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. Receive automatic reporting on every dollar spent. Youll earn unlimited rewards points at a rate of 2x on all purchases made using your SVB Innovators Card. Ramp offers a free corporate card for virtually any business. Points add up faster when all your employees purchases roll up into a single rewards account. Many business credit cards that dont require a PG will have stringent qualification criteria. 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. But first, lets go over the pros and cons of these cards from a business perspective. Quick approvals for the Divvy Corporate Card are mainly based on business revenues rather than personal credit scores. Information provided on Forbes Advisor is for educational purposes only. You can open a business credit card without personal credit in two ways. 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. Theres no one best card for every business, and the same holds true with the cards not requiring a personal guarantee. 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. You will be held personally liable for your business credit card balance if the business closes or defaults. 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. Rewards: Earn 1.5% cash back on every purchase. How Easy Is It To Get A Business Credit Card With No Personal Guarantee? Reducing the liability you and your business faces by reducing access to the account and spending less can help. 1. 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. 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. It is issued by the Silicon Valley Bank and specially designed for startup companies in IT and tech industries. Corporate cards, expense management, bill payments, accounting integrations, and real-time reporting in one free and easy to use solution, Controls at scale. Divvy doesnt seem to care much about bad credit scores, just mainly spending habits. 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. Of course, in such a scenario, your business assets can, in fact, be seized. Id also recommend looking at our merchant cash advance calculator to understand what different factor rates mean in terms of your borrowing costs. Another charge card with no personal guarantee requirement on its application is the Ramp Business Card, which charges no annual fee, earns 1.5% cash back on every purchase and, though it has no travel or lifestyle perks like other business cards, it offers tools for precise control over spending and employee cards. It targets "medium to large businesses" and it has high income and revenue requirements. Testimonials may not represent experiences of all clients. The catch-22 is that you have to pay your bills weekly or bi-weekly to maximize your rewards point earnings. Brex Treasury is not a bank; Brex Cash is not a bank account. 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. 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. Beyond your businesss stability factor, you may also need to demonstrate consistent spending patterns and an otherwise healthy financial history. All Rights Reserved. There is no paperwork required to apply for this no-PG business credit card. The fraud protections offered to personal credit cards by federal law are not extended to business products, so fraud protections are not always guaranteed by credit card companies. Some companies will qualify for monthly repayments, but your rewards rate will be slightly lower. What Is Online Check Writer & Is It Worth It? Well be exploring these no personal guarantee credit cards in a moment. also offer 5% money back on purchases. SVB also offers a business checking account. When using your Stripe corporate credit card, you will earn 1.5% money back on expenses no matter the category, and the rewards are immediately credited to your monthly due balance. Welcome Offer: This card does not offer a welcome bonus. The best business credit cards without a personal guarantee requirement were chosen based on whether they required a personal guarantee first and foremost, then welcome bonuses, fees, rewards and other perks. Its a limited selection, but for those who insist on keeping things separate, there are a few options. 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. It can be used anywhere Mastercard is accepted. Performance information may have changed since the time of publication. It only works at Office Depot and OfficeMax locations. By the way, know that in this article, well be shortening personal guarantee to PG on occasion. What are Business Credit Cards With No Personal Guarantees? Yes, you can open a business credit card without using your personal credit, but only if the card issuer does not require a personal guarantee. Credit cards without a personal guarantee are frequently found in a category known as corporate credit cards. 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. While many cards in the market now offer no foreign transaction fees, Divvy adds a fee of 0.2% to 0.9%. Do all business credit cards require a personal guarantee? 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. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. With automatically-credited rewards and dynamic credit limits that will grow with your business, the Stripe Corporate Card packs in the partner offers and integrates with finance tracking softwares like Quickbooks, Expensify and Xero. Sams Club Business MC - Synchrony Bank. The Stripe Corporate Card is still invite-only in the US. 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. 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. Generally speaking, secured business credit cards are the easiest to get, even if you have bad credit or no credit history. The Office Depot OfficeMax Business Credit Card is a no-annual-fee card with no personal guarantee requirements. Few lenders want to assume all the risk when it comes to your businesstheyll want you to have some stake. These include $5,000 in AWS credits, 25% off Slack for 12 months, $150 in Google Ads credit, 50% off Expensify for six months and many, many more. The 7 Best Business Credit Cards With No Personal Guarantee Required. 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. Companies using Ramp are also required to have at least $75,000 in the bank. These cards typically free you from personal guarantees and include perks such as improved expense reporting and easier access to flexible credit lines. Youll earn a flat 1.5% percent cash back on all purchases, with no limits or restrictions. 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. This might involve a hard inquiry on the owners credit report. Ramp aims its corporate card at corporations registered in the US. If fuel costs are a major part of your business expenses, the Coast card may help you run your business more efficiently. