If your company becomes insolvent, the cardholder isnt personally liable for the remaining debt on the credit card. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. What Is Online Check Writer & Is It Worth It? The best EIN-only business credit card for startups (no PG) is.. Watch the video to find. If youre interested in applying for the Stripe Corporate card, youll need to request an invitation and then reply to the email youll receive. 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. You can build business credit with this card. The credit is offered without collateral. This field is for validation purposes and should be left unchanged. One of the most enjoyable perks of the Sams Club Business MasterCard is that you can use it as a net 30 account and earn cash back on your Walmart and Sams Club purchases. You can also apply for a business credit card for a particular store, such as Office Depot/Office Max, or a gas station, such as the Shell card. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. Opinions expressed here are authors alone. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. In other words, most small businesses don't qualify. 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. 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. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. 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. To ensure you dont accidentally offer a personal guarantee, you have to fill out their business credit card application, and that only you allow them to use your SSN for verification purposes only. If your business fails and you cant pay off your balance, Many credit cards that lack a PG are corporate credit cards, which typically give you features like spend management and business software integrations, Some of these cards dont even check your personal credit when you apply, instead relying on other metrics, Many business credit cards with no PG require your business to be a corporation or LLC non-incorporated businesses will have a smaller set of options, Some business credit cards with no PG have high cash-on-hand requirements and are difficult for startups to obtain, Since most business credit cards require a PG, it may be hard to find a credit card that doesnt require a PG, Some business credit cards without a PG will initially require you to make daily repayments, You want a corporate credit card with a flat cash back rate, You like the idea of having a feature that identifies unnecessary business spending, You use products from Ramps partner companies, like Xero and Amazon Web Services, You want a corporate card but your business is not a corporation, You want a corporate card that lets you choose your repayment schedule, You spend a lot at restaurants and want a card that rewards this, You want budget management and employee spending limits with your corporate card, Received an equity investment of any amount (accelerator, angel, VC, or web3 token) or plan to in the near future, Earn more than $1 million/year in revenue, Be a tech startup that is on a path to meeting the criteria above, and is referred by an existing customer or partner, You want the highest available rewards rates for a corporate card and are willing to make Brex your exclusive business credit card, You want a card with multiple rewards redemption options, You want a corporate card with spend management, bill pay, and a mobile app, You must have 6+ months of business history, You must have a business bank account and maintain a positive account balance (an average daily balance of $1K+ is preferred), You must maintain a monthly revenue of $10K+, Your business spending is varied, and you want a spending card that handsomely rewards all your business purchases, Your business suffers from uneven cash flow, and you want a spending card that helps to even out your cash flow, You want a spending card with no personal guarantee and a nice welcome offer most of these other cards dont have a welcome offer, You use Stripe for payment processing (or if you want to), You own a new business and you want a no personal guarantee credit card with relaxed qualifications, You want a corporate card with a flat cash back rate and automatic reward redemption, You want to take advantage of Stripes partner rewards & discounts with services like Gusto and Guideline, You run a trucking business and you want a fleet fuel card with no personal guarantee, You run a non-trucking business with significant driving needs and you want a card that helps your business save on the cost of fuel, You want a fleet fuel card that doesnt limit you to certain gas station chains, You want a startup-friendly credit card with no PG and relaxed eligibility requirements, You want an unlimited number of employee cards for no extra charge, You want a business credit card with flat-rate rewards earning along with multiple redemption options, Specialized startup credit cards (like the SVB Innovators card). Some providers list these requirements online, but you may also need to ask for more information. Except for businesses easily showing sufficient collateral in the forms of assets or sufficient revenue and sales numbers, its difficult to receive approval for a small business credit card without a personal guarantee, which will likely involve a personal credit check. Your personal credit won't be held liable. Rewards: Earn see terms for rewards details. 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. 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. Start earning rewards with your corporate spending today. 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. 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. Thus it is a good no PG credit card for companies that own fleets. You may also be able to open a secured business credit card account to help build your business credit. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. Do all business credit cards require a personal guarantee? If you want to apply for the account without a personal guarantee, though, there are some stipulations. No fees. 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. Let us know how well the content on this page solved your problem today. 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. 