15.65% - 23.65%. Furthermore, if youre applying for business credit cards without personal guarantees, having a credit score of 600 might affect your chance of eligibility. While consumer credit cards are protected by the CARD act of 2009, business credit cards are typically exempted from the same protections. While secured cards may require a credit check, most business owners are likely to qualify. on Office Depot OfficeMax Business Credit Card's secure website. Lenders and credit card issuers need assurance that someone will be liable to pay the business debt even if the business fails. 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. 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. Bremer also charges a late penalty of $39 to your account if you miss the deadline for payment. It's worth noting that you can only earn up to $5,000 cash back per year. Your card issuer may be willing to establish a payment arrangement and can inform you of available hardship programs. MORE: Who can apply for a business credit card? 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. The penalty annual percentage rate, or APR, for business credit cards currently ranges from 29.99% to 33.65% and typically applies until you make six to 12 months of consecutive on-time payments. 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. She started at NerdWallet in 2015 and spent six years as a personal finance writer and spokesperson before switching gears to cover the financial decisions and challenges faced by small-business owners. Its one of the best credit cards for LLCs and companies, and entrepreneurs operating in the transportation industry particularly those that manage a fleet of vehicles or trucks. Refinance your debt with a small-business loan, which typically will have lower interest rates than business credit cards. All financial products, shopping products and services are presented without warranty. 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. Its main purpose is to provide small business credit cards for new businesses with a funding solution of credit limits based on the companys cash flow. This helps companies track their budgets easier, thus, allowing them to maintain a stable cash flow and avoid cash flow issues. Note that since this card is a charge card, you should pay your balance in full each month or you'll be charged with a late payment fee of 2.5% of the amount past due. The Divvy corporate credit card lets business owners earn points on certain purchases, including restaurants, software subscriptions, and hotels. There are other options you can consider. Must have at least $75,000 in cash in any U.S. business bank account to qualify. The Ramp Corporate Card also offers $175,000 exclusive partner rewards to their customers. , Deposit Insurance National Bank of Santa Clara, starting March 13. It offers a 60-day free trial period, then you'll be charged a monthly fee that ranges from $29 to $149, depending on the number of employee cards you need. She also writes a column about millennials and money for The Associated Press along with a handful of other NerdWallet writers. Simply fill out a form on the Bremer Banks website, and they will email you the desired information. Do not sell or share my personal information. This card provides a generous business line of credit, no personal guarantee of access to a free rewards program, and does not come with annual and APR fees. Failing to pay a business credit card can also significantly damage your business and personal credit scores because almost all business cards report serious delinquencies to consumer credit bureaus. Our partners cannot pay us to guarantee favorable reviews of their products or services. The answer ultimately depends on how comfortable you are with personal liability. Plus, if you fail to use your business credit card responsibly, most issuers will report that behavior to the consumer credit bureaus, further damaging your personal credit score and limiting your future financing options. Learn more about. That said, the card is designed for medium and large businesses only, which excludes many small-business owners. A few business cards dont require a personal guarantee. doesn't require the cardholder to personally guarantee the debt on the card. The First National Bank Business Edition Secured Mastercard Credit Card requires a credit check, but the bank lets you pre-qualify without affecting your credit score to see if youre eligible. But if the problem lingers and you dont pay the debt, you could have to forfeit your personal assets. We receive compensation when you click on a partner link on this page. Earn 3x Brex Rewards points on all eligible Apple purchases through the link or your Brex dashboard. The bottom line is, if youre not comfortable putting your personal assets on the line in case your business cannot pay off the debt, then credit cards without a personal guarantee can be an excellent choice. Editor's note: This is a recurring post with regularly updated card details. Regular interest rates on business credit cards typically range from 17.49% to 28.24%, depending on the card and your personal credit score, among other factors. Here is a list of our partners and here's how we make money. Why we like it: The Shell Small Business Fuel Card is accepted at more than 14,000 Shell stations across the country. Ever risk averse, few providers want