15 likes, 4 comments - Financial Literacy | Improve Credit Score | Investment (@milinda_akindele) on Instagram: "$45,300 in business credit card for my less than 1 . And that usually comes with building credit and proving creditworthiness. Required fields are marked *. Some also offer gift cards. The business owners SSN enable the credit card issuer to run a personal credit check, the results of which willmore often than notbe the deciding factor for whether or not the applicant qualifies for a business credit card. Providing a Social Security number to apply for a business credit card seems like it would be counterintuitive and often times frustrating. Either way, applying with an EIN allows you to access credit for your business without needing an SSN. The short answer is no. Because they have short-term credit card debt and require prompt payments every month. And, of course, its unique to your operationthats the whole point. Most business cards report activity to commercial credit bureaus that keep a record of the cardholders business credit. Here are the best no-personal-guarantee business credit cards that are currently available: SVB Innovators Card: Best for fast-growing companies Silicon Valley Bank (SVB) has. Applying for a business credit card with your EIN means starting from scratch to build a credit record for your business. Credit Cards You Can Apply for With an EIN Only. 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. 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. The American Express Business Gold Card is the easiest business credit card. Business credit cards work very much the same as personal credit cards. And with a quick and easy application process with no hard credit pull, you can receive a funding decision in as little as an hour and start accessing your money within 24 hours. You can search for lenders that offer loans to businesses without personal credit checks on sites like Funding Circle or Fundera. Stripe Corporate Visa. These are provided as guidelines only and approval is not guaranteed. Is A Personal Card Better Than A Business Credit Card? A credit card company will determine your credit line based on your income or spending within their platform. As Bankrate explains, the Ramp Corporate Card isnt a traditional business credit card. Yes, many business credit cards dont require you to have an established business income. As long as you have a separate business banking account and bring in at least $10,000 in deposit volume each month, theres a good chance youll qualify for this business card. Proper filing as a corporation, LLC or other entity with legal liability protections will help avoid personal liability with respect to debts incurred. Its easiest and fastest to use their online request form but you can also request it by mail. Other Benefits and Drawbacks: The Wells Fargo Business Secured Card charges no foreign transaction fees and doesn't charge anything extra for up to 10 employee cards. 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. $29-149 monthly for more, California Finance Lender loans arranged pursuant to the Department of Financial Protection and Innovation Finance Lenders License #603L288, Getting a Credit Card With No Credit History, Opening a Business Bank Account With No Deposit, Opening a Business Bank Account Without an EIN, Best Accounting Software for Sole Proprietors, secured or subprime unsecured credit card, Builds personal credit, which will help get a business loan in time, 1% cash back on all purchases with no cap, One-click card controls & expense reports. You can request an EIN for free from the IRS. 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. The Bento for Business card isnt technically a credit cardits a prepaid business debit Mastercard. 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. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered. As a result, they dont require a SSN to apply, either. Gas cards are considered tier 2 business credit vendors. This is required under the Patriot Act. Beyond that, the Shell Fleet Hub makes it simple to manage your companys fuel expenses, allowing you to track and control everything from a single dashboard. Small businesses are generally seen as more likely to fail, which makes the liability protection more important to issuers. What are the best startup business credit cards with no personal guarantee? Once you register your company, you can open a bank account for the business. While most banks and institutions prefer you to apply with your Social Security number, this prompts them to look at your personal credit score during the application process. Or, it must be a government entity or nonprofit organization. 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. They simply need your SSN for Know Your Customer (KYC) regulations to protect against money laundering and other types of fraud. Businesses without strong business credit or high annual revenues including new businesses can often qualify based on their personal credit scores and income from all sources, not just the business. EIN-only cards still offer the same high credit limits as other business credit cards, but there's no personal liability. Whether your business has stellar financial credentials or youve prepaid your credit limit, youll have to reduce the risk that the credit card issuer takes on in order to obtain business credit cards using EIN only. Meanwhile, other business credit card choices let you build credit by spending responsibly, but they will require more than an EIN for their application. This is a credit facility offered by the store itself so that you can make your purchase and pay for the items later. We encourage everyone to share their knowledge while respecting our content guidelines. 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. Small business owners can apply for a business card that doesnt report to consumer credit bureaus. Do You Need Income To Get A Business Credit Card? You Don't Have A Social Security Number: People who are not US residents and who use an ITIN to request an EIN from the IRS can apply for and use an EIN-only credit card. Great For: Business owners with fair or average credit. Even business owners with a good credit history will still need to provide an SSN and other tax ID information to apply. This card offers many features that are ideal for startup businesses, including 0% APR on purchases and balance transfers for the first 12 months and no annual fee. 0% on purchases for the first 12 months. But if you do, try to dedicate one card just to business use so you can keep track of those purchases for tax purposes. Sam's Club Business MasterCard. Heres what you should know when looking for business credit cards that only require an EIN. Once youre approved, you can use your small business credit card in the same way you would a personal credit card. Save up to $0.06 per gallon on volume-based rebates, plus discounts at participating Jiffy Lube locations. These accounts will often give you 30 days to pay your balance. Not only does it separate tax details, but business owners can keep credit history separate as well. Join the 13,000+ businesses already simplifying their finances. 