Rewards: This card does not offer a rewards, Welcome Offer: This card does not offer a welcome bonus. Do Economic or Industry Factors Affect Business Survival? 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. Read more below to learn why we chose these options. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. 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. Testimonials may not represent experiences of all clients. 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. Now let's take a look at how you can earn rewards with a small business. Sams Club is a membership-only retail warehouse where members can buy items in bulk at a discount. The Small Business Association says that about one-third of businesses with employees will fail within their first two years. 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. Instead of paying interest on what you borrow, youll pay a fixed factor rate. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. 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? These types of cards are often called a Corporate Credit Card. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. You can build business credit many different ways without using your personal credit score. The Stripe Corporate Card is relatively easy for new businesses to get approved for. Bremer Bank Visa Signature Business Company Card. Rather, it is a prepaid spending card tied to your future business revenue. So no, you do not need an EIN to apply for a business card. Do all business credit cards require a personal guarantee? Any business owner can apply for an . Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. Realtime reporting and integrations. 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. These are provided as guidelines only and approval is not guaranteed. Business credit cards that dont require a personal guarantee are difficult to qualify for. 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. Business credit cards without a personal guarantee can be hard to obtain. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. 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. If your business is at that size, you likely can qualify for a corporate card, such as Ramp or Brex, that offers rewards. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. 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. 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. When you sign a personal guarantee, you agree to be personally responsible for any debt the business takes on. Using these types of cards responsibly can help you build your credit profile. It takes into account the business growth, as the credit cards limits expand as your financial data progresses, this includes the available cash, credit history, and spending patterns in your business. Which card meets the needs of and best suits your business is up to you and how you run your business. 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. For your monthly expenses, you get 2% back. Since both options for business credit cards without a personal guarantee requirement and for secured business credit cards remain limited, we recommend you build some personal credit before applying for a business credit card, if at all possible. 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. 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. Use the Stripe Corporate card, and youll earn a flat 1.5% cash back on every business purchase. Ink Business Cash Credit Card. NO PG. Pay weekly, and you can earn up to 7x points on restaurants, for example, with that rate dropping to 4x if you pay twice a month and 2x if you pay monthly. No matter how many cards you use, points will accrue in a single pool. Do you need startup financing, working capital for your business, funding for equipment or real estate? 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. It provides credit cards and money management accounts to technology companies and startups. Your financial situation is unique and the products and services we review may not be right for your circumstances. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. 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. If you decide to go this route, check out our article on getting a corporate credit card for tips that can help you succeed. As you use your business credit card responsibly, your credit profile will grow, and you may be able to apply for a different kind of business credit card. Ramp offers a free corporate card for virtually any business. The Brex corporate card for startups has stringent eligibility requirements, meaning that not every would-be Brex user will be able to qualify. The card offers partner benefits from over three dozen partners. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. Unlike most business credit cards, this corporate card doesn't require a personal guarantee. Most credit card issuers will look for a credit score of 600 or above. You can also set employee spending limits and view and edit budgets in real-time & share them via the web or Divvys mobile app. 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. 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. 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. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. Bentos business debit cards can be used to make purchases in stores or online. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. His financial expertise has been cited in numerous publications, including The Ladders. Your credit limit is determined by your payment processing history on the platform as well as your bank history, and it will only grow as your business grows and you generate more payment volume. 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. Occasionally, we encounter noteworthy product options, even if they dont merit inclusion in our best-of lists. Information provided on Forbes Advisor is for educational purposes only. Other Benefits and Drawbacks: With The Stripe Corporate Card* , there are no fees, but also no balances carried: you must pay off your balance each month. Almost all business credit cards require a personal guarantee. Many business credit cards require a personal guarantee a business owner will pay off debt and this personal guarantee opens a business owner up to liability he or she may not have with respect to other finances. Would you like to get approval in as little as 48 72 hours, and your funds released within days? The 7 Best Business Credit Cards With No Personal Guarantee Required. Some specific partner companies like Snap and Kasa. Visa benefits. 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. What is the easiest business credit card to get? This Sams Club card is another option on our no-personal-guarantee business credit cards list. There are no welcome bonuses or traditional 0% introductory APR periods with this card, but the issuers software identifies duplicate expenses and makes tracking and analysis of expenses quite hi-tech. For all those who dont want to risk personal liability, there are credit cards and accounts without personal guarantee requirements. 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. Opinions expressed here are authors alone. Rewards: Earn see terms for rewards details. This form is for feedback only. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. The Stripe card has zero fees and credit limits that grow alongside your business. Are you sure you want to rest your choices? To qualify for business-only liability, your organization must meet one of these requirements: Otherwise, you may need to provide a personal guarantee. Whats more, according to Stripe, you can get up and running with a virtual card in minutes.. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. 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. They even offer expert contract negotiation services to ensure you get similar pricing to the rest of their cardholders. 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. 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. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. Some banks issue secured business credit cards for this purpose. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. You may also be able to open a secured business credit card account to help build your business credit. 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. Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). Get industry-leading advice to help you make confident decisions. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. With a Ramp charge card, you can earn 1.5% cash back on all business purchases without having to target rewards categories. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. You can create separate physical and virtual cards for all of your employees, as well, as control spending and access to them individually. The Advantages Of A No PG Business Credit Card, The Disadvantages Of A No PG Business Credit Card. Can you get a business credit card without a personal guarantee? With a few notable exceptions, Stripe Corporate does not offer any higher tiers of earning on specified categories, such as travel or dining. We occasionally send out emails with special offers. If you have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. Erin has more than 15 years experience writing, proofreading and editing web content, technical documentation, instructional materials, marketing copy, editorials, social copy and creative content. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. Ramp makes corporate spend tracking easy. 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. Streamline your bill payments with AP automation, approvals and accounting. Performance information may have changed since the time of publication. Why Are Business Credit Cards with No Personal Guarantee Scarce? Your rewards balance will be automatically credited to your balance each month. 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. Citi Cards - Office Depot, Staples. The best way to apply for a Sams MasterCard is in-store, so you can have the sales rep contact to personally call their credit department to discuss why you dont want to give a personal guarantee or to ensure your personal credit is not checked. It is designed for startups, especially in the tech and e-commerce industries. 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. You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. No founder liability. And if you dont qualify for the exclusive program, youll just earn an unlimited 1 point per dollar spent. The SVB Innovators Card is designed to support growth for startups. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. Can you get a business credit card with bad personal credit? There is no paperwork required to apply for this no-PG business credit card. As such, there are no interest charges. Some discounts arse given by using the same card at Jiffy Lube stations.