to issue a business credit card and then get stuck with the debt if the business fails. As a business owner, you can limit your personal risk by using a no-personal-guarantee credit card if your business meets the size and revenue requirements. Almost all business credit cards require a personal guarantee to secure the financing. Debit cards arent credit cards, as your spending is tied to your cash balance in a linked business checking account. This information may be different than what you see when you visit a financial institution, service provider or specific products site. If you aren't a Plus member, you can earn 1% on all other purchases, including those at Sam's Club. Why? Our pick for: Pre-qualifying with bad credit. You could get a separate personal credit card instead, and some, personal credit cards dont require a credit check. Sams Club Business Mastercard holders, particularly Plus members, can earn as much as 5% cash back annually on their first $6,000 spent on any Sams Club and Walmart gas stations, then 1% after the first $6,000 is reached. 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. Business owners who want a business credit card without a personal credit check, have two options: a corporate card or a secured business card. Since the beginning of the COVID-19 pandemic, Brex Inc. has allowed businesses to earn as much as seven points per dollar for every remote-work tool they purchase, as well as three points per dollar on food deliveries and two points on work-related software subscriptions. Then use your AAdvantage miles from your small . They do, however, offer their credit cards to non-individual companies with a high potential for growth. If you get a Plus membership for $110 a year, you can enjoy additional cash rewards, free shipping, and free curbside pickup. 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). What makes Brexs Credit Cards even more attractive to business owners these days is its remote work-focused reward scheme. Variable 25.24% APR on purchases and balance transfers based on the Prime Rate. Office Depot provides relevant information that can help business owners do proper budget allocation and forecasting of expenses when using their credit cards. Businesses should also have at least $100,000 in the bank. FULL LIST OF EDITORIAL PICKS: Applicants must show that their business generates annual revenue of at least $4 million and that its annual expenses reach at least $250,000. Additionally, your company must have more than ten employees, annual revenue of at least $5 million, and at least 2 years of business history. based on fees, rewards rates and redemption options, among numerous other factors. As mentioned above, cards that require a personal guarantee mean theres personal liability involved. There's no option to carry a balance from month to month, but this card doesn't require an upfront security deposit as many secured credit cards do. Not to worry. All of our selections for the best business cards with no personal credit check are chosen by our editorial team. Stripe Corporate card: Best for startups The Stripe Corporate card comes with no annual fee and requires neither a personal credit check nor personal guarantee. That way, you can find cards you may be eligible for and reduce the risk of failing a credit check. as soon as you know you cant pay your bill. Whether you want to pay less interest or earn more rewards, the right card's out there. Just go to the Bank Account tab in your Settings page to connect to the following banks automatically: Bank of America, Chase, Citi, Wells Fargo, U.S. Bank, USAA, Charles Schwab, Capital One, TD Bank, Navy Federal, and SunTrust. No personal guarantee needed Brex does not ask for a personal credit check or security deposit during the application. It appeals best to small business credit card owners with a steady, flexible stream of cash while providing perks like points and rewards in the process. Your card issuer may be willing to establish a payment arrangement and can inform you of available hardship programs. Essentially, your personal assets are safe. If there are any proven fraudulent transactions made, the amount will be credited back to your account. The money you move from the Chime Spending Account to the Credit Builder secured account determines your credit limit. This provides some assurance to the credit card company that charges on the card will be paid regardless of what happens with the business. If your company is a sole-proprietorship, theres a big chance that you wont be eligible for the Ramp Corporate Card. That is also worth considering. A personal guarantee promises that you will repay the card with your own assets if your business goes bankrupt or cant otherwise fulfill this obligation. This includes oil and gas purchases at Shell Stations which are considered as best credit cards for small businesses. The card comes with a $0 annual fee and rewards on gas, dining, and other Sam's club purchases. 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. According to Stripes website, you can get your virtual credit card up and running within minutes after your application. Read more. High-revenue businesses may qualify for a corporate card without a credit check. Office of Foreign Assets Control (OFAC)-sanctioned individuals, entities, countries, and/or governments are ineligible. We believe everyone should be able to make financial decisions with confidence. 