If you’re interested in starting a business, there are many options. You can use an EIN to get a credit card, but what if you don’t have one? That’s where startup business credit cards come into play. These cards are designed specifically for people who want to start their businesses but do not have access to traditional bank loans or lines of credit. They offer low-interest rates on purchases and provide other perks, such as freebies like waived fees and waived late fees for paying on time every month.
Can You Use an Ein to Get a Credit Card?
You can apply for a credit card with just an EIN, but your options will be limited. Only a few business credit cards accept applications with just an EIN; other requirements range from annual sales of $5 million or more to good credit.
An EIN is a number that businesses use to identify themselves. It’s assigned by the IRS and can’t be changed, like a Social Security number, but there are differences. Unlike your SSN, which only identifies you as an individual, an EIN identifies your business and lets people know who owns it—even if you’re using another person’s name on your business card or website.
The purpose of having an EIN is to prevent fraud and identity theft when applying for credit cards or loans. The government requires businesses with employees (or independent contractors) to get one before they can apply for any type of financial services such as checking accounts or mortgages because they want to ensure that all parties involved in transactions are authorized by law enforcement agencies like the FBI or Department Of Homeland Security (DHS).
How Can I Get Credit to Start My Own Business?
To get a business credit card, you can apply for one of the following:
#1. A business credit card with no personal guarantee
This type of card is ideal if you plan to use it at stores and restaurants where there’s no chance of your personal information being stolen by hackers. You’ll need to show proof of your income and assets (such tax returns) to open this account.
#2. A business loan from a bank or other financial institution
Getting a loan from a bank or other financial institution instead of applying directly through their website may be helpful if they don’t offer exactly what you want in terms of interest rates or fees associated with using their services on top either.
However, the overall costs of this choice are higher because banks charge interest rates based on the amount borrowed initially plus additional fees tacked on each month thereafter until the repayment date arrives, so those who borrow significantly more than needed might end up paying more than necessary over time due simply due to lack of knowledge about what types of offers are available before making decisions.
Business Credit Cards With No Credit
There are a few different business credit cards that do not require an existing personal credit score. You need a revenue stream before applying for these cards, so be sure your startup has enough cash flow.
No Credit Business Cards with Personal Guarantee
One of the most common ways for people to get a startup card is through their guarantee. This means that if you don’t pay off your balance in full each month, the company can take over and make payments on your behalf (although it’s usually only done as long as they feel like it). This is great if you don’t have any other options but it comes at a cost: You’re giving up some control over where your money goes since they’ll probably be making payments regardless if they’re due or not.
Can You Get a Business Credit Card with No Revenue?
Credit cards can be secured even if a person or business does not yet have considerable revenue. The trick is to find a company that will give you the lowest interest rate and minimal fees. Here are some tips on how:
- Choose your bank carefully—some banks offer better deals than others for new businesses. Some banks offer different accounts based on whether your business is high-risk or low-risk (high-risk means paying more).
- Get quotes from at least three different lenders before choosing one to apply for your loan/credit card account with them. Then compare their offers based on factors like APR (annual percentage rate), monthly payments required, and total balance owed after making payments over time (this can help prevent overdraft fees).
Startup Business Credit Cards EIN Only
EIN stands for Employer Identification Number. It’s a unique identifier used to identify a business entity. An EIN isn’t a social security number, although it has similar benefits and limits (more on this later). You can get an EIN online in minutes and use it to open a business credit card.
Do You Need LLC to Get a Business Credit Card?
You can get a business credit card with just an EIN, but there are some important things to consider. First and foremost, you’ll need to make sure that your company has been operating for at least 90 days. This means that if you have just started up your company or are looking to start one soon, then it may be best if you wait until after 90 days before applying for any kind of credit card.
Secondly: If your startup is in the early stages of development (and thus has no existing revenue), then it probably won’t qualify for this type of financial assistance because its cash flow isn’t yet strong enough for lenders like banks or credit unions who offer these services on their platforms—though this does depend on where exactly in the country where they operate from too.
Can I Get a Business Loan with Just My EIN?
One of the most common questions we hear from entrepreneurs is, “Can I get a business loan with just my EIN?” The answer is no. You must prove your business is viable before you can get a loan or credit card.
If you have an EIN and wish to apply for loans or other financing, the bank must take additional steps. This can include providing proof of identity (like a driver’s license or passport), proof of residency (such as utility bills), and proof of employment if applicable—and this list doesn’t even include other forms such as W-2s or 1099s.
