The Spark Cash Plus from Capital One is a great business credit card that offers 2% cash back on all business purchases. Applying for a Business Credit Card Using an EIN - Lendio BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE FOR SAMS CLUB PURCHASES. But not all report to consumer credit bureaus meaning any issues on a cardholders business accounts will not necessarily affect personal credit. This card comes with travel discounts and even allows you to order employee cards connected to the same account, making this one of the easiest business credit cards to get with an EIN number. Maddie Shepherd is a former Fundera senior staff writer and current contributing writer for Fundera., Maddie has an extensive knowledge of business credit cards, accounting tools, and merchant services, but specializes in small business financing advice. However, keep in mind that a lender may require a personal guarantee even if you dont supply a SSN, and there is no personal credit check. With the Shell card, for example, if your business earns over a million dollars in revenue every year, and has at least three years of business history, then you could qualify for company-only liability for this corporate gas card. This is required under the Patriot Act. In terms of APR, the Phillips 66 Commercial Credit Card currently sits at 23.74% which is okay but not great. Your email address will not be published. Our editors' recommendations for the Best Credit Cards are a reflection of their own subjective opinions, and they should not be relied upon as the sole basis for choosing your financial product. You can offer your customers financing through loans, lines of credit, overdrafts, and credit cards. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Once you register your company, you can open a bank account for the business. During this process, you can choose the kind of business that you want to register. EINs are used by businesses, from large companies to sole proprietors, to file taxes. Lastly, use credit as your last resort. For example, if your business credit card has a limit of $10,000, but you only use around $1,000 of it every month, the bank recognizes that your business is in a strong financial position. You will need an EIN to get approved for a business credit card. All major small business credit cards require a personal guarantee, so make sure you are careful not to run up balances you cant repay. This unique identifier is also issued by the IRS and also allows you to build a credit record for your business separately from your personal finances. At the end of the day, your credit score is there to showcase your financial position as a business. You're still liable for your business finances, but your business activity won't be reported to a credit bureau. Cards, expenses, bills, and accounting - beautifully reimagined by experts to save you time and money. While not always easy to obtain if youre a brand new company, you should be able to qualify for most business gas cards once you have a little bit of business credit under your belt. As mentioned above, applying for a business credit card with your Employer Identification Number is very different from using your Social Security number. Last up, if you want to apply for business credit cards using EIN only, but youre not raking in tons of revenue, then one of your options is a prepaid business credit card. In order for you to get the Sam's Club Business Credit Card with no personal guarantee, your business must have at least $5 million in annual sales or revenues, be at least two years old, and have at least 10 employees. This is a great solution for business owners managing several employees, but whose low or limited credit has disqualified them from traditional business credit cards. While this isnt as high as some other business credit cards on this list, its still decent. The Office Depot Business Credit Account * is a closed-loop card, meaning it's only accepted by Office Depot and OfficeMax. This is important as it creates a financial record under your companys name. Hes been covering the industry for over a decade and loves exploring topics to help other small businesses succeed. That means better business credit card options, quicker. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products. They also offer a variety of perks and benefits, including cash bonuses for businesses that use the card frequently. Also, note that some companies like Ramp offer additional services like a small business loan or a business line of credit for more opportunities to generate additional cash flow. But if youve got solid revenue and can maintain at least $75,000 in your business bank account, Ramp may be right up your alley. Even business owners with a good credit history will still need to provide an SSN and other tax ID information to apply. If you are looking for an EIN-only credit card as your solution to bad credit, youll likely be disappointed. Note that you also need to be US-based and have been in operation for at least six months. A quick glimpse at Airbase, and you can tell its got some strong selling points. And it offers up to 2% cash back on all Airbase corporate cards, making it one of the best rewards programs in the market. Can you get a business credit card without an SSN? This book will help you obtain 5 - 10 business credit accounts within 30 days using your EIN instead of your SSN.