1. that have high revenue and cash-on-hand requirements. on Shell Small Business Card's secure website. 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. Costco Anywhere Visa Business Card by Citi: Best for 4% cash back rewards at eligible gas stations GM Business Card TM: Best for 5% on GM dealership parts and services and 3% on gas and restaurant purchases Shell Small Business Card: Best fuel business card with no personal guarantee It doesn't require a personal guarantee and has no annual or monthly fees. Plain and simple, lenders are not comfortable handing out a financing resource without some sort of backup plan in place should you default on payments. Senior Writer | Small business, personal finance. The Stripe Corporate Card offers the best business credit cards for new businesses. You can claim your reward as statement credit, travel, gift cards, or merchandise. Thats because secured cards require a deposit that the issuer can seize for nonpayment. The Shell Small Business Card doesnt have stringent requirements. You can use it to earn rebates of up to 5 cents per gallon at Shell and enjoy discounts at participating Jiffy Lube stations. 5% back on gas at United States gas stations and Sam's Club and Walmart fuel stations. SMB Compass is a bespoke business financing company focused on providing financing and education to small businesses across the United States. A personal guarantee transfers that risk to the business owner directly, which is why nearly all business credit cards require a personal guarantee. You just need strong revenue and a healthy bank balance. 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. A free program where active members can get up to 2% cashback in rewards on your go-to supplies, furniture, equipment, and more. Are Business Credit Cards With No Personal Guarantee Requirement Worth It? A more specific list of the benefits associated with the Bremer Visa Signature Business Company Card is available upon request. The personal guarantee is typically spelled out in the terms and conditions when you apply for a business credit card. 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. But business debit cards 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. Build business credit: Brex partners with Dun & Bradstreet and Experian to report your on-time payments. You'll earn unlimited 1.5% cash back on all purchases when using the Stripe Corporate card, which you can redeem as a statement credit against your monthly bill. Insured deposits will be available through the new bank. As you build business credit, it will become easier to secure financing separate from your personal credit. Unlike other startup business credit cards with no personal guarantee, the points system of Ramp isnt complicated. A business loan can be hard to get, especially if your company is facing financial trouble, so its best to be proactive and. Office Depot OfficeMax Credit Accounts can only be used for purchases made in Office Depot credit card and OfficeMax branches or online stores. Sams Club Card is a Mastercard. You could get a separate personal credit card instead, and some personal credit cards dont require a credit check. , and they will email you the desired information. 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments, With an 87% average approval rate for the past 6 months, OpenSky gives everyone an opportunity to improve their credit. Business owners who want a business credit card without a personal credit check have two options: a corporate card or a secured business card. Note: Some of our selections can be applied for through NerdWallet, and some cannot. Small-Business Funding: Where to Get Capital for Your Business, Get more smart money moves straight to your inbox. If you'd like to see other cards, check out our guide to the best small business credit cards. There are no transaction fees or annual fees, and even the interest rates are waived with this credit card. You can expect the issuers to grant you a lower credit limit and high APRs with a lower credit score. But. What Happens If You Cant Pay Your Business Credit Card? Card issuers will transfer the unpaid business debt to a collection company. Adequate working capital is vital for any growing business. There is no paperwork required to apply for this no-PG business credit card. First, there's no credit check required. For the first 60 days, you can use it for free, then you have to pay a monthly fee$29 for up to 10 cards, $69 for up to 25 cards . Office supplies at Office Depot and OfficeMax. Aside from the fact that it doesnt require a personal guarantee, one of the things that make DIvvy credit cards shine is their embedded expense tracking system. Look for words like "personally responsible" or a clause stating that you and your business are "individually and jointly" or "jointly and severally" liable for all charges made to the account. NerdWallet strives to keep its information accurate and up to date. But note that a credit score below 680 may affect your chances of securing flexible financing terms. It is an excellent option for small businesses making recurring purchases of office supplies and furniture and office technology, breakroom, and cleaning supplies. 