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. Otherwise, the moderate welcome bonus and revolving credit terms are the only major advantages this card offers. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. 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. This Sams Club card is another option on our no-personal-guarantee business credit cards list. 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. How To Find The Cheapest Travel Insurance, Ink Business Preferred Credit Card Review, Generous rewards on certain spending categories, 50,000 signup bonus points after spending $9,000+ in the first 30 days, Brex offers a corporate credit card designed to help companies boost their spending power and grow faster, Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, like 7x on rideshare and 2x on recurring software, Build business credit from day one with a card thats automatically paid monthly, No credit check, no personal guarantee, no account fees, and no interest, Save time and money with automatic receipt-matching and built-in expense management tools to help you gain detailed insights on your spend, Issue unlimited virtual cards to your team, and set custom limits on each card, Close the books in record time with QuickBooks, Xero, NetSuite, Concur, and Expensify integrations, To get approved for a Brex card with monthly payments, businesses need a linked bank balance of at least $50,000, Brex Mastercard issued by Emigrant Bank, Member FDIC. 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. 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. You can apply for some business credit cards using an EIN, although in most casesbut not allyou have to provide a personal SSN as well. The approval process is more lenient than traditional lender underwriting requirements. 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%. $1M MAX: Brex v Ramp v Stripe v Amex. 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. The only business credit cards worth having that do NOT have a personal guarantee. 50,000 bonus points after spending $9,000+ in the first 30 days. Information provided on Forbes Advisor is for educational purposes only. - 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. Start earning rewards with your corporate spending today. If there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. Help us to improve by providing some feedback on your experience today. Rewards: Earn 1.5% cash back on every purchase. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. However, you wont receive overwhelming rewards when you choose this card. These types of cards are often called a Corporate Credit Card. Well be exploring these no personal guarantee credit cards in a moment. You dont need to have much business financial history nor do you require a personal guarantee. Personal credit scores required to qualify for business credit cards vary depending on both credit card product and issuer. Many business credit cards that dont require a PG will have stringent qualification criteria. 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. This compensation comes from two main sources. Nonetheless, if you qualify for a business credit card without a personal guarantee, you might be able to access a substantial line of credit without putting your personal wealth at risk. 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. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Lets look at the seven best no personal guarantee credit cards for business. Various lending products ranging from $5,000 to $5,000,000 are available for most businesses, including those with limited history or bad credit, without requiring a personal guarantee. No monthly fees or account setup costs are associated with this card, which is free to apply. These details are not available on the Divvy website, but have been confirmed by MerchantMaverick. Which credit card or cards will work for your business will depend on your business needs. The cards reward-earning makes it convenient for flush businesses with no need for 0% intro APRs, welcome bonuses and no desire for annual fees. As such, there are no interest charges. 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. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. Other corporate cards without personal guarantees may have similar or even stricter requirements, such as over $1 million in annual revenue. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. No founder liability. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Otherwise, a different card is likely a better, more rewarding fit. Additional rewards options are available for tech, science, and remote companies. 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. There is no revenue requirement nor a personal credit check, as the Bento debit card is very similar to a secured credit card. Few of the business credit cards without personal guarantee requirements weve reviewed compare well to the best business credit cards. For large purchases, use other forms of financing instead, such as a business operating loan. The Ramp Business Card does not offer rewards on purchases. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. 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. Sole proprietors or other unregistered businesses need not apply. We suspect that veteran Stripe users with plenty of history with the company that show regular sales and revenue will be more likely to receive approval for this card from the payment processing company. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. You might need to fill out a paper application, but most providers allow you to apply online. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. However, if you want to avoid the PG with this card, youll need at least three years of business history and a minimum of $5 million in annual sales. BJ'S Perks World for Business MC - Comenity. The Forbes Advisor editorial team is independent and objective. Is looking for a business credit card with no PG worth it? Performance information may have changed since the time of publication. You can open a business credit card without personal credit in two ways. 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. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Ink Business Cash Credit Card. Jason graduated with a Political Science degree from San Diego State University in 2001. Some discounts arse given by using the same card at Jiffy Lube stations. You need to put down a security deposit (minimum of $1,000 . 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. Small business owners risk piercing the corporate veil when mixing personal and business finances. 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. 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. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. 2023 Forbes Media LLC. Good credit is typically defined as a score above 670 on the FICO Score model, but its unlikely youll find many business credit card issuers willing to issue your business a credit card if your credit remains subprime unless you can collateralize or secure the line of credit. How Do You Apply for a Credit Card with No Personal Guarantee? Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. There are good reasons to keep personal finances and risk separate from your business finances and risk. Please try again later. 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. Let us know how well the content on this page solved your problem today. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. Issuing business credit cards is risky because businesses fail so often. 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. Start earning rewards with your corporate spending today. Rewards: Earn see terms for rewards details. 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. Some providers list these requirements online, but you may also need to ask for more information. 