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. Finding the best credit card for your business needs can be overwhelming. 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. Yes. Ramp offers a free corporate card and finance management system for small businesses. You can find a few business credit cards that do not require a personal credit card, or you can apply for a corporate card if you can meet eligibility requirements. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. There is no revenue requirement nor a personal credit check, as the Bento debit card is very similar to a secured credit card. Your Next Best Options. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. Sole proprietorships are not eligible. Many business credit cards that dont require a PG will have stringent qualification criteria. 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. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Well detail the best of these cards in this guide. 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. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Check out our post on the cards weve ranked as the best corporate credit cardsfor your business. Information provided on Forbes Advisor is for educational purposes only. 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. 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. 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. All Rights Reserved. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. Brex Treasury is not a bank; Brex Cash is not a bank account. You also use your EIN when you open a business bank account or establish a vendor line of . Generally speaking, a brand new business without any major assets or revenue to show will more than likely be considered high risk and will not qualify for most cards without a personal guarantee from an owner. Since these cards require you to post a security deposit, they are relatively easy to obtain. Additionally, Divvy lets you manage your companys spending by setting budgets by team, project, event, or any other category. All Rights Reserved. 2 business credit card with no PG options: Credit card paid daily: for companies of any size, no minimum balance (available with every, 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, Both cards report your payments to credit bureaus to help build your business credit, 5% cash back on eligible gas purchases on the first $6,000 spent, 3% cash back on dining and travel and 1% cash back on other purchases, Authorized users can be added to your account for free, Card is exclusive to Sams Club members and doubles as your membership card when you shop at Sams Club, Variable annual percentage rate of either 15.90% or 23.90%, Save $50 on your first purchase of $150 or more, Free additional cards for other people at your business, Balance doesnt have to be paid in full at the end of the month, Discounts on certain preventative maintenance services at participating Jiffy Lube locations. 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. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. Free accounting automation. Some discounts arse given by using the same card at Jiffy Lube stations. Jason graduated with a Political Science degree from San Diego State University in 2001. But startups with good or excellent business credit may be able to apply for loans . It also means that you will not have to pay for the additional cards your workers need. Costco Commercial Revolving and Net 30 - Capital One. Companies using Ramp are also required to have at least $75,000 in the bank. For many credit card applicationsespecially those where proper business registration has occurredbusiness assets and liability are separated from a business owners personal assets and liability. Best Business Credit Cards (for Startups) LYFE. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. There are good reasons to keep personal finances and risk separate from your business finances and risk. Best no-personal-guarantee business credit cards Here are the best no-personal-guarantee business credit cards that are currently available: SVB Innovators Card: Best for. Copyright 2022 Fast Capital 360. business credit 2023 | top 5 business credit cards pull transunion only with no business credit schedule a consultation ?. 1. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. This Sams Club card is another option on our no-personal-guarantee business credit cards list. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. 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. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. The approval process is more lenient than traditional lender underwriting requirements. Few of the business credit cards without personal guarantee requirements weve reviewed compare well to the best business credit cards. Some discounts arse given by using the same card at Jiffy Lube stations. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. The Stripe card has zero fees and credit limits that grow alongside your business. 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. You can also get 5% back on gasoline purchases up to $6,000 (1% thereafter), 3% back on dining and takeout, and 1% back on all other purchases. 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. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. 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. If there is no guarantee that the credit account will be paid off in full, the issuer could suffer a loss. In some cases, you could be approved in a matter of minutes and immediately start using your card. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. Ramp makes corporate spend tracking easy. Help us to improve by providing some feedback on your experience today. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. The 7 Best Business Credit Cards With No Personal Guarantee Required. You can prequalify today, just by answering 8 simple Yes or No questions. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. 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. 50,000 bonus points after spending $9,000+ in the first 30 days. You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. 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.