Almost all business credit card vendors require an SSN and an EIN when determining eligibility. 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. Applying for a business card with an EIN also prevents someones personal credit history from affecting eligibility. 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. Does Amex Business require a personal guarantee? It has a low intro APR and no annual fee for the first year. Corporate credit cards are designed to access short-term cash for your business. Well also go over some more effective alternatives for addressing why you might have come to this question in the first place, since youre certainly not alone. Low cash back rate compared to other flat-rate rewards business credit cards. Everything is recorded in their free software. 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. 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. However, small business credit cards are often available to individuals with good personal credit. Major issuers that do require a personal credit check and a personal guarantee for their small business credit cards include: A personal credit check isnt always a bad thing. It gives 1 - 7 points per $1 spent on purchases overall and provides a lucrative initial bonus. Can Startups Get An EIN Only Business Credit Card? And both offer 1.5x cashback on all eligible business expenses (Divvy offers more on restaurants, hotels, and software). Established corporations usually have sufficient assets, history and revenue to console nervous lenders. Commissions do not affect our editors' opinions or evaluations. Applying for business loans is easier, and Camino Financial lets you apply with an ITIN if you dont have an SSN. 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. That said, these types of business credit cards wont be able to build credit for your or your business. 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. Required fields are marked *. As time goes by, your credit score will improve. It is very difficult for startups to get a business credit card without a personal credit check or EIN. The three types of cards to consider are: Credit cards that dont require a personal credit check often fall into the category of corporate cards, and these cards are only available to well-established businesses with high revenues often in the $14 million range or higher and multiple employees. Something went wrong. Read the application and cardholder agreement carefully if this is a concern for you. Save up to $0.06 per gallon on volume-based rebates at any major fuel station with the Business Access Card. Most issuers are looking for good or excellent credit and sufficient income from all sources. Business Credit Cards With No Personal Credit Check of May 2023 That said, if youre looking to apply for a business credit card using EIN only because your personal credit score doesnt quite stack up, then really, really think about building your credit! Yes, getting a loan with an EIN number is possible only. Look to the Secured Mastercard or the Spark Classic to build your personal credit, and use a prepaid business debit card to easily oversee all your businesss spending at the same time. When you buy through links on our site, we may earn an affiliate commission. They simply need your SSN for Know Your Customer (KYC) regulations to protect against money laundering and other types of fraud. A credit card is the most practical way to gain access to short-term credit for small business owners. BEST BUSINESS CREDIT CARD WITHOUT A PERSONAL GUARANTEE WITH NO ANNUAL FEE. For more options, check out our editors' complete picks for the best startup business credit cards. 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. Your web browser (Internet Explorer) is out of date and no longer supported. Its easiest and fastest to use their online request form but you can also request it by mail. Almost all business credit cards require personal liability. In addition, the Brex Credit Card is one of the few business credit cards on the market that's easy to get, since there's no hard pull on your personal credit report. Her passion lies in showing families how to travel more while keeping their savings and sanity. At that stage, the business often has strong business credit and financial data to show it is capable of repaying its debts. 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. It is possible to obtain credit accounts with just your EIN. This is required under the Patriot Act. In our, As a small business owner, you might be wondering how to apply for a credit card, and what the benefits of having a dedicated credit card are. This type of business credit cards lets the person managing the account prepay business cards for employees to spend with. Yes. A Social Security Number (SSN) or another tax identifier is required to apply for an EIN, but once assigned, EINs can often be used on credit or loan applications in lieu of SSNs. However, you can still effectively separate your business and personal finances, as well as business and personal credit histories, by using a dedicated business credit card that doesnt report to personal credit as long as you pay back what you borrow. The best way to get credit is to improve your credit score through responsible credit use. Capital One is very explicit about that as one of their factors when reviewing a business credit card application. The best way to maintain your business credit card is to ensure you never miss a payment. Whether youre looking for funds to help with your startup or grow your existing business, Camino Financial can help you every step. But how do they. EINs are used by businesses, from large companies to sole proprietors, to file taxes. 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. If poor personal credit may affect eligibility for a small business card, consider applying for a secured card to build positive business credit. He remains most at home on a tractor, but has learned that opportunity is where he finds it and discomfort is more interesting than complacency. Best Business Credit Cards Without a Personal Guarantee - WalletHub This is a great solution for business owners managing several employees, but whose low or limited credit has disqualified them from traditional business credit cards. How limited are your commercial credit options when using an EIN instead of a DUNS number? While there arent a lot of options available, there are a few business credit cards for bad credit. Take time to examine each point covered, so you're more prepared to handle the, No-doc business loans have become a popular way to secure funding since they are an alternative borrowing option. Credit Score ranges are based on FICO credit scoring. Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. The Brex card has no annual fee, and offers the opportunity for earning rewards on a variety of purchases. Managing your business credit card can help build a credit record that can allow you to qualify for other forms of financing in the future. Rather than looking primarily at your personal credit score to determine eligibility, Revenued looks at your business revenue instead. Divvy operates like a charge card, where you have to pay back everything in full within the grace period (about 30 days).