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. Best Business Credit Cards (for Startups) LYFE. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. Then they try to find out more about your business spending habits, by having you content your business bank accounts. 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. The Brex Corporate Card is a charge-type card where your balance is fully due. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. 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? Your personal credit won't be held liable. 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. The SVB Innovators Card is designed to support growth for startups. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. If this is in doubt, be sure you block it. 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. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. 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. Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. Welcome Offer: Earn $50 credit for the first $150 purchase made within 60 days of account open date. All Rights Reserved. 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. Because of this, Revenued offers its services with no personal guarantee or credit score requirements in fact, your credit wont be checked at all. Many business credit cards on the market require some personal guarantee. SVB also offers a business checking account. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. These cards are generally reserved for larger businesses with an established credit history. So, the benefits of using this no PG credit card increase as your activity expands. 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. 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. Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? 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. 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. There is no paperwork required to apply for this no-PG business credit card. This card doesnt require a personal guarantee for all users. It grants 3x reward points for all software purchases. 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. His financial expertise has been cited in numerous publications, including The Ladders. Yes. 0% on purchases for the first 12 months. When using a Bento Spent Limit card, you first have to load money onto it. Most credit card issuers will look for a credit score of 600 or above. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. So no, you do not need an EIN to apply for a business card. Can you get a business credit card without a personal guarantee? Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. Well detail the best of these cards in this guide. That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. You don't need perfect personal credit (or an established personal credit history to get approved). Bad Credit Business Loans: 5 Best Options, How to Communicate a Price Increase to Customers, 13 Small Business Goals to Implement This Year, How to Create a Business Plan to Succeed in 2023, Build a Small Business Emergency Fund in 8 Steps, Best Ways to Use a Business Loan to Boost Growth, Loans & Grants for Hispanic-Owned Businesses, Here are some of the best business credit cards, Office Depot OfficeMax Business Credit Account, Silicon Valley Banks (SVB) Innovators Card, Your Ultimate Guide to Unsecured Business Lines of Credit, 48 Ecommerce Statistics to Know This Year, Calculate Your Payments and Total Cost of Borrowing, Advice and Answers for Small Business Entrepreneurs, No annual, foreign transaction or late fees, No interest because balance is paid in full every month, Unlimited 1.5% cash back on every business purchase, Cash-back balance automatically applied to your monthly Stripe bill, Benefits with some of Stripes partners (e.g., $150 credit for Google Ads, free 6-month Zendesk subscription, 25% off for 12 months of Slack subscription). When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. 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. The Blue Business Plus Credit Card from American Express is good for businesses that don't want to deal with bonus categories, as cardholders earn 2% cash back on every purchase, regardless of category, on up to $50,000 in purchases each year, after which purchases earn 1% on all eligible purchases. 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. Instantly provision cards and manage your company's spending in real-time. 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 business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. Editorial Note: We earn a commission from partner links on Forbes Advisor. 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. 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. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. Some banks issue secured business credit cards for this purpose. What Is Online Check Writer & Is It Worth It? SVB Innovators Card is aimed squarely at startups. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? National Funding offers affordable small businesses funding with reasonable rates, zero collateral, and fast deposit upon approval. How can I open a business credit card without personal credit? Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). 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. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. 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. Which card meets the needs of and best suits your business is up to you and how you run your business. This form is for feedback only. 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. Bremer Bank Visa Signature Business Company Card. But startups with good or excellent business credit may be able to apply for loans . Copyright 2022 Fast Capital 360. You may also be able to open a secured business credit card account to help build your business credit. When youre searching for a no-personal-guarantee business credit card, the Brex Corporate Card, powered by the Mastercard network, is another one to consider. Ramp offers a free corporate card and finance management system for small businesses. This means no credit check requirement for those business owners without solid or established credit. Some business credit cards dont require a personal guarantee. Since these cards require you to post a security deposit, they are relatively easy to obtain. Some specific partner companies like Snap and Kasa. Do Economic or Industry Factors Affect Business Survival? As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. With no annual fees and no foreign transaction fees, those companies using the Brex Card exclusively and paying it off from a Brex Cash account will see the best points per dollar spent in rewards. While Divvy corporate charge cards do not have an annual fee. Their rewards program also offers up to 7x bonus points for restaurant purchases and 5x on hotels, and 1.5x on everything else. All Rights Reserved. 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. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. 8 Annual fee 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. Its a limited selection, but for those who insist on keeping things separate, there are a few options. 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. Youll need to reach out to Divvy for more information. Some discounts arse given by using the same card at Jiffy Lube stations. Instead of paying interest on what you borrow, youll pay a fixed factor rate. Before applying, carefully consider your options. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. Its easy to see why credit card companies require personal guarantees. If you want to apply for the account without a personal guarantee, though, there are some stipulations. The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card. You can use them as gifts, miles, a statement credit, or gift cards. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. Looking for a business card without a personal guarantee?