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. The U.S. Bank Business Triple Cash Rewards offers a staggering 3% cash back on all eligible purchases. 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. This includes access to the Membership Rewards program and 5x points when you use the card to pay for flights and hotels. The credit cards below will check your personal credit scores when you apply, but generally will not report a business credit card account on personal credit reports as long as you dont default on the debt. Your web browser (Internet Explorer) is out of date and no longer supported. Its a very common question, which is why weve put together this guide to lay out your options for applying for a business credit card using EIN only. The main thing we like about this card is that you can save up to $0.06 per gallon, which can have a big impact if you operate a lot of vehicles. Depending on the lender, even with an EIN . Your financial situation is unique and the products and services we review may not be right for your circumstances. Plus, the SSN lets the business owner be personally attached to the business credit card account, making them personally liable for the spending done on the card. This also shows affordability to prove that your business can repay the loans youre applying for. Before we can answer if its possible to get business credit cards using EIN only, lets make sure were all 100% what an EIN is exactly, where you get one, and where to find it once its issued. Why its One of the Best Business Credit Cards Without a Personal Guarantee: The Stripe Corporate Card is a good choice for businesses that want supplemental benefits, like discounts and credits with companies such as Amazon Web Services, Zendesk, Google Ads and Snapchat. Information is collected in accordance with our, Copyright 2023 Nav Technologies, Inc. All Rights Reserved, California loans arranged pursuant to Department of Financial Protection & Innovation Lenders Each credit inquiry shows up on your credit report and shows banks and lenders that you are in desperate need of cash. 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. Besides the out-of-the-box approach of Revenued, we love that there are no monthly or annual fees when using your business card or flex line, and your spending limit increases along with your revenue growth in real time. Your business must obtain an EIN if it has employees, is incorporated, or has certain types of retirement plans. Do you need an EIN to get approved for a business credit card? It gives especially good value on Sams Club purchases, including gas from Sams Club and Walmart. What does your personal information have to do with your businesss finances? That way you can stay on top of your purchases to ensure your employees are spending money on the right things while gaining access to a comprehensive expense report and earning cash back. She has reviewed and analyzed dozens of financial tools and providers, helping business owners make better financial decisions., Capital One Spark Classic for Business, Apply for a Business Credit Card for Building Credit, if using less than 2 cards. They may also require a personal guarantee. BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE. Her guidebook, Disney World Hacks, is a bestseller on Amazon. You can register directly from their website by fax, mail, telephone, or online. As the name implies, these are usually issued by fuel companies to fill up your business or fleet vehicles with gas. 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. A business credit card is great for separating business and personal expenses. The Business Platinum Card from American Express costs around $695 in annual fees but offers some of the best perks in the entire industry. Its absolutely possible to get corporate credit cards using EIN only. Those are the cards we focus on in this post. Right off the bat, it checks most of the boxes that business owners are looking for. Even better, Capital One will report all of your activity on the Spark Classic to personal credit bureaus. This unsecured business credit card is available to business owners with personal credit of 550 or higher. Getting EIN business credit cards can help build a unique credit history for your business. While there are a few business credit cards that allow applicants to use an EIN instead of an SSN, small business owners typically dont qualify for those because these businesses often lack sufficient creditworthiness and credit history. Please let us know if you notice any differences. Best for: EIN-only card for smaller businesses Ramp earns unlimited 1.5% cash back on all purchases and includes perks like spending controls, forecasting tools and automatic receipt. This is important as business loans are often the best way to take advantage of opportunities and grow your business. Keep in mind that Revenued doesnt accept sole proprietors, so have your EIN and company entity information handy. Ramp Corporate Visa. Yes, you can apply for a business credit card with an EIN. Some issuers may also require you to have been in business for a certain number of years. Finally, Airbase corporate credit cards integrate with accounting software like QuickBooks Online, Xero, and Oracle Netsuite so you can sync with your general ledger. If your company does less than a million dollars in business, or is less than two years old, it will be difficult to qualify for general purpose cards that dont require a personal guarantee. There are even secured cards out there that dont require SSNs. It is possible to obtain credit accounts with just your EIN. Rather than looking primarily at your personal credit score to determine eligibility, Revenued looks at your business revenue instead. Using an Employer Identification Number (EIN) has benefits when applying for a business credit card. This site does not include all credit card, financing and service products or all available credit card, financing and service products. If youre also looking for business loans, we highly suggest Ramp, as they partner with some of the top lenders for business loans. You should now be well-equipped to move forward finding a business credit card using EIN only, or finding an alternative thats with your best choice, regardless of your situationor your goals. Most small business cards require an SSN in order to protect lenders from extravagant risk. Apply now to receive an instant quote for up to $75,000 without impacting your credit score, and funds to use in 48 hours. While Nav always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms and before applying you should understand the full terms of products as stated by the issuer itself. Get High-Limit Revolving Fleet Business Credit Card Without SSN for Fuel and Auto Vehicle Maintenance and Repairs. 