Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. 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. It also means that you will not have to pay for the additional cards your workers need. Free accounting automation. If youre looking for a business credit card with no personal guarantee and regularly have business expenses with those two businesses, this card definitely is worth looking into. The Stripe card has zero fees and credit limits that grow alongside your business. 0% on purchases for the first 12 months. Business credit cards without a personal guarantee can be hard to obtain. For most small business owners, getting a company credit card without a personal guarantee probably wont be a walk in the park. 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. Merchant Mavericks ratings are not influenced by affiliate partnerships. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. 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. 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. 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 . The Ramp Business Card does not offer rewards on purchases. Check out our post on the cards weve ranked as the best corporate credit cardsfor your business. 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. While many gas credit cards are specific to certain brands of gas stations, the Coast fleet card can be used at fuel stations nationwide and does not require a personal guarantee. 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. 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. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. His financial expertise has been cited in numerous publications, including, View Jason Vissers's professional experience. 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. 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. You can build business credit with this card. For all those who dont want to risk personal liability, there are credit cards and accounts without personal guarantee requirements. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. American Express Blue Business Cash Card. 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. While Divvy can approve corporations for up to $15 million, most small business owners would only receive a credit limit of up to $50k. Its good for small businesses as furniture and office supplies, office technology, or cleaning supplies, are recurrent purchases in any business activity. You will be personally liable for business credit card balances if you sign a legally binding personal guarantee when you apply for the card. Bremer Bank Visa Signature Business Company Card. 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. First off, many credit cards that dont require a personal guarantee are, in fact, corporate cards. Another option to consider when youre looking to apply for a business credit card with no personal guarantee is Silicon Valley Banks (SVB) Innovators Card, which is designed to be paid in full at the end of each month. No PG business credit cards offer many advantages - Use the funds to purchase supplies to fulfill orders. That can even mean suing the cardholder personally to get a judgment. Most business credit cards require an individual often the business owner to serve as a guarantor that the balance on the card will be paid. 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. Of course, in such a scenario, your business assets can, in fact, be seized. 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. Lets look at the seven best no personal guarantee credit cards for business. Fast turnaround: as little as 1-2 days. No monthly fees or account setup costs are associated with this card, which is free to apply. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. However, people with lower scores might qualify for a secured business credit card or another card designed for borrowers with poor credit. 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. $0. The Brex Corporate Card is a charge-type card where your balance is fully due. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. This might involve a hard inquiry on the owners credit report. No PG Business Line Of Credit with A To B Fuel Card, Divvy, Paypal Working Capital and other business credit using your business revenue. 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. 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. You dont need to have much business financial history nor do you require a personal guarantee. Like individuals, businesses have their own credit histories that can affect whether theirowners will be approved for credit cards or other lines of credit, . Reducing the liability you and your business faces by reducing access to the account and spending less can help. 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. Divvy also offers discounts and credits on purchases with partners such as Amazon Web Services, Google Ads, FedEx Office, and Costco. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Credit limit. Explore the best options & rewards available, as well as eligibility requirements. This means that if you must have a business credit card with no PG, your options will be limited, making it all the more important that you find the card that makes sense for your business needs. Using these types of cards responsibly can help you build your credit profile. Divvy now accepts all business types, from sole proprietorships to corporations to LLCs, although its website doesnt disclose this. Which credit card or cards will work for your business will depend on your business needs. You don't need perfect personal credit (or an established personal credit history to get approved). NO PG. Other ways you can reduce personal liability with a business credit card include reducing authorized users and employee cards. Partnerships and sole proprietorships must provide a personal guarantee to apply for the card. The SVB Innovators Card is designed to support growth for startups. All Rights Reserved. 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). Few of the business credit cards without personal guarantee requirements weve reviewed compare well to the best business credit cards. Alternatively, you might be looking to apply for a business credit card using EIN only because your are working with poor personal credit. You can build business credit many different ways without using your personal credit score. Additionally, corporate cards often have stringent eligibility requirements, so if, say, your business cant meet the cash-on-hand requirements, youll need to look elsewhere. No founder liability. Generally speaking, business credit cards that dont require a personal guarantee come in three forms: Now, these three credit card types target different markets corporate cards target sizable corporations (and, in the case of Brex, tech startups vouched for by an existing Brex customer or partner), startup credit cards target startups more generally, and fleet cards target trucking businesses. There is also a 24/7 customer service team based in the US. Thus it is a good no PG credit card for companies that own fleets. Get 10-20x higher limits than traditional business credit cards while earning rewards and cash back on everything you spend, likeRead More. A card like these reduces your personal risk in financing purchases or transacting with the card but wont necessarily eliminate it. They even offer expert contract negotiation services to ensure you get similar pricing to the rest of their cardholders. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. Welcome Offer: This card does not offer a welcome bonus. Nearly every major business credit card relies on a personal guarantee (PG) from the applicant. If your business experienced a significant decline in gross receipts or was impacted by government shutdowns due to COVID-19, then let us help you solve the IRSs refund application puzzle. Citi Cards - Shell Gas Revovling and Net 30. Carrying a Brex Card also involves other Brex rewards, such as deep discounts at a number of vendors like Amazon Web Service, Slack, UPS, Quickbooks, Google Ads, Freshworks and more. For your monthly expenses, you get 2% back. But remember, you're personally responsible for the charges on a business credit . 