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. You might need to fill out a paper application, but most providers allow you to apply online. This business credit card lets you make purchases at Office Depot and OfficeMax stores, both in-person and online. The best business credit cards, however, are those where the credit card issuer does not require personal liability to get approved. 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. Get industry-leading advice to help you make confident decisions. The Forbes Advisor editorial team is independent and objective. Some business credit cards dont require a personal guarantee. 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. The Stripe Corporate Card is relatively easy for new businesses to get approved for. In other words, most small businesses don't qualify. Shell business gas cards come with a monthly balance that bears interest, yet, there are no other monthly, annual, or setup fees. With discounts on useful services and integrations with financial software platforms like QuickBooks & Xero, Stripe can help your business grow in the right direction. While Revenued doesnt offer any additional partner discounts, it does offer a generous welcome offer: $500 cash back after you spend $5,000+ within three months of getting your card. 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. The main real differences between a Bento Spent Limit Visa card and secured credit cards are. Dell Computer, Lowes, Amazon Net 55, JCP & Menards, might approve applications without PG if you can demostrate a year or so of payment . Then they try to find out more about your business spending habits, by having you content your business bank accounts. Free employee cards. Separation of business and personal life is as sacrosanct as the separation of church and state. 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. Stripe Corporate is aimed at US-based businesses that use Stripe for payment processing. However, this card can be used only for vehicle-related expenses and only at two types of vendors: Shell gas stations and Jiffy Lube. Why Are Business Credit Cards with No Personal Guarantee Scarce? Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. No founder liability. These Credit Card Issuers Are Offering Assistance, The 11 Best Small Business Credit Cards For Cash Back, Introductory Offers, Travel Rewards, & More, The Step-By-Step Guide To Getting A Business Credit Card, Personal Credit Scores Explained: Everything You Need To Know To Understand, Access, & Improve Your Credit Score, Must be a corporation or LLC with $75k+ in the bank to qualify, Opaque eligibility requirements, but non-corporations may qualify, 8x rewards on rideshares if you make daily repayments & make Brex your exclusive corporate card, Must meet one of a number of stringent business requirements, Must have 6+ months in business, $1K in the bank, & $15K/month in revenue, Must have a Stripe account and request an invite in order to qualify, Get a fuel discount of 2 cents per gallon, Must be a partnership, corporation, or LLC -- no sole proprietorships, 2x rewards points on all business purchases + expense management & reporting. 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. Should the company go out of business or default on the debt, you will have to pay off the balance on the card. The Stripe Corporate Card is the easiest way for everyone in your company to handle expenses. 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. 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. 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. 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. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The Brex corporate card offers the highest rewards rates of all the cards on this list, but only if you make this card your only business credit card and pay off your balance daily. While Bento Spent Limit cards have a 60-day free trial, monthly membership fees start from $29 per month thereafter. Citi Cards - Office Depot, Staples. This form is for feedback only. This means no credit check requirement for those business owners without solid or established credit. 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. Otherwise, the moderate welcome bonus and revolving credit terms are the only major advantages this card offers. Yes. 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. 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. The cards reward-earning makes it convenient for flush businesses with no need for 0% intro APRs, welcome bonuses and no desire for annual fees. Well detail the best of these cards in this guide. The Stripe Corporate Card is also invite-only. Let's look at the seven best no personal guarantee credit cards for business. 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. Their patented system will analyze your companys spending history and offer advice on where you can cut costs and get a better deal. Almost all business credit cards require a personal guarantee. You can build business credit many different ways without using your personal credit score. Which card meets the needs of and best suits your business is up to you and how you run your business. Your Next Best Options. 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. 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. Second, you can apply for a secured business credit card, which requires you to make a deposit that will equal your credit limit. If you pay monthly, your rewards rate will be 1x lower for each category (7x on rideshares, 4x on travel, etc.). 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. Senior Writer, Editor and Social Community Manager at Fast Capital 360, 5. Ramp offers a free corporate card and finance management system for small businesses. A corporation in business for at least three years with more than $5 million in annual sales. 3. Yes. 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. 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. Free accounting automation. You can earn rewards to an even greater extent if you make an account with the Office Depot rewards membership. 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 . Unlike most business credit cards, this corporate card doesn't require a personal guarantee. This includes zero liability and fraud protection. 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. Thats why its important for startups to demonstrate that they have the funding necessary to survive and grow. 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. 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. Brex is available only for C-corps, S-corps, LLCs, or LLPs organized and registered in the US. Earn 2 points per dollar spent towards statement credits, gift cards, travel rewards and merchandise, with no cap. This is one of the major selling points of the card and currently unique to the Ramp Card. And like several other cards on this list, Divvy offers automatic expense reporting features. Copyright 2023 Merchant Maverick. Aside from that, they offer unlimited virtual cards and employee cards, and all card payments get reported to the Small Business Financial Exchange (SBFE). 