- Get a business credit card with EIN only, with no personal guarantee- Start building a business today with Net-30 vendors who report to the three major bureaus- How To Properly Structure Your Business To Get Business Credit- You can get business credit & funding for your . If this is the case, the most future-proof path is to build personal credit with responsible spending with the Secured Mastercard or the Spark Classic, even though they require more than your EIN to apply. You can build business credit with this card. Plus, if you cant put down you security deposit in one lump sum, the Secured Mastercard lets you pay it off in installments, so long as its paid in full within 80 days of opening your account. The answer to this question certainly differs from business owner to business owner, but there are two primary reasons for wanting to secure a business credit with an EIN only. From the second you land on the Rho corporate card page, it instantly says no personal guarantee or personal credit check required.. The credit card application process is a bit more involved, as youll have to answer some questions about your business as well as provide some personal information. How To Find The Cheapest Travel Insurance. This includes purchases at gas and EV stations. That said, there are several credit cards for small business owners that wont run a personal credit check and dont require a personal guarantee. This is a highly effective method to increase sales and grow your customer base by making products or services more accessible. An Employer Identification Number is a unique nine-digit identification number that is essential to registering your business with the IRS. Bento lets you easily set spend limits, track card activity, automatically integrate expense data into your bookkeeping software, and create as many cards as your business needs. In this way, your EIN plays a vital role in building your companys credit score. Save up to $0.06 per gallon on volume-based rebates at any major fuel station with the Business Access Card. A business credit card is great for separating business and personal expenses. Yes. For more options, check out our editors' complete picks for the best startup business credit cards. The main downside is that you need a minimum of $75,000 to qualify for an account opening something that can be difficult for many small businesses. These cards let a business access a credit card account without one specific stakeholder taking on personal liability. Many issuers will let you include household income on your application. The EIN is for businesses, what the Social Security number is for people. While business credit cards have some nice perks, including easy tracking and reporting for business expenses, you dont have to use a business card to run your company. Read the application and cardholder agreement carefully if this is a concern for you. Commissions do not affect our editors' opinions or evaluations. Most business cards report activity to commercial credit bureaus that keep a record of the cardholders business credit. 8% of start-ups use personal credit cards for financing, versus just 2% using business credit cards. Depending on the lender, even with an EIN . An EIN is a nine-digit tax ID number that sole proprietors, small business owners, corporations and other entities can apply for with and receive from the IRS. This is a credit facility offered by the store itself so that you can make your purchase and pay for the items later. Finally, Ramp can connect you with other lenders for business loans for additional funding. This unique identification number from the IRS effectively acts as your businesss Social Security number. Skip the Wait: Get Same-. Since you are not borrowing finances from a bank or financial institution, you can build a credit record without having to borrow anything, to begin with. It has a low intro APR and no annual fee for the first year. It allows holders to apply for credit products. These cards exist, but they usually require strong business credit scores, and significant business assets or sales. As a result, business owners with personal credit thats on the lower side will be able to access this credit building tool much easier than they would be able to access an unsecured credit card. These cards give you the chance to earn rewards with every gallon you pump. Rather than having employees use their personal credit cards to make qualifying purchases, Emburse cards allow them to make approved purchases with each expense automatically syncing with the platform. So if youre looking for an all-in-one card that runs the gamut, the Shell Business Gas Card is one of the best. And there are flexible rewards that are similar to Mastercard Easy Savings. The Business Platinum Card from American Express is a top-tier card best for businesses with a lot of travel expenses, as the card's main rewards categories include flights and prepaid hotels booked through amextravel.com (and flights booked directly with the airline). Brex cards come in two varieties: paid daily or paid monthly. No EIN business credit cards may be appealing for a variety of reasons: Unless your business is large and well-established, however, it can be hard to qualify for a business credit card without using personal credit. The bottom line is if you want no introductory APR, no annual fees, and great rewards without having to deal with your personal or business credit scores entering the equation and no personal guarantee, Divvy is an excellent choice and a great option for spend and expense management. This is because you can even get a cash deposit credit card to build a credit history for your company from scratch. Why its One of the Best Business Credit Cards Without a Personal Guarantee: The SVB Innovators Card has a $0 annual fee, and allows you to add unlimited employee cards with $0 annual fees on them. BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE FOR SUPPLEMENTAL BENEFITS. 