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. This card charges a $39 annual fee. NerdWallet's Credit Cards team selects the best credit cards for small business based on overall consumer value, as evidenced by star ratings, as well as their suitability for specific kinds of small-business operators. When evaluating offers, please review the financial institutions Terms and Conditions. Brex Inc. is a financial service and tech company based in San Francisco. It comes with no setup, monthly, or annual fees, and you have the ability to carry a balance each month with interest. What's more, according to Stripe, you can "get up and running with a virtual card in minutes." Think of the personal guarantee as akin to co-signing a credit card for your business. Most card issuers will hike your interest rate if you miss multiple payments. You also wont have to pay for any additional cards you may request. If your company hits hard times and cant pay its business credit card, youll have to deal with late fees and higher interest rates. Our partners compensate us. Banks require personal guarantees for business credit cards to protect their financial interests. Plus, you can use it anywhere that accepts Visa cards. These cards place liability on the business not the business owner so personal credit matters less. You can also earn 3% cash back on eligible purchases at restaurants. 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. With the SVB Innovators Card, youll earn a uniform 2x points for every dollar you spend. New Credit Card Enrollment Bonus: Offer valid only for the U.S. Bank Triple Cash Rewards Visa Business Card. Lawsuit: You can be sued for unpaid business credit card debt. Whether you want to pay less interest or earn more rewards, the right card's out there. That said, if youd rather spread your payments, you might have to consider othe business credit card options. And if youre a sole proprietor, you could consider a personal credit card for bad or thin credit. 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. They also offer 0% introductory APR and their regular APR hovers around 15.65% - 23.65%. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Missing a payment on your business credit card will trigger a series of penalties and actions, the most severe being legal action against you and your business. 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. The Bremer Bank Visa Signature Business Company Card is an actual business credit card, no personal guarantee necessary. Kelseys work has appeared in The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. This article is part of a larger series on Best Small Business Credit 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. 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. Pre-qualified offers are not binding. He joined NerdWallet in 2019 as a student loans writer, serving as an authority on that topic after spending more than a decade at student loan guarantor American Student Assistance. 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. Things to note: Bremer Best Small Business Credit Cards do charge users a 3% foreign transaction fee on any purchases made abroad. The maximum load limit is $100,000, but you can request an increase, subject to approval. Businesses incorporated for at least two years and earning a minimum of $5 million in yearly revenue can apply for this card without a personal guarantee. That way, you can find cards you may be eligible for and reduce the risk of failing a credit check. requires a credit check, but the bank lets you pre-qualify without affecting your credit score to see if youre eligible. Theres no annual fee, but members must pay a $100 fee for membership. Purchasing power that adapts to your business with no preset spending limit. before applying. Just answer a few questions and we'll narrow the search for you. 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. 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. However, this does not influence our evaluations. The Costco Anywhere Visa Business Card by Citi * offers excellent capped rewards on gas and groceries as well as damage and theft-related purchase protection. Simplify reconciliation with built-in integrations with QuickBooks, Xero, NetSuite, and more. What should you do if you cant pay your business credit card? However, you can still find no-personal-guarantee business credit cards with smaller or independent banks. Read more. You can draw any amount from it on an as-needed basis, and you can use it for virtually any business need. A business loan can be hard to get, especially if your company is facing financial trouble, so its best to be proactive and compare business loan options before you start missing payments. But until then, your personal and business credit can remain intertwined. Nonbusiness credit cards. 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. It meets the no personal guarantee requirement in this post, and offers more perks like no introductory and regular APR and they dont charge an annual fee for the card. The recommendations in this post reference one or more of our partners. A credit score in or above the recommended range means you have a higher chance of approval, but doesnt guarantee it. It can also make sense to get a free credit score before applying. Finding a lender that wont require a personal guarantee for small business credit cards can be challenging. If youre a startup, then the Silicone Valley Bank (SVB) Innovators Card might be the best choice for you.