Best Business Credit Cards (for Startups) LYFE. That can even mean suing the cardholder personally to get a judgment. The credit is offered without collateral. Its equally easy to see why a business owner might want to steer clear of them. Bento debit accounts can be extended to an unlimited number of employees, but there is a $20 card expedite fee if you need rush delivery. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. Advertiser Disclosure: Our unbiased reviews and content are supported in part by, Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. Some companies will qualify for monthly repayments, but your rewards rate will be slightly lower. You can build business credit with this card. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. As such, there are no interest charges. How can I open a business credit card without personal credit? The approval process is more lenient than traditional lender underwriting requirements. Small business owners risk piercing the corporate veil when mixing personal and business finances. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. 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. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. If your business is not a corporation or LLC, dont waste your time applying for a corporate card unless you can confirm beforehand that your business is eligible for the card in question. Shell Small Business Card is one of the best options for road warriors and fleet managers alike. 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 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. They provide online and mobile services that can be accessed from everywhere, at any time. Visa benefits. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. 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. Credit limit. When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. Merchant Mavericks ratings are not influenced by affiliate partnerships. Cash back. Jason Vissers has been researching, analyzing, and writing about small business software and finance since 2015. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. Instantly provision cards and manage your company's spending in real-time. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. 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. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. Its easy to see why credit card companies require personal guarantees. 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. Welcome Offer: This card does not offer a welcome bonus. Can you get a business credit card with bad personal credit? Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. Yes. In other words, most small businesses don't qualify. Start earning rewards with your corporate spending today. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. If your balance is too low, the transaction simply will be denied. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. The SVB Innovators Card is designed to support growth for startups. 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. 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. Nonetheless, you cant expect to get a decent line of credit if you sign up for the card immediately after starting your first Stripe account. 3. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. Business credit cards without a personal guarantee can be hard to obtain. This is why most issuers of business credit cards require a personal guarantee in the first place. Youll need to reach out to Divvy for more information. The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card. 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. 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. 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. 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. 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. Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. Can you get a business credit card without a personal guarantee? This card doesnt require a personal guarantee for all users. Some providers list these requirements online, but you may also need to ask for more information. U.S. Bank Business Leverage Visa Signature Card Earn $750 in rewards Welcome offer Earn $750 in rewards when you spend $7,500 in eligible purchases on the account owner's card within the first 120 days of opening your account. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Finding the best credit card for your business needs can be overwhelming. 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. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. 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. Do Economic or Industry Factors Affect Business Survival? The catch-22 is that you have to pay your bills weekly or bi-weekly to maximize your rewards point earnings. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. The only credit card that allows you to control spend at the merchant, category, and spend level. Commissions do not affect our editors' opinions or evaluations. 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. Rewards: Earn 1.5% cash back on every purchase. Ramp savings. You dont need to have much business financial history nor do you require a personal guarantee. That said, what is best for the majority of businesses might not be right for you. You may also be able to open a secured business credit card account to help build your business credit. In some cases, you could be approved in a matter of minutes and immediately start using your card. 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. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. For cards where a personal guarantee is not required, an individual on the account may be able to avoid personal liability. 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 . 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. Ramp Corporate Card: Best Corporate Card With No Personal Guarantee Pros No personal guarantee Simple and solid cash back rate No fees Algorithm-driven insights that can help save money Cons Available only to US-based companies High cash requirements No mobile app Youll need to be an SVB banking client to be considered for the business card and can apply online to open your account. Business credit cards that dont require a personal guarantee are difficult to qualify for. You can use them as gifts, miles, a statement credit, or gift cards. 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. 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. Well detail the best of these cards in this guide. $750 bonus cash back after spending $7,500 in the first 3 months after your account start date. Before applying, carefully consider your options. 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 Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent.