bad personal credit. Each lender will evaluate your specific circumstances to decide if it will want to take on the risk of lending to you. 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. 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. However, no matter which of these no personal guarantee credit cards youre trying to get, the card issuer needs some form of assurance that youll be able to pay for the purchases you make with said card. Yes. All feedback, positive or negative, helps us to improve the way we help small businesses. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. Start earning rewards with your corporate spending today. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. They do, however, provide additional bonuses, discounts, and special offers, from over 20 partners. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. Testimonials may not represent experiences of all clients. Thus it is a good no PG credit card for companies that own fleets. Its easy to see why credit card companies require personal guarantees. Fast turnaround: as little as 1-2 days. Of course, in such a scenario, your business assets can, in fact, be seized. The reality is that most business credit card issuers require you to sign a personal guarantee when you apply. 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. The Office Depot OfficeMax Business Credit Card is a no-annual-fee card with no personal guarantee requirements. Best Business Credit Cards With No Personal Guarantee Of March 2023 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. 8 Annual fee Unlike most business credit cards, this corporate card doesn't require a personal guarantee. 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. BJ'S Perks World for Business MC - Comenity. Any business owner can apply for an . 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. Business Credit 2023 | Top 5 Business Credit Cards Pull Transunion Only Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Instantly provision cards and manage your company's spending in real-time. 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. First, you can apply for a business credit card that does not require a personal credit check or guarantee. In addition to the other rewards above, the Plus version of this card also earns 3% cash back on Sams Club purchases, so businesses will likely be better off with the Plus version if the fees for Plus membership make financial sense. Your personal credit won't be held liable. 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. Let us know how well the content on this page solved your problem today. 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. These Credit Card Issuers Are Offering Assistance, The 11 Best Small Business Credit Cards For Cash Back, Introductory Offers, Travel Rewards, & More, The Step-By-Step Guide To Getting A Business Credit Card, Personal Credit Scores Explained: Everything You Need To Know To Understand, Access, & Improve Your Credit Score, Must be a corporation or LLC with $75k+ in the bank to qualify, Opaque eligibility requirements, but non-corporations may qualify, 8x rewards on rideshares if you make daily repayments & make Brex your exclusive corporate card, Must meet one of a number of stringent business requirements, Must have 6+ months in business, $1K in the bank, & $15K/month in revenue, Must have a Stripe account and request an invite in order to qualify, Get a fuel discount of 2 cents per gallon, Must be a partnership, corporation, or LLC -- no sole proprietorships, 2x rewards points on all business purchases + expense management & reporting. This Sams Club card is another option on our no-personal-guarantee business credit cards list. 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.