9 Best No PG Business Credit Cards Worth Applying For - Planning Guide Either way, applying with an EIN allows you to access credit for your business without needing an SSN. (You can apply for an EIN online .) Are you looking for some of the best business credit cards that let you apply with just your EIN? Prepaid cards require you to load an account with funds to pay for purchases. For Read More. Plus it takes away the risk of giving employees cards! The Brex Daily must be paired with a Brex Cash account . Most importantly purchases on your Spark Classic card will earn you 1% cashback, and all payments will get reported monthly to Dun & Bradstreet, Experian, and Equifax. However, if your personal credit is suffering, and you want to avoid applying to a business credit card with your SSN as a result, there are ways to access business credit that, unlike getting business credit cards with EIN only, will help you build or rebuild your personal credit. In other words, you can apply for a small business credit card without your personal credit score being a factor. We encourage everyone to share their knowledge while respecting our content guidelines. When you sign up for a Bento card, you dont have to worry about your personal credit score, since Bento doesnt require a credit check to qualify. These are corporate credit cards and gas cards that primarily want your EIN. In most cases, its not possible for a small business owner to skip the SSN field on an application and replace it with an EIN and see an approval. 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 can't pay back. The Brex corporate card offers a welcome bonus and a generous, but complicated, rewards structure. This allows you to take loans for your business under your company name with better deals. What are the best startup business credit cards with no personal guarantee? Editorial Note: We earn a commission from partner links on Forbes Advisor. All images and trademarks are the property of their respective owners. Are you personally liable for a corporate credit card? Get High-Limit Revolving Fleet Business Credit Card Without SSN for Fuel and Auto Vehicle Maintenance and Repairs. In this post, well walk you through applying for business credit cards without using your SSN, the best lenders, the loan types, and how to build credit using them. Business Credit Cards With No Personal Credit Check of May 2023 Heres a spotlight on those two top draws of applying for business credit cards with EIN only, and you should be in a position to understand your next moves: Credit card issuers tend to treat getting a business credit card using EIN as an earned privilege. If a lender requests an EIN on a credit application but does not request a Social Security number, its very possible the lender will not check your personal credit. Do Not Sell or Share My Personal Information, $5+ million in annual sales, 2+ years old, 10+ employees. If youre looking for a business credit card using EIN only in order to avoid personal liability on the card, then youll need to pick a corporate credit card or a gas card if you qualify. But youve got the knowledgeable WalletHub community on your side. The best part about this card is that theres no annual fee, making it one of the best deals you can get for your small business. Financial Literacy | Improve Credit Score - Instagram The U.S. Bank Business Triple Cash Rewards offers a staggering 3% cash back on all eligible purchases. You can search for lenders that offer loans to businesses without personal credit checks on sites like Funding Circle or Fundera. This also links the business credit card to your personal credit profile instead of creating and building a unique credit history for your business. If keeping business and personal expenses separate is important, find a card that doesnt report to consumer credit agencies. This number is also required to complete the company registration process. The Chase app also lets you monitor the account and order employee cards for free. They report to business credit, which makes them an excellent way to help build business credit. It is very difficult for startups to get a business credit card without a personal credit check or EIN. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. You must apply for your business credit card with your EIN, not your Social Security number. 