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. No personal credit check or personal guarantee required. What should you do if you cant pay your business credit card? Business owners who want a business credit card without a personal credit check have two options: a corporate card or a secured business card. 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. Can I Get a Business Credit Card With No Personal Guarantee? You can claim your reward as statement credit, travel, gift cards, or merchandise. Businesses with a fair credit score (650 and higher) may qualify for this credit card. Refinance your debt with a small-business loan, which typically will have lower interest rates than business credit cards. When you link your Office Depot rewards membership to your credit card account, you'll earn rewards automatically every time you use your card. For one, a business line of credit can be a good option. AWS, Google Ads, WeWork, Salesforce) worth up to $150,000 in value. Minimum bank balance of $50,000 from professional investors may be required to qualify for Brex. If your business requires international travel, its best to use an alternative business credit card for small businesses that dont charge a foreign transaction fee for those expenses. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Bento focuses on providing tools and resources to help businesses grow, and their debit card fits seamlessly into that goal. Earn unlimited 1.5% cash back on all purchases, no minimum spend required. 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. Luckily for businesses, there are a lot of companies that offer the best business credit cards for new businesses without a personal guarantee. These cards are much less likely to have restrictions on who qualifies for the card. It has a dedicated US-based customer service team, which is available 24/7. Benilyn Formoso-Suralta is a staff writer at Fit Small Business focusing on finance, accounting, and Small Business Loans. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. The Bento for Business Visa Debit Card offers the conveniences of abusiness credit card, without the personal credit check or personal liability. Our pick for: Pre-qualifying with bad credit. Instantly add new users and set spending limits. You can transfer funds easily through ACH. Live support Our experts are standing by to help you troubleshoot or offer guidance anytime you need it. Office supplies at Office Depot and OfficeMax. If you'd like to see other cards, check out our guide to the best small business credit cards. If youre seeking to obtain the best business credit cards, but your company has a poor credit score, or you have a business credit card with no credit history, youre considered a higher-risk borrower. Kelsey Sheehy is a personal finance writer at NerdWallet. Pre-qualified offers are not binding. According to Supermoney, the benefits of these new business credit cards include travel assistance, emergency support, fraud liability, and accurate and timely reporting to the credit bureaus. Who can apply for a business credit card? All financial products, shopping products and services are presented without warranty. Use this link to create an account and connect your credit score with TransUnion to get an estimate of your approval odds based on your credit score and other factors. We believe everyone should be able to make financial decisions with confidence. Plus, if you fail to use your business credit card responsibly, most issuers will, report that behavior to the consumer credit bureaus. They're not for side hustles or boot-strapped startups. Learn more about business debit cards. When evaluating offers, please review the financial institutions Terms and Conditions. All of our selections for the best business cards with no personal credit check are chosen by our editorial team, whichindependently evaluates and rates cardsbased on fees, rewards rates and redemption options, among numerous other factors. If you go that route, make sure to keep your business and personal spending separate. require a credit check and personal guarantee to help card issuers mitigate their risk. Note: Some of our selections can be applied for through NerdWallet, and some cannot. 5 Best Business Credit Cards for Fair Credit for 2023 - Fit Small Business Business Advantage Unlimited Cash Rewards credit card Online offer: $300 statement credit bonus Earn unlimited 1.5% cash back on all purchases. If youre a startup, then the Silicone Valley Bank (SVB) Innovators Card might be the best choice for you. That cash limits their risk, making secured cards some of the best business credit cards for bad credit. Earn unlimited 1.5% cash back on all purchases. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content. Sole proprietors and business owners with no employees can often find a longer 0% period with a consumer credit card. If there are any proven fraudulent transactions made, the amount will be credited back to your account. that have high revenue and cash-on-hand requirements. This information may be different than what you see when you visit a financial institution, service provider or specific products site. New York, NY 10003-1502, California Privacy Rights | Privacy | Terms | Sitemap. They also offer 0% introductory APR and their regular APR hovers around 15.65% - 23.65%. When you're just getting a business off the ground, your personal credit is often (but not always) necessary to get a small-business credit card. That said, its a viable option to consider if you cant qualify for credit cards with no personal guarantee. 