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. That means you can apply using only an EIN. And while they might need your SSN for Know Your Customer (KYC) regulations, they wont use it for personal credit checks, and there is no personal guarantee. If you ever need a personal credit card for gas, they have that as well. An EINwhich stands for Employer Identification Numberworks much like a business version of a Social Security number. All major small business credit cards require a personal guarantee, so make sure you are careful not to run up balances you cant repay. The EIN is for businesses, what the Social Security number is for people. The Brex card is another business credit card that does not require a personal credit check or personal guarantee. 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. Corporate cards are among the only types of business cards that allow applicants to use an EIN instead of an SSN. Paying your credit card off in full every month will improve your creditworthiness and help build an impressive credit score for your business. Alternatively, you might be looking to apply for a business credit card using EIN only because your are working with poor personal credit. This Read More, Learning how to avoid debt can help you maintain your financial stability and independence, so you can focus on Read More, No-doc business loans have become a popular way to secure funding since they are an alternative borrowing option. It offers a $50 welcome bonus for the first $150 spent within 60 days of account opening. Most issuers are looking for good or excellent credit and sufficient income from all sources. Some issuers may require additional financial information, and others may simply not offer business cards to applicants without an SSN. The main benefits of the Phillips 66 Commercial Credit Card are that theres no annual fee and it can be used at any Phillips 66, Conoco, or 76 gas station. However, most issuers have strict rules about what companies can use their EINs to apply as its riskier for them. They will often carry higher interest rates and fewer cash back rewards or travel rewards, however. Small business owners will often find it difficult to qualify for EIN only business credit cards, at least until their business is well-established and earns significant revenue. The Brex corporate card offers a welcome bonus and a generous, but complicated, rewards structure. Since youre not paying monthly bills to a credit card company, you cant use the Bento card to build credit, and it wont affect your credit score, either. The Office Depot Business Credit Account * is a closed-loop card, meaning it's only accepted by Office Depot and OfficeMax. How to Get a Business Credit Card Without a Personal Guarantee. So thats definitely something for a small business owner to get excited about. These cards generally do not require a personal guarantee and dont report to the owners personal guarantee or report to the owners (or employees) personal credit reports. By providing my phone number & email and clicking the button below, I consent, acknowledge, and agree to Camino Financial's, easiest business credit cards to get with an EIN number. Otherwise, you earn 1.5% cash back if you pay it off every 30 days and 0.75% if you pay it off every 45 days. BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE WITH NO ANNUAL FEE. During this process, you can choose the kind of business that you want to register. Commissions do not affect our editors' opinions or evaluations. This kind of credit card allows you to load cash into the card for employees to use during the businesss daily operations. In most cases, once you click apply now, you will be redirected to the issuers website where you may review the terms and conditions of the product before proceeding. 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. Bento Corporate Visa. How Long Do You Have To Be In Business To Get A Business Credit Card With EIN-only? To fund your Bentos line of credit, youll transfer funds directly from your own business bank account onto your card. Plus, you can earn rewards on your purchases. With responsible spending and a little bit of time, youll eventually be proud to provide your SSN for a personal credit check on a business credit card application. Among Revenueds numerous selling points, one of the biggest is that it caters to those with subprime credit. So if youre looking for transparency, thats not ideal. 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. These cards are often structured as charge cards, which means they require payment in full upon receipt of the billing statement. Skip the Wait: Get Same-. 