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. 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. Commissions do not affect our editors' opinions or evaluations. 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. 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. 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. 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. Corporate cards, expense management, bill payments, accounting integrations, and real-time reporting in one free and easy to use solution, Controls at scale. 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. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. Of course, in such a scenario, your business assets can, in fact, be seized. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. If you want to apply for the account without a personal guarantee, though, there are some stipulations. The credit is offered without collateral. Almost anyone with a business can get approved, even if you have bad credit. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. 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. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. 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 . 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. Citi Cards - Shell Gas Revovling and Net 30. The Office Depot Business Credit Account does not offer rewards on purchases. You might need to fill out a paper application, but most providers allow you to apply online. Let's look at the seven best no personal guarantee credit cards for business. It provides credit cards and money management accounts to technology companies and startups. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. You need to put down a security deposit (minimum of $1,000 . 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. 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. Do you need startup financing, working capital for your business, funding for equipment or real estate? We'd love to hear from you, please enter your comments. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. Otherwise, theyll be less-inclined to offer your business a card with strong rewards, excellent benefits and other perks. Streamline your bill payments with AP automation, approvals and accounting. Its easy to see why credit card companies require personal guarantees. A business credit card offers many conveniences, but one without a personal guarantee requirement will mean you wont necessarily be held personally liable for your business debts on the card. BJ'S Perks World for Business MC - Comenity. As such, there are no interest charges. Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. Sole proprietorships are not eligible. 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. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. 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. 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. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. All Rights Reserved. Editorial Note: We earn a commission from partner links on Forbes Advisor. Some providers list these requirements online, but you may also need to ask for more information. You can use them as gifts, miles, a statement credit, or gift cards. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. 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. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. Using these types of cards responsibly can help you build your credit profile. The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. For large purchases, use other forms of financing instead, such as a business operating loan. What Is Online Check Writer & Is It Worth It? Your personal credit won't be held liable. Ramp aims its corporate card at corporations registered in the US. The only credit card that allows you to control spend at the merchant, category, and spend level. 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. You don't need perfect personal credit (or an established personal credit history to get approved). So no, you do not need an EIN to apply for a business card. Small business owners risk piercing the corporate veil when mixing personal and business finances. Sams Club Business Credit - Synchrony Bank. 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. Business Debit Card: 0%: 0.00%: No PG: . Rewards: Earn 1.5% cash back on every purchase. 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. SVB also offers a business checking account. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. 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. That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. Citi Cards - Office Depot, Staples. 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 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. Why Are Business Credit Cards with No Personal Guarantee Scarce? Is looking for a business credit card with no PG worth it? Since these cards require you to post a security deposit, they are relatively easy to obtain. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. Unless your business has at least $5 million in annual revenue, a minimum of two years of operating history, and more than ten employees, you will not be eligible for this card unless youre willing to sign a PG. This Sams Club card is another option on our no-personal-guarantee business credit cards list. 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. Let us know how well the content on this page solved your problem today. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Free accounting automation. 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. Your rewards balance will be automatically credited to your balance each month. 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 To Get Business Credit Cards With An EIN Only. Whatever the amount is that you deposit is your credit limit. 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. 0% on purchases for the first 12 months. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . 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. Chauncey grew up on a farm in rural northern California. 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. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. 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. 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. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. 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 card offers partner benefits from over three dozen partners. The Divvy no PG business card has no annual fee. It does, however, charge a fee for late payments of 2.99%.