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. EINs are used by businesses, from large companies to sole proprietors, to file taxes. Citi Cards - Shell Gas Revovling and Net 30. If you believe your business meets the requirements for the card you want, simply fill out the application and submit it. To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards. Although some users can access this business credit card without a personal guarantee, its difficult to waive the PG. Bad Credit Business Loans: 5 Best Options, How to Communicate a Price Increase to Customers, 13 Small Business Goals to Implement This Year, How to Create a Business Plan to Succeed in 2023, Build a Small Business Emergency Fund in 8 Steps, Best Ways to Use a Business Loan to Boost Growth, Loans & Grants for Hispanic-Owned Businesses, Here are some of the best business credit cards, Office Depot OfficeMax Business Credit Account, Silicon Valley Banks (SVB) Innovators Card, Your Ultimate Guide to Unsecured Business Lines of Credit, 48 Ecommerce Statistics to Know This Year, Calculate Your Payments and Total Cost of Borrowing, Advice and Answers for Small Business Entrepreneurs, No annual, foreign transaction or late fees, No interest because balance is paid in full every month, Unlimited 1.5% cash back on every business purchase, Cash-back balance automatically applied to your monthly Stripe bill, Benefits with some of Stripes partners (e.g., $150 credit for Google Ads, free 6-month Zendesk subscription, 25% off for 12 months of Slack subscription). Editorial Note: We earn a commission from partner links on Forbes Advisor. NO PG. This is why most issuers of business credit cards require a personal guarantee in the first place. Other Benefits and Drawbacks: The Sams Club Business Mastercard* has zero foreign transaction fees and doubles as a Sams Club membership card, but doesnt offer many benefits beyond this. 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. Copyright 2022 Fast Capital 360. Can you get a business credit card with bad personal credit? 1. Save $50 on the first $150 purchase made within 60 days of account open date, Best for Businesses Resupplying With Sams Club, Best for Those Constantly Wondering Why the Printer Has No Paper. Stripe makes eligibility decisions based on your payment volume, your history on Stripe, and your bank account history. For your monthly expenses, you get 2% back. 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. That includes having no PG, an unlimited number of employee cards, and a credit line that scales with your companys growth. 8 Annual fee American Express Blue Business Cash Card. When a business owner gives a personal guarantee to a credit card issuer or other lender, he or she is agreeing that his or her personal assets and credit are open to collections in the event he or she cant or doesnt pay the business bill. The easiest business credit card to get will depend on your credit history, business revenue, and other factors. AT A GLANCE Pay in Full Card with Unlimited Earn Potential Earn 2.5% cash back on purchases over $5,000 and 2% cash back on all other business purchases. No fees. Good credit is typically defined as a score above 670 on the FICO Score model, but its unlikely youll find many business credit card issuers willing to issue your business a credit card if your credit remains subprime unless you can collateralize or secure the line of credit. 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. Moreover, providing a personal guarantee for a business credit card means you commit to personally covering your business liability. 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. If this is in doubt, be sure you block it. 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. This field is for validation purposes and should be left unchanged. 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. It provides credit cards and money management accounts to technology companies and startups. However, a few credit cards, such as those listed in this article, and many corporate cards do not require a personal guarantee. Please try again later. Points can be redeemed as a statement credit or for gift cards, travel, or merchandise. You don't need perfect personal credit (or an established personal credit history to get approved). 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. Unfortunately, they dont have another system for using your reward points, like for travel or gift cards. The Office Depot OfficeMax Business Credit Account is available without a personal guarantee and it comes with a card, but it doesnt work as a traditional credit card. 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. There is no minimum or maximum number of vehicles, but qualifying businesses need to be structured as partnerships, corporations, or LLCs. There are no annual fees, interest rates, or foreign transaction fees associated with the Ramp Card. Since these cards require you to post a security deposit, they are relatively easy to obtain. Though minimizing risk is always a worthwhile consideration, the disadvantages of the cards without personal guarantee requirements may mean taking the risk is worthwhile. 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. Use your points to pay for travel expenses, redeem them for gift cards, or take them back in cold, hard cash. There is also a 24/7 customer service team based in the US. 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. Visa benefits. Thus it is a good no PG credit card for companies that own fleets. 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. If you want to go the corporate card route, you probably arent eligible if your business is a sole proprietorship or otherwise not registered as an S-corp, C-corp, or LLC. There are no other annual or monthly fees either, and extra employee cards are freely provided. For one, the options are severely limited. A business credit card can help keep business purchases separate and keep a business bookkeeping compartmentalized. 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. Limit your personal liability when applying for a business credit card by seeking those without a personal guarantee or credit check. While they require you to sign up for a demo to apply, the Divvy application process is quite simple. Credit Score ranges are based on FICO credit scoring. ASAP EIN Business Credit-No PG Required! Check out our list of the best business credit cards. In some cases, you could be approved in a matter of minutes and immediately start using your card. We'd love to hear from you, please enter your comments. 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.
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