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. Almost all card issuers report activity (good and bad) to business credit bureaus. If you aren't a Plus member, you can earn 1% on all other purchases, including those at Sam's Club. If you want to apply for one, all you need to do is visit one of the Bremer Bank branches in Minnesota, North Dakota, or Wisconsin. Should I Fund My Business With a Credit Card? However, it's possible that your business assets will be seized if you fail to make payments on your card. Best business credit cards with no personal guarantee in 2023 For weekly payments, a business owner can earn: For twice-a-month payments, business owners can earn points as much as: For monthly repayments, you can earn these rates: Other benefits of using Divvy's corporate credit card include earning discounts and credits every time you purchase from their partner companies such as Amazon, Google Ads, FedEx, and Costco. Many or all of the products featured here are from our partners who compensate us. In the simplest terms, a personal guarantee is a business owners personal liability and responsibility to pay off the loan balance. This balances out the risk for the credit card issuer. Can you get a business credit card with no personal guarantee? There are a lot of benefits that come with using an EIN or employer identification number when applying for a business credit card. The OpenSky Secured Visa Credit Card charges an annual fee, but a lot of people will still want to take a look at it for two reasons. It depends on the terms issued by the credit card providers. Typically, the users can get a 2% cashback on their top two categories and 1% cashback on any other expenses. Differences between business and personal credit cards, If youre unsure if youll pass a credit check, some business credit card issuers will let you pre-qualify. If and when you need your vehicles maintained, your Shell Card also affords you a 15% discount in any participating Jiffy Lube branches nationwide. Senior Writer | Small business, personal finance. As you establish your payment history in your Stripe account, youll have better chances of increasing your credit limit. You can also earn 3% cash back on eligible purchases at restaurants. Business Credit Card Personal Guarantee: What It Is and Why Banks This card charges a $39 annual fee. It's worth noting that you can only earn up to $5,000 cash back per year. Why we like it: The Charity Charge Nonprofit Business Card is a no-annual-fee business charge card designed for nonprofits. The best part is that many who offer business lines of credit may work with business owners with poor personal credit scores. While consumer credit cards are protected by the CARD act of 2009, business credit cards are typically exempted from the same protections. All financial products, shopping products and services are presented without warranty. But looking for an additional financial resource can be challenging given the strict requirements and qualifications that lenders and banks impose. An established small business with substantial annual revenues can usually qualify for business credit cards without a personal guarantee. A personal guarantee essentially shows lenders that, if for any reason your business is unable to pay off the business credit card balance, you, as the business owner, are personally liable for the repayments. Enjoy global acceptance with no foreign transaction fees. According to Stripes website, you can get your virtual credit card up and running within minutes after your application. The maximum load limit is $100,000, but you can request an increase, subject to approval. Whether you want to pay less interest or earn more rewards, the right card's out there. Its also a revolving credit, so every time you pay what you owe, the credit available also goes up. Contactless pay with Apple Pay, Google Pay, and Samsung Pay. Simply fill out a form on the Bremer Banks website, and they will email you the desired information. Why we like it: If you don't want to provide a personal guarantee for a business card, the Bento for Business Visa Debit Card is an excellent option. 5 Best Business Credit Cards With No Personal Guarantee Its powered by MasterCard, so the cardholders can use it in any country that accepts MasterCard payments without having to worry about foreign transaction fees. Our partners cannot pay us to guarantee favorable reviews of their products or services. Read more. What is a personal guarantee for business cards? But until then, your personal and business credit can remain intertwined. Business Credit Card & No Personal Credit Check | LendingTree Your security deposit will earn interest, and First National Bank lets you choose your own credit limit from $2,000 to $100,000 (in multiples of $50) when you apply. Learn more about. Stripe Corporate Visa Card The Stripe Corporate Visa Card is available to businesses that already have a Stripe account, which allows companies to accept payments online. Individuals, sole proprietorships and unregistered businesses are not eligible. You could get a separate personal credit card instead, and some personal credit cards dont require a credit check. Click the card name to read our review. Though it doesn't have an. Here is a list of our partners. You can enjoy up to 20% discounts on your everyday expenses, such as office supplies, transportation, and wireless, with no enrollment fees and minimum purchase requirements. The personal guarantee on a credit card applies to all business types, including limited liability companies, or LLCs, and corporations, which are generally protected against personal liability for business debts. Chime says: "The Chime Credit Builder Visa Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. 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. Similar to the Emburse Spend card, business owners with fair or poor credit are eligible to apply, making it one of our top-recommended business cards for fair credit. Most business credit cards come with a personal guarantee requirement. The scoring formulas take into account multiple data points for each financial product and service. Your credit limit will be based primarily on your companys cash flow and other financial health indicators. Business debit cards. 