0% on purchases for the first 12 months. Bento Corporate Visa. While some corporate business credit cards come with card-specific liabilitywhich means each cardholder is responsible for the spending done on their specific cardothers allow for company-only liability if thats what youre after. One of the most effective methods to never miss a payment is to set a reminder a few days before so that you can make every payment in advance. Also includes discounts on auto parts and travel. Chauncey grew up on a farm in rural northern California. Business credit cards work very much the same as personal credit cards. One of the easiest ways for a business to improve its credit score is to use a business credit card. In many cases, using an EIN limits your available options for top corporate credit cards, retail store cards, gas cards, and prepaid business credit cards. Look to the Secured Mastercard or the Spark Classic to build your personal credit, and use a prepaid business debit card to easily oversee all your businesss spending at the same time. Proper filing as a corporation, LLC or other entity with legal liability protections will help avoid personal liability with respect to debts incurred. Youll also need to provide information about your companys credit history and financial stability. This can even decrease your overall credit score. Also, using this card makes it easy to manage your account because you can access your bill anytime, get alerts about account activity, enroll in autopay, and more. Best Business Credit Cards With No Personal Guarantee Of April 2023 Best Business Credit Cards With No Personal Guarantee. The credit card company will use this number to run a credit check on your business. Top 6 Best Business Credit Cards With No Personal Guarantee Get a Business Credit Card with Only an EIN | Business.org 10 Credit Cards Without Personal Guarantees | SMB Compass You can apply for an EIN through the IRS' website for free, and creditors can look into your existing business credit. Note: Issuer policies may change so always be sure to review your cardholder agreement and ask questions if this is important to you. This kind of credit card allows you to load cash into the card for employees to use during the businesss daily operations. This is why a credit history helps build a good credit score. This compensation comes from two main sources. 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. As for membership rewards, you earn 1.75% cash back if you pay your balance off daily. 2023 by Camino Financial, Inc. All Rights Reserved. Can I Get a Business Credit Card With Only an EIN? It also offers $500 cash back after spending $5,000 within the first three months and 3% unlimited cash back. As for negatives, Shell doesnt disclose its APR on the website. Why its One of the Best Business Credit Cards Without a Personal Guarantee: The Office Depot Business Credit Card is a good choice for office supplies because it offers 2% back in rewards on purchases at Office Depot and OfficeMax, though youll have to link your rewards account to your credit card account. While lenders may request an EIN on a credit application, its not required to report an account to business credit bureaus. When business card applications require SSNs, they use them to analyze the applicants personal credit score and spending activity. If youd like to use apply for business credit cards using EIN only, your options are limited to applying for corporate business credit cards, corporate gas cards, and prepaid business credit cards. Business credit cards issued by Bank of America, BBVA, Citi and Wells Fargo don't report to the personal credit bureaus, while Chase and U.S. Bank only report if the account is seriously delinquent. With the Spark Classic, credit-challenged business owners can access an unsecured credit limit and cash back rewardsa flat-rate, unlimited 1% cash back for every dollar you spend. Divvy does not report payment activity to the personal credit bureaus. Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for. A business owner may qualify for a business secured credit card, or prepaid business credit card, even if the owner has low personal credit scores. These accounts will often give you 30 days to pay your balance. In terms of the cards themselves, you can create physical and virtual cards. Secured business cards allow small business owners to get a head start by building business credit and earning rewards with little risk. Card issuers want to protect themselves by having a cardholder provide a personal guarantee. To fund your Bentos line of credit, youll transfer funds directly from your own business bank account onto your card. How Can I Apply For A Business Credit Card With Bad Credit? Small business owners, however, will likely have a hard time finding a small business credit card that accepts an EIN over a Social Security Number (SSN). EIN-only cards still offer the same high credit limits as other business credit cards, but there's no personal liability. But there are a few exceptions. Divvy Corporate Visa. Heres what you should know when looking for business credit cards that only require an EIN. And if you ever need to change employee spending limits, you can do so conveniently for maximum budget control. Right off the bat, it checks most of the boxes that business owners are looking for. An EIN serves as a kind of Social Security number for your business. This is just one scoring method and a credit card issuer may use another method when considering your application. While this helps with real-world cash flow issues, it also helps keep the records separate in the background. To avoid a personal guarantee, organizations must meet specific criteria. Though most secured credit cards will require that you put down 90%if not allof your credit limits worth, the Secured Mastercard will allow you put down a security deposit as small as 25% of your credit limit, depending on your creditworthiness. Performance information may have changed