It also lets businesses earn substantial rewards on eligible purchases, particularly purchases made at Sams Club. Weve gone ahead and compiled a list of the best credit cards for small businesses with no personal guarantee. To qualify for the Shell Small Business Fuel Card, your business should be in operation for at least three years and have a minimum of $1 million in annual earnings. Get free monthly access to your FICO score in our mobile application, Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion, Fund your card with a low $200 refundable security deposit to get a $200 credit line, Apply in less than 5 minutes with our mobile first application, Choose the due date that fits your schedule with flexible payment dates, Fund your security deposit over 60 days with the option to make partial payments, Join over 1.2 million cardholders whove used OpenSky to build their credit. Contactless pay with Apple Pay, Google Pay, and Samsung Pay. This is, in part, because nearly all card issuers will require a personal guarantee. Your credit limit will be based primarily on your companys cash flow and other financial health indicators. An established small business with substantial annual revenues can usually qualify for business credit cards without a personal guarantee. This is, in part, because nearly all card issuers will require a. , it will become easier to secure financing separate from your personal credit. Ramp is only available to corporations, LLCs and limited partnerships. You can earn up to 75% more cash back on every purchase, if you have a business checking account with Bank of America and qualify for our highest Preferred Rewards for Business tier. It also offers spending controls, ensuring that the business sticks to a specific budget. New Credit Card Enrollment Bonus: Offer valid only for the U.S. Bank Triple Cash Rewards Visa Business Card. That cash limits their risk, making secured cards some of the best business credit cards for bad credit. 5% back on gas at United States gas stations and Sam's Club and Walmart fuel stations. Brex can acquire you to apply for small business credit cards without a personal guarantee, but their requirements for approval are more stringent than the options previously listed. To help see if youre likely to hold up that end of the bargain, youll usually have to undergo a personal credit check. Earn points on every dollar spent with industry-leading multipliers: 7x on rideshare, 4x on Brex Travel, 3x on restaurants, 2x on software subscriptions and 1x on all other transactions. No personal credit check or personal guarantee required. Its also a revolving credit, so every time you pay what you owe, the credit available also goes up. If your business does require you to travel from time to time, you may need to obtain an additional credit card solely for that purpose. Your card doubles as your Costco club membership card. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Almost all card issuers report activity (good and bad) to business credit bureaus. These cards may help your personal credit a must for future financing but theyll lack features like employee cards and often come with lower limits than business credit cards. There is currently no sign-on bonus. Are Business Credit Cards With No Personal Guarantee Requirement Worth It? You dont necessarily need a business credit card for your business finances. While some may have limitations on how the business can use these cards, they can still be a helpful financial resource for companies that are looking to grow and expand. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Earn 3x Brex Rewards points on all eligible Apple purchases through the link or your Brex dashboard. Secured cards. You can still apply for the card without these requirements, but a personal guarantee is necessary for card approval. Why we like it: The Charity Charge Nonprofit Business Card is a no-annual-fee business charge card designed for nonprofits. They believe that through this program, entrepreneurs can cut back on their expenses and save more money as they move forward with their operations. The card comes with a $0 annual fee and rewards on gas, dining, and other Sam's club purchases. Related: 5 Effective Budgeting Tips for Small Business Owners. These credit cardholders can enjoy a $50 savings on their first purchase amounting to $150 or more, and theres no annual card fee. Since this is a Mastercard, you can use it anywhere Mastercard is accepted to earn rewards. rates not disclosedcall (855) 398-9165 for the rates, 19.90% for Account Type 1, 27.90% for Account Type 2, $0 except for annual Sam's Club Plus membership fee of $100, N/A - balance is due in full by the payment due date, A recent attempt to raise venture capital funding failed, and it was turned over to FDIC receivership. This may be a drawback for businesses, especially those that are still in the early stages of operation. Our partners cannot pay us to guarantee favorable reviews of their products or services. Stripe Corporate Cards dont charge their users with annual fees and foreign transaction fees. One of the first requirements of the SVB Card is that the business owner must have an existing business bank account with the bank. Then use your AAdvantage miles from your small . While Bremer Bank offers business credit cards with no personal guarantee, it does require a good credit score (at least 780 or better). The one downside of a Stripe Corporate Card is that it doesnt offer any travel benefits. Penalty APR: Most card issuers will hike your interest rate if you miss multiple payments. Lawsuit: You can be sued for unpaid business credit card debt. If you are able to get one, you will enjoy no annual fee and a rewards program. Brex Inc. is a financial service and tech company based in San Francisco. It made our list of the best credit cards for nonprofits because it offers exclusive discounts at more than 200 national vendors through Charity Charge's partnership with CHAMPs. There are no transaction fees or annual fees, and even the interest rates are waived with this credit card. Businesses should also have at least $100,000 in the bank. Business owners can be personally sued by credit card issuers over unpaid business card debt if the business shuts down or goes bankrupt. In general, a company must be well established, with significant revenue and a credit history of its own, before corporate cards become an option. Office Depot OfficeMax Business Credit Card, outstanding