Ramp is offering unlimited virtual with support for Apple and Google Pay, as well as custom-branded physical employee cards at no additional cost. They even offer expert contract negotiation services to ensure you get similar pricing to the rest of their cardholders. With this in mind, once your business is large enough, with a certain number of employees or a high enough revenue stream, you may be able to sign up for a corporate credit card. With Divvy, you can choose to make your repayments weekly, twice a month, or once a month, with your rewards scheme depending on the frequency of your repayments. What is the easiest business credit card to get? These are provided as guidelines only and approval is not guaranteed. Of course, in such a scenario, your business assets can, in fact, be seized. What's the benefit of getting a no personal guarantee business credit card? Redeem points for travel, gift cards, a statement credit, or cash back at a rate of 1 cent per point for travel and about a half-cent per point on everything else. Let us know how well the content on this page solved your problem today. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. 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. In Summary: The 7 Best No PG Credit Cards, Our Experts Recommend Ramp Corporate Card . Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. 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. Why Are Business Credit Cards with No Personal Guarantee Scarce? Terms apply, visit, Exclusive offers, plus sneak previews and special savings, Included software identifies redundancies in spending, Sole proprietors are not eligible to apply, As a charge card, you cant carry a balance, 5-in-1 platform. The SVB Innovators MasterCard is a flexible line of credit that scales alongside company growth. Looking for a business card without a personal guarantee? 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. Many business credit cards on the market require some personal guarantee. 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. In certain circumstances, it may be possible to obtain business credit using only your EIN without providing your SSN. Earn miles and points with a small business. 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 . Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. The Stripe Corporate Card is also invite-only. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Best Business Credit Cards Without A Personal Guarantee Requirement, Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, like. Bank of America's Business Advantage Unlimited Cash Rewards Secured credit card earns unlimited 1.5% cash back on all purchases. 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. 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. 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. You can request an invitation online, but there is no guarantee that youll be accepted for the card. Citi Cards - Office Depot, Staples. Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. Jason graduated with a Political Science degree from San Diego State University in 2001. As you make more and more purchases on your Ramp Visa card, youll get access to their algorithmic savings insights. 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. They provide online and mobile services that can be accessed from everywhere, at any time. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. You can open a business credit card without personal credit in two ways. Most of the cards that are available are only for specific types of purchases, and many can only be used at a single retail location, such as a gas station or supply store. But first, lets go over the pros and cons of these cards from a business perspective. Once you have your Sams card, you earn up to 5% back in Sams Cash when making in-store purchases. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. 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. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. This Sams Club card is another option on our no-personal-guarantee business credit cards list. Issuing business credit cards is risky because businesses fail so often. These details are not available on the Divvy website, but have been confirmed by MerchantMaverick. Reducing the liability you and your business faces by reducing access to the account and spending less can help. Our explainer piece on invoice factoring further details this process. Before applying, carefully consider your options. Thats because your credit limit will be equal to the amount you deposit with the credit card issuer, and the issuer will have that collateral if you dont repay your debt. 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. This is just one scoring method and a credit card issuer may use another method when considering your application. Additionally, when restricting your business credit card search to cards with no PG, it may be harder for you to find a card with a spending rewards program that matches your business spending. Rather, it is a prepaid spending card tied to your future business revenue. It targets "medium to large businesses" and it has high income and revenue requirements. Ramp offers a free corporate card for virtually any business. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. 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. This includes zero liability and fraud protection. 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. Ramp aims its corporate card at corporations registered in the US. 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. You also use your EIN when you open a business bank account or establish a vendor line of . It can be used anywhere Mastercard is accepted. Coast is available for US-based businesses that operate fleets of vehicles. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. Additional rewards options are available for tech, science, and remote companies. Ink Business Cash Credit Card. To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. 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. 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. The credit is offered without collateral. His financial expertise has been cited in numerous publications, including The Ladders. As such, the average small business owner wont be able to apply successfully for a credit card with no personal guarantee. Ramp advertises a larger than average credit limit for businesses. 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. Its easy to see why credit card companies require personal guarantees. Some business credit cards dont require a personal guarantee. Editorial Note: We earn a commission from partner links on Forbes Advisor. Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. Let's look at the seven best no personal guarantee credit cards for business. 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. Instead of charging you interest on charges made to your business line of credit, Revenued relies on factoring essentially, you are borrowing against future revenue via invoices. Sams Club Business MC - Synchrony Bank. 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. Instantly provision cards and manage your company's spending in real-time. If your business spending is varied and diffuse, youll love Revenueds flat 3% cash back rate on all eligible purchases an exceptional rate for any small business credit card, much less one that doesnt sport any credit score requirements. This can save users the step of using a separate rewards card or punching in a phone number at checkout every time. 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. This is one of the major selling points of the card and currently unique to the Ramp Card. Yet, after $500 spent over a 12 months period you enter the VIP status which will bring you an extra earn back amounting to 5% for print services, paper, toner, and ink, plus some other rewards and free delivery within two days. Other Benefits and Drawbacks: The Brex 30 Card is a charge card, meaning it must be paid off every month in full. 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. Costco Commercial Revolving and Net 30 - Capital One. When using a Bento Spent Limit card, you first have to load money onto it. Past performance is not indicative of future results. Ramp savings. 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. Business credit cards that dont require a personal guarantee are difficult to qualify for. The Advantages Of A No PG Business Credit Card, The Disadvantages Of A No PG Business Credit Card. When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. 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. Since these cards require you to post a security deposit, they are relatively easy to obtain. While these arent traditional business credit cards, your business may qualify for one without having to sign a personal guarantee. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Brex Inc. is a financial service and technology company headquartered in San Francisco. Merchant Mavericks ratings are not influenced by affiliate partnerships. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. The Brex 30 Card requires no guarantee because it sets credit limits based on cash flow and determines a business eligibility for qualification based on spending patterns and sales volume. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. 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? Welcome Offer: This card does not offer a welcome bonus. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. This helps business owners protect personal property when a business fails. If a card without a personal guarantee requirement is important to you, it may be worth pursuing. These cards are generally reserved for larger businesses with an established credit history. 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 SVB Innovators Card is another no personal guarantee credit card, that like Brex, works like a charge card where balances must be paid in full each month. SVB customers also have access to unique lending options geared specifically toward startups, including venture debt, growth capital, working capital, and mezzanine financing to support acquisitions, earnouts, capital expenditures, and more. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. 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. 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. ASAP EIN Business Credit-No PG Required! The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. Citi Cards - Shell Gas Revovling and Net 30. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. Well be exploring these no personal guarantee credit cards in a moment. Almost anyone with a business can get approved, even if you have bad credit. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. What credit score is needed for a business credit card? 3. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. In other words, most small businesses don't qualify. Unlike the cards listed above, the Coast card is a fleet card a specialized payment instrument that helps trucking businesses save money on the cost of fuel and maintenance while monitoring employee spending. With discounts on useful services and integrations with financial software platforms like QuickBooks & Xero, Stripe can help your business grow in the right direction. Revenued: Best Flat Rewards Rate Card With No Personal Guarantee, 5. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. 50,000 bonus points after spending $9,000+ in the first 30 days. 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. 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. While many cards in the market now offer no foreign transaction fees, Divvy adds a fee of 0.2% to 0.9%. 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. Royal Dutch Shell is an oil and gas company most recognized for its gas stations, which feature its iconic shell logo. 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. Other approval requirements include: The Bento Business Visa Debit Card is available to all business owners, no matter the size or industry. We'd love to hear from you, please enter your comments. How To Get Business Credit Cards With An EIN Only. Lets look at the seven best no personal guarantee credit cards for business. Office Depot and OfficeMax merged in 2013 when Office Depot purchased OfficeMax, forming one of the largest office supply retail companies in the world. $0. For example, you can get a 25% discount on the annual subscription to Slack, three months free at Gusto and Guideline, and a $150 bonus for Google Ads. So its no surprise that credit card issuers are leery of extending credit to small businesses with no proven track record. If you want to apply for the account without a personal guarantee, though, there are some stipulations. Yes. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. And like several other cards on this list, Divvy offers automatic expense reporting features. Some companies will qualify for monthly repayments, but your rewards rate will be slightly lower. Sole proprietors or other unregistered businesses need not apply. Get industry-leading advice to help you make confident decisions. Would you like to get approval in as little as 48 72 hours, and your funds released within days? Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Companies must qualify to be eligible for a paid-monthly credit card, but those eligible for a Brex Cash account qualify for a paid-daily card. Some specific partner companies like Snap and Kasa. It comes with a very straightforward rewards program that allows you to earn 2x points on all purchases no matter the category. If you have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. Automated expense accounting is directly compatible with QuickBooks, Xero, Sage, NetSuite and more. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. These include discounts and credits, such as 25% off an annual Slack subscription, three months free with Gusto and Guideline, and $150 in Google Ads credits. 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. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. Please try again later. APR Additional perks are available to Stripe Corporate customers in special offers from about 20 partner companies. 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. Youll earn points by using your Divvy card for purchases in three categories: restaurants, hotels, and recurring software subscriptions. Can you get a business credit card without a personal guarantee? Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. 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. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. Stripe Corporate Card: Best No Personal Guarantee Card For New Businesses, Stripe Corporate Card Eligibility Requirements, 6. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. This compensation comes from two main sources. Corporate cards, expense management, bill payments, accounting integrations, and real-time reporting in one free and easy to use solution, Controls at scale. $0. The SVB Innovators Card is designed to support growth for startups. 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. There is also a 24/7 customer service team based in the US. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. If youre interested in applying for the Stripe Corporate card, youll need to request an invitation and then reply to the email youll receive. Youll receive a discount of 2 cents per gallon of fuel purchased with the Coast card. Business credit cards with no personal guarantee often don't report to personal credit, and since you're not personally liable for the debt they won't report to personal credit even if you default on your payments. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. 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. As a cardholder, youll also get full to Divvys expense management software and budgeting tools. 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. 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. That can even mean suing the cardholder personally to get a judgment. Then they try to find out more about your business spending habits, by having you content your business bank accounts. Conduct informed research before deciding which cards will best help you achieve your financial goals. All Rights Reserved. Something went wrong. 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. 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. 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. 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. Copyright 2023 Merchant Maverick. Youll also get access to spend management, automated bill pay, partner rewards, a mobile app, and much more. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Are you personally liable for business credit cards? The catch-22 is that you have to pay your bills weekly or bi-weekly to maximize your rewards point earnings. Dell Computer, Lowes, Amazon Net 55, JCP & Menards, might approve applications without PG if you can demostrate a year or so of payment . Cash back. Is looking for a business credit card with no PG worth it? Their rewards program also offers up to 7x bonus points for restaurant purchases and 5x on hotels, and 1.5x on everything else. The 7 Best Business Credit Cards With No Personal Guarantee Required. Personal credit scores required to qualify for business credit cards vary depending on both credit card product and issuer. 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. 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 might involve a hard inquiry on the owners credit report. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. Information provided on Forbes Advisor is for educational purposes only. 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. The Stripe card has zero fees and credit limits that grow alongside your business. Note that we are not able to provide private consultations, give advice, or answer questions. Some discounts arse given by using the same card at Jiffy Lube stations.