By the way, know that in this article, well be shortening personal guarantee to PG on occasion. Issuing business credit cards is risky because businesses fail so often. 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. Looking for a business card without a personal guarantee? 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. 2 business credit card with no PG options: Credit card paid daily: for companies of any size, no minimum balance (available with every cash management Brex account) 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 Its equally easy to see why a business owner might want to steer clear of them. You can add employee cards, though youll pay a $2 fee per card in any month where the employee uses that card. This card doesnt require a personal guarantee for all users. Are you personally liable for business credit cards? We'd love to hear from you, please enter your comments. This is one of the major selling points of the card and currently unique to the Ramp Card. The Office Depot Business Credit Account does not offer rewards on purchases. Rather than deal with complex rewards programs, you'll earn extra cash back every day on every transaction. While startups can get approved for a Ramp credit card, eligibility requires a minimum business bank account balance of $75,000. 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 Welcome Offer: Earn 30,000 points after spending $3,500, or 50,000 points after spending $9,000 within 30 days. The Shell Small Business Card can be used at over 14,000 gas stations around the U.S. For each gallon fuelled at Shell stations, you can earn up to six cents. If you have equity investors from an accelerator program or an angel/VC investor, this will help you immensely. Rewards: This card does not offer a rewards, Welcome Offer: This card does not offer a welcome bonus. APR With a few notable exceptions, Stripe Corporate does not offer any higher tiers of earning on specified categories, such as travel or dining. 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. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. 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. 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. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. Points add up faster when all your employees purchases roll up into a single rewards account. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Finding the best credit card for your business needs can be overwhelming. Other Benefits and Drawbacks: There is no balance revolution with the Ramp Business Card, meaning a balance must be paid off each month. 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. First, you can apply for a business credit card that does not require a personal credit check or guarantee. But startups with good or excellent business credit may be able to apply for loans . It grants 3x reward points for all software purchases. This compensation comes from two main sources. Bentos business debit cards can be used to make purchases in stores or online. 50,000 bonus points after spending $9,000+ in the first 30 days. 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. You dont need to have much business financial history nor do you require a personal guarantee. 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. Our explainer piece on invoice factoring further details this process. Information provided on Forbes Advisor is for educational purposes only. 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. You can prequalify today, just by answering 8 simple Yes or No questions. Start earning rewards with your corporate spending today. Yes. Coast Fleet & Fuel Card: Best No Personal Guarantee Card For Fleet Businesses, 7. What is the easiest business credit card to get? 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. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. Additionally, your business will need to meet at least one of the following requirements: Revenueds Business Card is not technically a business credit card. Some banks issue secured business credit cards for this purpose. 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. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. These cards are generally reserved for larger businesses with an established credit history. Welcome Offer: see terms for welcome offer details. 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. Costco Commercial Revolving and Net 30 - Capital One. Testimonials may not represent experiences of all clients. 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. 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. There is no paperwork required to apply for this no-PG business credit card. Do you need startup financing, working capital for your business, funding for equipment or real estate? We occasionally send out emails with special offers. You need to put down a security deposit (minimum of $1,000 . Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. Alternatively, you might be looking to apply for a business credit card using EIN only because your are working with poor personal credit. 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. Through the Employee Retention Tax Credit, the IRS grants eligible employers a credit equal to 70% of qualifying wages per W2 employee, PER quarter. Almost all small business credit cards issued by major banks have personal guarantee requirements, which is why it pays to think outside the box. Start earning rewards with your corporate spending today. You can use it at any Office Depot stores or OfficeMax locations, and also on their online shops. Since these cards require you to post a security deposit, they are relatively easy to obtain. Your revenue from your established business works for you. Free bill pay. Otherwise, a different card is likely a better, more rewarding fit. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. According to the application form, your company must have more than $5 million in annual sales revenues, be more than 2 years old and have more than 10 employees. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. 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. U.S. Bank Business Leverage Visa Signature Card Earn $750 in rewards Welcome offer Earn $750 in rewards when you spend $7,500 in eligible purchases on the account owner's card within the first 120 days of opening your account. 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. Divvy offers a flexible rewards structure that lets you earn rewards faster by paying off your balance more frequently. To receive a statement credit, you must use your Spark Miles card to either complete the Global Entry application and pay the $100 application fee, or complete the TSA Pre application and pay the $85 application fee. 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. 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. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. 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 also set employee spending limits and view and edit budgets in real-time & share them via the web or Divvys mobile app. Here are some points to consider: A business credit card without a personal guarantee requirement sounds appealing, but youll be more likely to find a wider variety of options if you do provide a personal guarantee. 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. The credit is offered without collateral. In her role at Fast Capital 360, Erin covers topics of interest to small business owners, including sales, marketing, business management and financing. The card offers partner benefits from over three dozen partners. Lets look at the seven best no personal guarantee credit cards for business. 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.