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. Younger businesses, those with modest revenues, or who have little (or poor) business credit wont likely qualify for cards without an EIN. $5+ million in annual sales and 3+ years old. Lastly, use credit as your last resort. Save up to $0.06 per gallon on volume-based rebates at any major fuel station with the Business Access Card. The Business Spark Classic is a great small business credit card that offers easy approval, even for those with fair credit. These cards place liability on the business not the business owner so personal credit matters. Almost all business credit cards require personal liability. There are no special conditions for getting the SVB Innovators Card with no personal liability, other than having or starting a banking relationship with Silicon Valley Bank. As you spend, youll need to reload the account (or permit the issuer to do that automatically). The Spark Cash Plus from Capital One is a great business credit card that offers 2% cash back on all business purchases. On the other hand, if youre seeking business credit cards using EIN only because youre working with fair personal credit, then you might be able to qualify for the Capital One Spark Classic for Business. Copyright 2023 Digital Honey, Inc. Digital Honey 8543 S Redwood Rd, West Jordan, UT 84088, Suite E, How to Build Credit without a Credit Card, How to Build Business Credit Without Using Personal Credit, Free Online Checking Accounts, No Credit Check, Startup Business Credit Cards with No Credit, business credit cards that do not report personal credit, Secured Business Credit Cards That Report to D&B, Business Credit Cards vs. This also links the business credit card to your personal credit profile instead of creating and building a unique credit history for your business. Banks and financial institutions have created a wide range of credit cards to serve specific functions for a business. Many issuers will let you include household income on your application. Card issuers want to protect themselves by having a cardholder provide a personal guarantee. 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. 8% of start-ups use personal credit cards for financing, versus just 2% using business credit cards. Otherwise, you likely wont be eligible for a Chevron/Texaco Business Card. 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. Note we said credit accounts, not credit cards. There are credit accounts that dont check or report to personal credit; they are called vendor or trade credit. Please try again later. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. One common misconception is that an EIN is used to match business credit report data to a business, similar to the way a Social Security number is used to help match consumer credit information in personal credit reports. This is particularly an issue if you make too many applications that keep getting rejected. No personal credit checks or founder guarantee. 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. Yes, you need income to qualify for a business credit card, but that doesnt always have to be income from the business itself. However, small business credit cards are often available to individuals with good personal credit. That way bad credit or a poor personal credit score isnt an issue like it can be with traditional banks like Capital One that offer a secured credit card. Divvy Corporate Visa. Let's look at the seven best no personal guarantee credit cards for business. Dia Adams is a noted family travel expert and a real-life Mom of two teens in the DC Metro area. This is a highly effective method to increase sales and grow your customer base by making products or services more accessible. Or, if you are a government . #DidYouKnow Personal credit bureaus do not work for businesses. 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. The IRS application for EINs is always free, and the process is straightforward. We also like that this is the worlds most widely accepted fuel card, which provides your business with access to countless locations. Its ability to apply without a personal guarantee means your. If you operate your business as a corporation or have employees, you need an EIN to declare your income to the IRS annually. Finally, Ramp can connect you with other lenders for business loans for additional funding. Typically, no. An EIN is a unique nine-digit number assigned by the IRS to identify your business for tax purposes. Or, government entity/nonprofit. When you combine the simplicity, lack of fees, lack of personal credit check, no personal guarantee, and big rewards, Airbase is one of the best credit card options for small business owners. The Office Depot Business Credit Account is a closed-loop card with no rewards, a $0 annual fee, and a 23.99% variable APR. How To Find The Cheapest Travel Insurance. Divvy Smart Credit Card for Business only requires a soft personal credit check. Divvy operates like a charge card, where you have to pay back everything in full within the grace period (about 30 days). Instead, they want businesses to have at least $5,000 in monthly expenses. The Employer Identification Number (EIN) is a nine-digit tax identification number, similar to a Social Security Number or Individual Taxpayer Identification Number (ITIN), but mostly used by businesses. Her passion lies in showing families how to travel more while keeping their savings and sanity. Most business credit card applications require both the business owners Social Security number and the businesss EIN. All images and trademarks are the property of their respective owners. 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. Note that Emburse does require a Social Security or tax ID number to verify an account, but not for a credit check just for personal verification. In this way, the EIN serves as a unique identifier for the business to start building its own credit history and credit score. And it offers up to 2% cash back on all Airbase corporate cards, making it one of the best rewards programs in the market. Using your EIN helps build a credit score that can help secure business financing later on. Business bank account statements may be required to verify revenues. BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE FOR OFFICE SUPPLIES. Before submitting an application, always verify all terms and conditions with the offering institution. This is an important aspect of entrepreneurship, as business loans are some of the most useful ways to finance the growth of a business. Business owners can keep personal and business finances separate and avoid negative activity from reflecting on a personal credit history. The Brex Daily must be paired with a Brex Cash account . These are not uncommon questions to have, as your first instinct may be that it would be better, This guide will cover the best low-interest business loans, the lenders that offer them, and a myriad of advice you can follow to secure the proper funding. Prepaid cards are front-loaded with your own capital. By having your SSN on file, businesses can more easily identify you if theres any suspicious activity on your account. Yes, you can use just an Employer Identification Number (EIN) to get a credit card if you are applying for a corporate credit card or certain co-branded business credit cards. That means better business credit card options, quicker. This can even decrease your overall credit score. This last one works as personal liability for all card debts.