business cards for bad credit, Deposits via Bento Transfer are limited to a maximum of $10,000 per day, but wire transfer and ACH funds transfer are also available which do not have a maximum limit, Cancel stolen or lost cards in real time online, Payment flexibilityrevolve your balance or pay in full each billing cycle, Earn 5% back on gas at United States gas stations and Sam's Club and Walmart fuel stations, 3% on all Sam's Club purchases, 3% back at restaurants, and 1% on all other eligible purchases, Need to be a Sam's Club member to qualify, Doesn't have 0% introductory annual percentage rate (APR) on purchases, Must be a Sam's Club Plus membership to maximize rewards, Receive $50 as a statement credit on your first purchase of $150, Exclusive offers plus sneak previews and special savings, Can only be used at Office Depot and OfficeMax stores, Up to 4% rebate on hotel bookings and dining, No additional costs for using Emburse Spend and issuing virtual and physical cards, Deposits to Emburse Spend are limited to a maximum of $100,000. The Ramp Card's main selling point: It does not require a credit check or personal guarantee. Miles transfer program to 7 airlines (including Singapore Airlines, Qantas, Air France, and more) and their loyalty programs, giving Brex customers access to book travel across all of the major global airline alliances - Star Alliance, Oneworld, and SkyTeam. Why? The best part is that many who offer business lines of credit may work with business owners with poor personal credit scores. Corporate cards. The credit card users can simply report their card lost or stolen through their Stripe Dashboard, and the Stripe team will automatically disable it. You can expect the issuers to grant you a lower credit limit and high APRs with a lower credit score. Once approved, Stripe will grant you a credit limit based on your payment history and your bank history. It also offers expense tracking, making it easier for businesses to track where their money goes. Businesses that regularly purchase office supplies from Office Depot credit card or OfficeMax may benefit from applying for an Office Depot business card and OfficeMax Business Credit Account that the company now offers. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content. You can draw any amount from it on an as-needed basis, and you can use it for virtually any business need. Factors in our evaluation include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as special financing arrangements, free cards for employees or tools for managing business expenses. Unlike other startup business credit cards with no personal guarantee, the points system of Ramp isnt complicated. Preloaded business debit cards also may not require a credit check. As a welcome bonus, you'll receive a $30 statement credit when you open a new account and make $30 in Sam's Club purchases within 30 days. Theres no annual fee, but members must pay a $100 fee for membership. Stripe also offers fraud protection. . Consequences for not paying your business credit card include: Late payment fees: The late payment fee on a business credit card is typically $40 to $50 or 2% to 3% of the past-due amount, whichever is greater. The Bremer Bank Visa Signature Business Company Card is basically the only true business credit card that's available with no personal guarantee and isn't classified as a "corporate card." It targets "medium to large businesses" and it has high income and revenue requirements. If youre unsure if youll pass a credit check, some business credit card issuers will let you pre-qualify. The Bremer Bank Visa Signature Business Company Card or a Bremer bank credit card is one of many financing options that Bremer Bank offers to business owners with medium to large enterprises. Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months - no additional deposit required! This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Theyre more likely to push for a personal guarantee to mitigate the risk. Some credit card issuers may apply this to their corporate card products, but its essential to know the cards terms and conditions before applying. NerdWallet's ratings are determined by our editorial team. Looking to build or rebuild your credit? As mentioned above, cards that require a personal guarantee mean theres personal liability involved. NerdWallet's ratings are determined by our editorial team. A business credit card is a must have for an entrepreneur who wants to keep their personal and business finances separate and for anyone looking to establish their business's credit history.It's understandable why making a personal guarantee in order to secure a business credit card would make some entrepreneurs nervous. Your company should be at least three years old with annual sales of over $5 million. The personal guarantee supersedes any limited liability protections and gives the credit card issuer the explicit right to come to you personally for payment. The Bremer Bank Visa Signature Business Company Card or a Bremer bank credit card is one of many financing options that Bremer Bank offers to business owners with medium to large enterprises. Just remember: If you miss a payment, youll forfeit the 0% period and be hit with a penalty APR. 30-day charge card running on the Mastercard network. American Express Blue Business Cash Card, 0% intro APR on purchases for 12 months from the date of account opening, About the author: Kelsey Sheehy is a personal finance writer at NerdWallet. Our opinions are our own. Earn points on every dollar spent with industry-leading multipliers: 7x on rideshare, 4x on Brex Travel, 3x on restaurants, 2x on software subscriptions and 1x on all other transactions. We receive compensation when you click on a partner link on this page. Best for Corporate card with no personal credit check. The recommendations in this post reference one or more of our partners. The Bento for Business Visa Debit Card is an excellent choice for small businesses without a personal guarantee. This process tells you whether or not youll likely be approved without affecting your personal credit score. They're not for side hustles or boot-strapped startups. If there are any proven fraudulent transactions made, the amount will be credited back to your account. Learn more about how we rate business credit cards. Our pick for: Corporate card with no personal credit check. If you go that route, make sure to keep your business and personal spending separate. One of the best credit cards for small businesses is the Shell Business Card (offered by the Royal Dutch Shell Company but issued by Citibank). There is no paperwork required to apply for this no-PG business credit card. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free. Visa may receive compensation from the card issuers whose cards appear on the website, but makes no representations about the accuracy or completeness of any information. But if youre just starting out or your revenue is in the thousands, not the millions, you likely wont qualify for a, While secured cards may require a credit check, most business owners are likely to qualify. All financial products, shopping products and services are presented without warranty. Many or all of the products featured here are from our partners who compensate us. It is an excellent option for small businesses making recurring purchases of office supplies and furniture and office technology, breakroom, and cleaning supplies. Must have most of your operations and corporate spend in the US (although Ramp does support international transactions and will waive all related transaction fees). You could get a separate personal credit card instead, and some, personal credit cards dont require a credit check. Late payments on your business credit card can lower your personal. You dont necessarily need a business credit card for your business finances. The money you move from the Chime Spending Account to the Credit Builder secured account determines your credit limit. Our opinions are our own. Some credit card companies, like the ones mentioned above, may offer business credit cards without a personal guarantee. You dont earn more points when you purchase a particular type of service, like dining, travel, or subscriptions. Furthermore, if youre applying for business credit cards without personal guarantees, having a credit score of 600 might affect your chance of eligibility. There are a lot of benefits that come with using an EIN or employer identification number when applying for a business credit card. It's the only business credit card designed exclusively for Costco members. These cards place liability on the business not the business owner so personal credit matters less. Earn unlimited 1.5% cash back on all purchases, no minimum spend required. An alternative to the Shell Credit Card is the Coast Card. For one, a business line of credit can be a good option. Almost all card issuers report activity (good and bad) to business credit bureaus. The Stripe Corporate Card offers the best business credit cards for new businesses. Pre-qualified offers are not binding. High-revenue businesses may qualify for a corporate card without a credit check. Should I Fund My Business With a Credit Card? NerdWallet's ratings are determined by our editorial team. That means you will be personally liable for the credit card debt if the business cannot repay the loan. Because you have to frontload the funds that you and your employees will spend on the Bento for Business, though, you wont be able to build credit with this card. When evaluating offers, please review the financial institutions Terms and Conditions. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, Business Credit Cards With No Personal Credit Check of May 2023. A more specific list of the benefits associated with the Bremer Visa Signature Business Company Card is available upon request. If youre planning to apply for a business credit card, its best to contact them directly to know how you can qualify. Business Financing | Small Business | Working Capital. Exclusive signup offers from the best products and tools for your business (e.g. Being one of our best business fuel cards, it's an ideal option if your business has fleets or you're on the road frequently. based on fees, rewards rates and redemption options, among numerous other factors. Just answer a few questions and we'll narrow the search for you. Second, you don't need a traditional bank account; you can fund the deposit or pay your bill with a money order or Western Union payment. No annual fee or foreign transaction fees. They also offer 0% introductory APR and their regular APR hovers around 15.65% - 23.65%. Office of Foreign Assets Control (OFAC)-sanctioned individuals, entities, countries, and/or governments are ineligible. Here is a list of our partners. Since credit scores serve as a testament to your repayment behaviors, lower ratings could raise a red flag to issuers. Who can apply for a business credit card? Luckily for businesses, there are a lot of companies that offer the best business credit cards for new businesses without a personal guarantee. typically dont require a credit check and may make sense for business owners who want to use plastic to better keep track of their own transactions or their employees spending. Your card issuer may be willing to establish a payment arrangement and can inform you of available hardship programs. AWS, Google Ads, WeWork, Salesforce) worth up to $150,000 in value. Live support Our experts are standing by to help you troubleshoot or offer guidance anytime you need it. Can you get a business credit card with no credit check? What Happens If You Cant Pay Your Business Credit Card? Business debit cards. Our pick for: Pre-qualifying with bad credit. What happens if you dont pay your business credit card? Debit cards arent credit cards, as your spending is tied to your cash balance in a linked business checking account. Still, its a good option to consider for businesses looking for a credit card that doesnt require a personal guarantee. This may influence which products we write about and where and how the product appears on a page. Earn 3x Brex Rewards points on all eligible Apple purchases through the link or your Brex dashboard. before applying. No personal guarantee needed Brex does not ask for a personal credit check or security deposit during the application. That's one of the reasons you have to supply your Social Security number: The issuer is checking your personal credit to gauge how likely you are to repay the debt if it comes to that. Zero credit risk to apply! Earn unlimited 1.5% cash back on all purchases. The card comes with no annual fee, unlimited 1.5% cash back, card-level spending controls and direct integrations with top business tools. The corporate charge card also offers unlimited cash-back rewards and card-level spending controls with no annual fee. Bremer Bank Visa Signature Business Company Card.