Published: Feb 7, 2022 Last Updated: Feb 9, 2022 by Lisa Price
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You can get a credit card for your business that doesn’t require a personal guarantee. You’ll need to provide your personal credit score as part of the business credit card application.
Credit card issuers for the no personal guarantee requirement type of card can only go after your business if you default. As a small business owner, you won’t be on the hook to pay your business debt with your personal assets.
What are business credit cards, and who needs these cards? you might also be asking yourself why should I get a business credit card. If your business has an owner or partner who needs to minimize personal liability, these cards afford financial protection.
What are Business Credit Cards With No Personal Guarantees?
These types of cards are often called a Corporate Credit Card. That’s because the card is used to pay for expenses of the business, and the business assets (revenue, assets) pay for the credit card debt. A corporate card will have no annual fee.
It’s not easy to qualify for some of these corporate cards with no personal guarantees. For most, business credit card issuers for a corporate card want to see that your business can prove a strong annual income, based on reports from financial institutions.
Business credit cards require that your personal credit scores should be good or excellent. On the application, you’ll be asked to provide information about your personal credit reports and your application is likely to be rejected if you have poor personal credit.
Cards with no personal guarantee aren’t linked to your personal liability with accounts and assets. Instead, your card is linked to your business, and only your business account and assets are used to pay it.
Best Business Card: No Personal Guarantee Necessary
Which business credit cards without personal guarantee are the best business credit cards?
Different types of credit cards provide perks such as cash back on a percentage of the purchase amount, reward miles and similar values.
The additional value for these small business credit cards is that your personal finances and other assets are protected. The credit card issuer knows that there’s no personal risk, so the issuer wants to ensure that your business has good annual revenue, along with other financial health indicators, to warrant using the card.
1. Shell Small Business Card
Annual Fees: $0
APR: 23 to 29%
Credit Needed: Good.
Important Notes: You can only use the Shell Small Business Card for gas buys at Shell Gas Stations. You can also use it at Jiffy Lube. You may get up to .10 off per gallon for the first 6 months. Fill ups at other types of gas stations are not eligible gas purchases.
2. Ramp
Annual Fees: $0
APR: 0% for the first 12 months, then 13.24 to 19.24%
Credit Needed: Good. Must have $250,000 in the business bank account but another Ramp Corporate Card holder can refer you to help with your application.
Important Notes: You’ll get 1.5% cash back and expense reporting by category. You’ll also be able to use the partner rewards program at participating companies for significant discounts.
3. Office Depot OfficeMax Business
Annual Fees: $0
APR: 20.80 to 29.99%
Credit Needed: Good
Important Notes: To get the Office Depot OfficeMax Business credit ard you have a few options: $5 million in annual sales, operate as a government entity, or operate as a nonprofit. You may also qualify based on a minimum bank balance. There’s a generous rewards program for office supplies and other eligible purchases at the store.
4. Sam’s Club Business Mastercard
Annual Fees: $0
APR: 15.65 to 23.65%
Credit Needed: Good
Important Notes: You must have a Sam’s club membership for the Sams Club Business Mastercard. You’ll get 5% cash back on gas purchase and 3% cash back on Sam’s club purchases. It’s a Mastercard, and you’ll get 1% back on other purchases.
5. Staples More Card
Annual Fees: $0
APR: Based on creditworthiness, most small business owners qualify for the lowest amount, 14.99%. Other levels are 19.99% and 23.99%. They are fixed rates.
Credit Needed: Good
Important Notes: As part of the rewards program with the Staples More Card you’ll get 40% back in rewards for ink and toner and 30% back on business supplies. These can be applied as a statement credit. $50 back on your first purchase. Free next day delivery.
Startup Business Credit Cards: No Personal Guarantee Required
Will business card issuers approve a credit card with no personal guarantee requirements for your business startup?
Yes. You’ll need better than poor credit, and a good credit history. Even without a personal guarantee or security deposit, you can obtain a card. There won’t be an annual fee and your credit limit will increase as you purchase and pay.