15.65% - 23.65%. Twitter All of our selections for the best business cards with no personal credit check are chosen by our editorial team. Note: You can still be charged interest by the collection company. Plus, you dont have to pay extra for cards you distribute to your employees. When evaluating offers, please review the financial institutions Terms and Conditions. Additionally, your company must have more than ten employees, annual revenue of at least $5 million, and at least 2 years of business history. Prior to joining NerdWallet, Kelsey covered college (and how to pay for it) for U.S. News & World Report. Since then, she has written about a lot of topics for different businesses. 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. Earn American Airlines AAdvantage miles on purchases when you use your CitiBusiness / AAdvantage card, Citi's exciting business travel credit card that offers AAdvantage miles, travel benefits and more. Most business credit card issuers require a personal guarantee, which makes you personally liable for your business's debts in case it fails. What's more, according to Stripe, you can "get up and running with a virtual card in minutes." Simplify reconciliation with built-in integrations with QuickBooks, Xero, NetSuite, and more. 300-850 (Poor - Excellent) See your approval odds Apply now on Brex's website Quick Facts Get 10,000 points when you spend $3,000 on a Brex Card within your first 3 months. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Their point-reward system differs from that of other credit card issuers in a way that it lets you earn points based on your repayment structure. Ever risk averse, few providers want to issue a business credit card and then get stuck with the debt if the business fails. Pre-qualified offers are not binding. Ramp Corporation is a start-up business credit cards no personal guarantee company that recently opened its doors to the public. Brex Card: No Personal Guarantee, but Some Limitations Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. The card comes with no annual fee, unlimited 1.5% cash back, card-level spending controls and direct integrations with top business tools. NerdWallet's ratings are determined by our editorial team. Zero liability policies render business owners free from fraudulent charges on the account. What Happens If You Can't Pay Your Business Credit Card? ", "To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. Thats because secured cards require a deposit that the issuer can seize for nonpayment. 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. Most other small-business credit cards require a credit check and personal guarantee to help card issuers mitigate their risk. Business credit cards with no personal guarantee - CreditCards.com Her work has been featured by The New York Times, USA Today, CBS News and The Associated Press. In general, a company must be well established, with significant revenue and a credit history of its own, before corporate cards become an option. If you are able to get one, you will enjoy no annual fee and a rewards program. You also wont have to pay for any additional cards you may request. Before applying, confirm details on the issuers website. However, business owners will most likely have to meet a specific standard to qualify for one (i.e., high credit ratings, revenue, etc.). No personal credit checks or founder guarantee Join the 13,000+ businesses already simplifying their finances Roll out in minutes Get set up, issue cards, and start making payments in less than 15 minuteswhether you have 5 employees or 5,000. Contact your card issuers as soon as you know you cant pay your bill. doesn't require the cardholder to personally guarantee the debt on the card. If you go that route, make sure to keep your business and personal spending separate. Late payments on your business credit card can lower your personal credit score by as much as 100 points. Costco Anywhere Visa Business Credit Card by Citi Review | Nav Brexs credit card is one of the most sought-after financing resources in the business world because it offers businesses amazing perks with zero annual fees particularly those in the tech, lab sciences, and e-commerce industries and a business line of credit with no personal guarantee. One of the first requirements of the SVB Card is that the business owner must have an existing business bank account with the bank. You should also be in business for more than two years, with more than $5 million in annual revenues, and have more than 10 employees. ", "Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. A free program where active members can get up to 2% cashback in rewards on your go-to supplies, furniture, equipment, and more. It is an excellent option for small businesses making recurring purchases of office supplies and furniture and office technology, breakroom, and cleaning supplies. Read more. Dane Panes started freelance writing in 2017. You dont earn more points when you purchase a particular type of service, like dining, travel, or subscriptions. Do not sell or share my personal information. All financial products, shopping products and services are presented without warranty. A small business credit card for new businesses is an indispensable financing resource. Corporate cards. You can earn 5% cash back on your first $6,000 spent at Sam's Club and Walmart gas stations per year, then 1% thereafter. 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. Tricia has nearly two decades of experience in commercial and federal government lending. New Credit Card Enrollment Bonus: Offer valid only for the U.S. Bank Triple Cash Rewards Visa Business Card. You can draw any amount from it on an as-needed basis, and you can use it for virtually any business need. It works similarly to that of a credit card, where theres a set credit limit that borrowers cannot go beyond. Who does the personal guarantee apply to? A handful of, business cards report activity to personal credit bureaus, but only if youre seriously behind on your bill. The card also advertises having no fees of any kind. The main perks that Bento for Business boasts are the comprehensive control it allows you to have over your businesss spending. Additionally, you'll earn automatic rebates from Mastercard.