Live support Our experts are standing by to help you troubleshoot or offer guidance anytime you need it. Dane Panes started freelance writing in 2017. Ramp is only available to corporations, LLCs and limited partnerships. Your card issuer may be willing to establish a payment arrangement and can inform you of available hardship programs. 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. 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. They also offer 0% introductory APR and their regular APR hovers around. Businesses should also have at least $100,000 in the bank. That said, if youd rather spread your payments, you might have to consider othe business credit card options. 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. Simplify reconciliation with built-in integrations with QuickBooks, Xero, NetSuite, and more. Ryan also previously oversaw the production of life science journals as a managing editor for publisher Cell Press. 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. 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. 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. Benilyn Formoso-Suralta is a staff writer at Fit Small Business focusing on finance, accounting, and Small Business Loans. However, other credit card issuers may be willing to offer cards without a personal guarantee, as long as their financials are stable and their credit ratings are within whats construed as good ratings. Note: Some of our selections can be applied for through NerdWallet, and some cannot. Should I Fund My Business With a Credit Card? No annual fee or foreign transaction fees. Moreover, the Coast Card charges a $2 fee on every card every month. Benilyn has over a decade of experience as a banking officer. Secured cards. The one downside of a Stripe Corporate Card is that it doesnt offer any travel benefits. Be sure to have all of your companys financial statements ready when applying for this credit card. Online guarantees to protect cardholders and transactions. Remember, you have to apply for this one at the bank, so you can also expect them to ask for a list of documents like personal and business financial statements, credit reports, and your companys balance sheets. 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. Sole proprietors and business owners with no employees can often find a longer 0% period with a consumer credit card. If and when you need your vehicles maintained, your Shell Card also affords you a 15% discount in any participating Jiffy Lube branches nationwide. Sam's Club Plus members can earn 3% cash back on purchases at Sam's Club locations or samsclub.com. Tricia has nearly two decades of experience in commercial and federal government lending. Businesses with a fair credit score (650 and higher) may qualify for this credit card. NerdWallet's ratings are determined by our editorial team. Sams Club Card is a Mastercard. All financial products, shopping products and services are presented without warranty. Luckily for businesses, there are a lot of companies that offer the best business credit cards for new businesses without a personal guarantee. Here are a few tips a small business owner can follow to reduce exposure to unpaid debt and personal liability: Business credit cards with no personal guarantee are the right option if you don't want the issuer to go after your personal assets in case you're unable to pay your debts. 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. Now, she focuses mostly on topics related to entrepreneurship and business financing. We believe everyone should be able to make financial decisions with confidence. Plus, you dont have to pay extra for cards you distribute to your employees. Show Summary Best Business Credit Cards Without a Personal Guarantee Requirement Best for Well-Funded Startups Brex 30 Card Apply Now On Brex's Website Up to 10-20X Reward Rate Get. Its one of the many business gas cards without a personal guarantee, so businesses can use the card to purchase products bought at the Shell convenience stores. Because of the personal guarantee and the credit check that comes with it, small-business cards generally require applicants to have good to excellent personal credit. The personal guarantee supersedes any limited liability protections and gives the credit card issuer the explicit right to come to you personally for payment. Plus, if you fail to use your business credit card responsibly, most issuers will, report that behavior to the consumer credit bureaus. 9 Best Business Credit Cards for Startups With No Credit - NerdWallet If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. . 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. 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. 11 Best Fuel Cards for Small Businesses for 2023 When evaluating offers, please review the financial institutions Terms and Conditions. How to Get Business Credit Cards No Personal Guarantee - Credit Suite Finding a lender that wont require a personal guarantee for small business credit cards can be challenging. MORE: Who can apply for a business credit card? Corporate cards. Plus, you can use it anywhere that accepts Visa cards. 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). We receive compensation when you click on a partner link on this page. Businesses are required to pay the monthly balance in full by each statement period. An established small business with substantial annual revenues can usually qualify for business credit cards without a personal guarantee. While Bremer Bank offers business credit cards with no personal guarantee, it does require a good credit score (at least 780 or better). The credit card users can simply report their card lost or stolen through their Stripe Dashboard, and the Stripe team will automatically disable it. Things to note: Bremer Best Small Business Credit Cards do charge users a 3% foreign transaction fee on any purchases made abroad. What happens if you dont pay your business credit card? 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 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. Here are the six best business cards with no personal guarantee: To see how these cards stack up against others that we have reviewed on our site, simply click Add to Compare on the card below and select up to two additional cards for comparison. Nearly all credit cards designed for small businesses require the applicant to personally guarantee the debt on the card. 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. This is money you can use to pay off your charges at the end of every month.". She brings with her 12 years of experience as a banking officer with the Bank of the Philippine Islands with expertise in consumer banking, real estate sales, and foreign exchanges. This may be a drawback for businesses, especially those that are still in the early stages of operation. BEST SMALL BUSINESS CREDIT CARDS WITH NO PERSONAL CREDIT CHECK, Unlike most cards designed for entrepreneurs, the. That way, you can find cards you may be eligible for and reduce the risk of failing a credit check. 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. You just need strong revenue and a healthy bank balance. Earn 3x Brex Rewards points on all eligible Apple purchases through the link or your Brex dashboard. They're not for side hustles or boot-strapped startups. Why we like it: The Bento for Business Visa Debit Card is accessible to all business owners without size and revenue requirements because it isn't a credit card. Business Credit Card Personal Guarantee: What It Is and Why Banks A more specific list of the benefits associated with the Bremer Visa Signature Business Company Card is available upon request. NerdWallet's ratings are determined by our editorial team. If you cant qualify for a credit card that doesnt require a personal guarantee, its not the end of the world. On the other hand, cards without a personal guarantee dont hold you personally liable for the debt. All financial products, shopping products and services are presented without warranty. Sole proprietors and business owners with no employees can often find a longer 0% period with a consumer credit card. 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. It also has high income requirements and still prefers to work with medium to large businesses. The personal guarantee is typically spelled out in the terms and conditions when you. In general, a company must be well established, with significant revenue and a credit history of its own, before corporate cards become an option. But note that a credit score below 680 may affect your chances of securing flexible financing terms. Of all the credit cards we reviewed, only one, the Bremer Bank Visa Signature Business Company Card, doesn't require a personal guarantee. According to Stripes website, you can get your virtual credit card up and running within minutes after your application.