Secured Business Credit Card No Personal Guarantee
Business owners with no personal credit history or poor credit may need to look for a personal secured credit card before getting a business-specific card. So business owners looking to rebuild damaged personal credit may want to consider a secured credit card branded for personal use.
Some may not report to consumer agencies at all.
Secured business credit card no personal guarantee. Credit cards without a personal guarantee are frequently marketed as corporate credit cards. You can apply for this business charge card once youve connected your business bank accounts and accounting file to ScaleFactor. These cards allow businesses to forego personal liability and cover expenses while tracking employee spending easily.
Sams Club Business Credit Card. And there are far more consumer secured cards. You can multiply these business rewards by adding employee cards.
If you cannot secure a business credit card without personal guarantee here are a few options for business credit cards with one. This card has no personal guarantee requirements if you. But your business must be.
Getting a business credit card with no personal guarantee is virtually impossible. The application process has no impact on your personal credit and requires no personal guarantee. There are two versions of this card a Mastercard and a version that can only be used.
Compare up to three cards with various features such as cash back or bonus reward points. A secured business credit card is a financing option available to small business owners with personal credit scores below 580. Use our credit comparison chart to explore the wide range of credit card options offered by US.
Business credit cards without personal guarantees hold the company liable for the business card debt instead of the business owner. The top options include corporate credit cards co-branded gas cards and prepaid business cards. Business credit cards with no personal guarantee often dont report to personal credit and since youre not personally liable for the debt they wont report to personal credit even if you default on your payments.
Your ultimate goal is to ensure that your business credit is tied into the performance of your business. Many unsecured business credit cards earn rewards points miles or cash back for business spending. As such the average small business owner wont be able to successfully apply for a credit card with no personal guarantee.
Compare up to three credit cards at one time and choose the card that is right for you. Another for those road warriors out there is the Shell Small Business Credit Card. They can help owners improve both their personal and business credit scores through the responsible use of a line of credit.
Since opening credit cards simply to rack up debt you dont intend to pay is typically considered to be fraud which is illegal the personal guarantee shouldnt impact most business cardholders the exception may be for cards that report on personal credit reports see below. The credit line is often equal to a cash deposit held in a collateral account. They work just as well to separate business expenses from personal expenses.
Find the small business credit card that works best for you. Much like unsecured business credit cards each secured business card issuer will have their own consumer credit reporting practices. You can use this credit card anywhere.
The Blue Business Plus Credit Card from American Express A flat-rate-rewards business credit card with no annual fee. You must establish business credit on its own as a separate entity not tied into any of your own personal assets. While American Express issues a business credit card in the business name only make sure you read the fine print regarding any personal guarantee.
Depending on whether youve built credit for your business you may even be able to get a card without a personal guarantee. Use the personal secured card for. Of all the credit cards we reviewed only one the Bremer Bank Visa Signature Business Company Card doesnt require a personal guarantee.
Bremer Visa Signature Business Company Card. They all report to consumer credit bureaus. Dont allow your personal credit to be used to secure the business credit your company needs to sustain its operations.
Here are the no personal guarantee business credit cards. An example of a business credit card with no personal guarantee is Sams Club Business Credit Card. The only way it can affect your personal credit is if a card issuer does a hard pull when you apply for the card.
In general these cards are reserved for larger businesses with an established credit history. And agreeing to the personal guarantee unlocks a host of potentially lucrative business credit and charge cards. That said the card is designed for medium and large businesses only which excludes many small-business owners.
The OfficeDepot OfficeMax Business Credit Card is designed for business owners who regularly spend at OfficeDepot and OfficeMax locations.