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. 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. With discounts on useful services and integrations with financial software platforms like QuickBooks & Xero, Stripe can help your business grow in the right direction. SVB Innovators Card is aimed squarely at startups. Best Business Credit Cards (for Startups) LYFE. Jason graduated with a Political Science degree from San Diego State University in 2001. Are you personally liable for business credit cards? The Ramp Corporate Card sets itself apart by offering a straight 1.5% cash back on all purchases. Consumers join Sams Club so they can save on items they need regularly, but Sams Club also provides supplies to businesses. Our explainer piece on invoice factoring further details this process. You can also set employee spending limits and view and edit budgets in real-time & share them via the web or Divvys mobile app. Costco Commercial Revolving and Net 30 - Capital One. How Do You Apply for a Credit Card with No Personal Guarantee? Free employee cards. There are nearly 600 Sams Club locations throughout the United States and Puerto Rico. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? Read more below to learn why we chose these options. A poor personal credit score on top of that can hurt a startup owner's chances of being approved for funding. The Office Depot Business Credit Account* is a closed-loop card, meaning its only accepted by Office Depot and OfficeMax. Copyright 2023 Merchant Maverick. Ramp Corporate Card: Best Corporate Card With No Personal Guarantee Pros No personal guarantee Simple and solid cash back rate No fees Algorithm-driven insights that can help save money Cons Available only to US-based companies High cash requirements No mobile app If you cant find a business credit card that doesnt require a PG and which sports eligibility requirements you can meet, you might look for a secured credit cardinstead. Youll get a flexible line of credit, with your future sales being your collateral. A KleerCard is best suited for growing businesses aside from being a credit card you can use to make purchases anywhere, it's a great expense management tool. Use your points to pay for travel expenses, redeem them for gift cards, or take them back in cold, hard cash. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. 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. 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 only business credit cards worth having that do NOT have a personal guarantee. Its a limited selection, but for those who insist on keeping things separate, there are a few options. Some providers list these requirements online, but you may also need to ask for more information. Receive automatic reporting on every dollar spent. While Divvy corporate charge cards do not have an annual fee. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. The Small Business Association says that about one-third of businesses with employees will fail within their first two years. This means no credit check requirement for those business owners without solid or established credit. Again, qualifying for a small business credit card might be easier than you think. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. A corporation in business for at least three years with more than $5 million in annual sales. EIN-ONLY STARTUP BUSINESS CREDIT CARDS. 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. 50,000 bonus points after spending $9,000+ in the first 30 days. 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. EINs are used by businesses, from large companies to sole proprietors, to file taxes. These details are not available on the Divvy website, but have been confirmed by MerchantMaverick. 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. Youll earn 1.5% back across the board on all purchases made with your Ramp card and can redeem these rewards in the form of a statement credit. Brex Card: Best Cash Back Card With No Personal Guarantee, 4. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). Coronavirus (COVID-19) Guides & Resources, Cant Make Your Credit Card Payments Due To The Coronavirus? You may have heard about Shells small business card, with its fuel rebates and its lack of a PG requirement. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. This card doesnt require a personal guarantee for all users. 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. The Forbes Advisor editorial team is independent and objective. BJ'S Perks World for Business MC - Comenity. 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. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. 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. With a handful of other benefits, the Sams Club Business Mastercard is likely only a solid card for those who plan to shop with Sams Club, and even then those businesses using the Plus version of membership. 8 Annual fee To earn points at these rates, youll need to pay off your Brex card daily and use Brex as your only corporate card. The Office Depot OfficeMax Business Credit Card is a no-annual-fee card with no personal guarantee requirements. also offer 5% money back on purchases. 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. Yes, you can get a business credit card with bad personal credit. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. When your employees use their Bento cards, it also makes it much easier to monitor and file their transactions. Many business credit cards on the market require some personal guarantee. To apply for a business credit card with no personal guarantee, youll first need to ensure you meet the cards requirements. Sams Club Business Credit - Synchrony Bank. - 15 Days Contact Us 15 Days Business Credit Funding Services We're a company with over 15 years in the industry, we are ready to provide you with 100% Reliable Business Loan Consulting. Ramp makes corporate spend tracking easy. Commissions do not affect our editors' opinions or evaluations. Then they try to find out more about your business spending habits, by having you content your business bank accounts. 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. The Stripe Corporate Card is also invite-only. Divvy Credit Card: Best No Personal Guarantee Card For Managing Budgets, 3. 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. Almost all business credit cards require a personal guarantee. Which card meets the needs of and best suits your business is up to you and how you run your business. Many business credit cards that dont require a PG will have stringent qualification criteria. Past performance is not indicative of future results. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. Divvy does disclose that international companies may apply so long as at least one owner with a 25% or higher stake is a US citizen. Youll need to reach out to Divvy for more information. In some cases, you could be approved in a matter of minutes and immediately start using your card. Rather, it is a prepaid spending card tied to your future business revenue. Start earning rewards with your corporate spending today. 7 Key benefits Earn 2% back in your top 2 categories where you spend the most, automatically. Issuers may also charge higher APRs or charge other fees for the privilege of a business credit card that doesnt risk your personal financial and credit health. Whatever the amount is that you deposit is your credit limit. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, Revenueds list of eligibility requirements, top business credit cards for borrowers with bad credit, How To Get Lower Interest Rates On Credit Cards. Start earning rewards with your corporate spending today. You can also streamline work items, including approvals and accounting. business credit 2023 | top 5 business credit cards pull transunion only with no business credit schedule a consultation ?. 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. 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. You might need to fill out a paper application, but most providers allow you to apply online. 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?