since the time of publication. Best Start Up Business Cards With No Credit Of April 2023 This puts Revenued ahead of many other business cards, and its something to check out if your credit score has been holding you back. Can You Get a Business Credit Card Without Providing a - NerdWallet This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Compare business credit cards without a personal guarantee 2023 - Finder As you prove your trustworthiness by paying your bills on time, you can build business credit and increase your credit limits. Business bank account statements may be required to verify revenues. This makes it one of the best ways to prove your creditworthiness to the banks and hopefully qualify for bigger financing options in the future. Startups are risky in general, and most issuers will want to make sure the business owner has a track record of paying bills on time. Access HIGH-Limit Visa and MasterCard Business Credit With EIN that You Can Use Mostly Anywhere. Some card offers feature 0% intro APRs, which can be helpful for short-term financing. What is the easiest business credit card to get? This could be because youre an investor in the country or youre currently working in the United States on a visa. Note that its very cryptic about rewards for the commercial card, and youll need to apply to see what rewards youll get. Any business owner can apply for an . The IRS allows businesses to apply online using its EIN assistant. Here are some of the best business credit cards with no personal guarantee required: Divvy doesnt require a personal guarantee or hard personal credit inquiry. For complete information, see the terms and conditions on the credit card, financing and service issuers website. That's also why issuers will often initiate a hard inquiry on your personal credit report as part of the application process. Your financial situation is unique and the products and services we review may not be right for your circumstances. That presents a lot of risk for card issuers, who could wind up holding the bag for tens of thousands of dollars if your business isn't able to cash up. 7 Business Credit Cards With (& Without) Personal Guarantee (May 2023) In our, As a small business owner, you might be wondering how to apply for a credit card, and what the benefits of having a dedicated credit card are. The Southwest Rapid Rewards Card comes with some of the best benefits for business travel. Get started for free. We recommend products that we love. Yes, but it may be more difficult than getting a card with an SSN. Personal savings are the top source of start-up capital, used by nearly 6 in 10 companies. This prevents the painful end-of-month receipt and billing scramble. Lets get started! No welcome bonus. The IRS allows you to register your business with them for free, and you can complete it online. 1. This is important as business loans are often the best way to take advantage of opportunities and grow your business. There are a lot of similarities between Ramp and Divvy, with both having no introductory APR or annual fee. Can You Apply for a Small Business Credit Card With Only Your EIN Top 6 Business Credit Cards With No Personal Guarantee 2023 SSNs typically provide card issuers with a personal guarantee that the cardholder can be held accountable for any business card-related debt. Before submitting an application, always verify all terms and conditions with the offering institution. No. This type of business credit cards lets the person managing the account prepay business cards for employees to spend with. How Long Do You Have To Be In Business To Get A Business Credit Card With EIN-only? This is because applying with your Social Security number will add to your personal credit record, while applying with your EIN will contribute toward building a credit history for your business. You can also use Airbase to monitor purchases and set hard limits on how much employees can spend. Credit Score ranges are based on FICO credit scoring. While this allows you to apply for additional products from different credit card issuers, its important to only apply for the credit you need. Why its One of the Best Business Credit Cards Without a Personal Guarantee: The Sam's Club Business Credit Card offers 1 - 5% cash back on purchases. The Forbes Advisor editorial team is independent and objective. Earn $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. The 8 Best Business Cards with EIN Only Best Overall Revenued 5 No credit score requirements Based on revenue 3% cash back Learn More Best Corporate Card Divvy 4.5 No Interest Ever No Annual Fee Up to 7x rewards Learn More BEST FOR MEDIUM-SIZED BUSINESSES Ramp 4.5 No Interest Ever No Annual Fee Great Rewards Learn More Lastly, applying for a business credit card is incredibly beneficial if you dont have a Social Security number. 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. Ultimate Guide To Business Credit Using EIN Only: Get approved for 5 Because they have short-term credit card debt and require prompt payments every month. That means you can apply using only an EIN. The following two tabs change content below. 6. Its ability to apply without a personal guarantee means your. This makes it perfect if you generate solid profit but dont necessarily have the best credit. Secured cards require a deposit that the cardholder can eventually receive back in full after paying off the balance and closing the account.