Coast can be a good credit card for businesses operating fleets of vehicles in need of a business credit card with no personal guarantee. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. ASAP EIN Business Credit-No PG Required! It is issued by the Silicon Valley Bank and specially designed for startup companies in IT and tech industries. So no, you do not need an EIN to apply for a business card. The best EIN-only business credit card for startups (no PG) is.. Watch the video to find. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. As a cardholder, youll also get full to Divvys expense management software and budgeting tools. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. 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. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. 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. 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. It also means that you will not have to pay for the additional cards your workers need. 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. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. 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. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. Our explainer piece on invoice factoring further details this process. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. 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. 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. 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. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Ramp savings. The Brex Corporate Card is a charge-type card where your balance is fully due. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. Rewards: Earn 7 points per dollar on rideshare, 4 points per dollar on travel booked through Brex Travel, 3 points per dollar on restaurants, 2 points per dollar on recurring software and 1 point per dollar on everything else. All Rights Reserved. While many cards in the market now offer no foreign transaction fees, Divvy adds a fee of 0.2% to 0.9%. Welcome Offer: This card does not offer a welcome bonus. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. 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? And like several other cards on this list, Divvy offers automatic expense reporting features. Ramp advertises a larger than average credit limit for businesses. What are Business Credit Cards With No Personal Guarantees? Citi Cards - Office Depot, Staples. For your monthly expenses, you get 2% back. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. 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. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. Ramp Corporate Card: Best Corporate Card With No Personal Guarantee, 2. 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. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. 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. Issuing business credit cards is risky because businesses fail so often. Most business credit card issuers require your SSN when you apply, as this allows them to perform a hard inquiry on your personal credit report and to establish the personal guarantee required by most business credit cards. The Brex corporate card offers the highest rewards rates of all the cards on this list, but only if you make this card your only business credit card and pay off your balance daily. 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. 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. Visa benefits. 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. While many issuers wont offer business credit cards without the financial security that a personal guarantee provides, you can find a few options that dont require a personal guarantee. Rewards: Earn see terms for rewards details. No PG business credit lines backed by Citi, Home Depot, Staples, TSC, Office Depot, Sunoco, Exxon/Mobil, require a min of 3 years business credit history before they'll consider an application without a PG. The Ramp Business Card is only for corporations and LLCs registered in the U.S. with at least $75,000 in an U.S. bank account. Yes. Many business credit cards require a personal guarantee a business owner will pay off debt and this personal guarantee opens a business owner up to liability he or she may not have with respect to other finances. Ramp aims its corporate card at corporations registered in the US. 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. Home Blog Business Credit Cards The 7 Best Business Credit Cards With No Personal Guarantee Required, Save money on credit card processing with one of our top 5 picks for 2022. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. American Express Blue Business Cash Card. 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. It provides credit cards and money management accounts to technology companies and startups. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. This means no credit check requirement for those business owners without solid or established credit. Of course, in such a scenario, your business assets can, in fact, be seized. For large purchases, use other forms of financing instead, such as a business operating loan. Bentos business debit cards can be used to make purchases in stores or online. Ramp offers a free corporate card and finance management system for small businesses. 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.