Startup Business Credit Cards No Personal Guarantee
If you’re a business owner, there are plenty of startup business credit cards for you to choose from. However, not all startup credit cards have the same features or benefits. If you want to get the best deal possible on your new credit card and don’t mind paying an annual fee (or maybe even more), then consider getting one with no personal guarantee or other added perks like travel insurance and extended warranty coverage.
If your company has been around for less than two years and doesn’t yet qualify for an EIN, then contact us at [email protected] and we’ll help you find out whether it’s possible to apply online without having one first.
Best Startup Business Credit Cards
A good credit card can be the difference between success and failure for your startup. The right card for you will depend on several factors, including your business goals and your credit history. Check out our selection of the top no-fee startup business credit cards for cash back and other rewards.
#1. SVB Innovators Card
The SVB Innovators Card is a great way to start a company, and it’s even more helpful if you have a small business. Check out our selection of the top no-fee startup business credit cards for cash back and other rewards.
The SVB Innovators Card is ideal for entrepreneurs who want to take advantage of the benefits offered by startups: flexible interest rates, no annual fees or late payment fees (if any), and low credit limits that don’t require collateral for you to get approved for them.
#2. U.S. Bank Business Platinum Card
If you’re looking for a credit card that won’t cost you an arm and a leg, the U.S. Bank Business Platinum Card is worth considering. The card has no annual fee and offers 2x points on travel and dining purchases (1x on all other purchases) with an additional 1x point on every dollar spent at gas stations, supermarkets, select department stores, and more—up to $6,000 in combined spending per year.
These points are worth 25% more when redeemed for travel through the American Express Travel Center or U.S.-based airlines; this means that if you spend $100 at restaurants each year with this card, they will only cost around 3 cents per point! Plus there are no foreign transaction fees—a big plus if traveling abroad frequently!
If your business has any chance of being international someday soon then this could be just what it takes to get started right by avoiding unnecessary costs down the line…
#3. Business Advantage Unlimited Cash Rewards Secured Credit Card
The Business Advantage Unlimited Cash Rewards Secured Credit Card is a great option if you’re looking for a credit card that offers rewards, but also gives you the security of having your business as collateral. This card’s $0 annual fee makes it ideal for small businesses with little or no credit history.
This card offers a $250 sign-up bonus and a $500 bonus after your first transaction within 90 days. You can receive even more cash rewards when you use Chase’s online portal to manage your spending habits and track how much money goes where in real-time (it’s free).
With an APR of 17% APR*, there are some things about this bank account that might not sit well with some people: It doesn’t come with any deposit insurance protection so customers need their funds above $250k at all times; there’s no grace period before interest charges kick in after missing payments; and although there are no late fees (which means better than average payment history), there won’t be any forgiveness if necessary either.
#4. Capital One® Spark® Classic for Business
Capital One® Spark™ Classic for Business is a great credit card for businesses because it offers no annual fee and 3% cash back on the first $20,000 spent on purchases in your first year. After that, you earn 2% cash back on all other purchases.
In addition to the great rewards rate, this card has some benefits specific to running a business:
- No foreign transaction fees (although there are still certain transactions that will incur an additional fee)
- A $0 introductory balance transfer offer that lets you transfer your existing balances from another lender or bank account at zero interest.
#5. The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express is a good option if you’re looking for a no-annual-fee card that offers decent rewards. You’ll earn 3x points at U.S. restaurants, 2x points at U.S. gas stations, and purchases for travel booked through American Express Travel, as well as 1 point per $1 spent on all other purchases (like groceries and utilities).
If you don’t use your credit card enough to hit the minimum spend requirements each month or rack up enough rewards to see them put toward statement credits or gift cards, this may not be the best choice for you—but if you do have enough spending power in your wallet then this could be one of the better options out there when it comes down to maximizing value out of each dollar spent on travel expenses.
#6. U.S. Bank Business Triple Cash Rewards World Elite Mastercard®
The U.S. Bank Business Triple Cash Rewards World Elite Mastercard® has a 0% intro APR on purchases and balance transfers for 12 months, 3% cash back on gas, 2% cash back on restaurants and travel, and 1% cash back on all other purchases. You’ll also get an additional 5% earnings bonus when you activate your account by making at least $1,000 in eligible net purchases within the first 90 days of opening your account.
The card comes with no annual fee or foreign transaction fees either.
#7. Capital One® Spark® Miles Select for Business
Capital One® Spark® Miles Select for Business is a good option if you’re looking for a no-fee credit card that will help your business earn miles. The card offers 5x miles on purchases and 2x miles on every purchase, the best bonuses on our list.
But here’s where it gets interesting: If your account has been open for at least 45 days, then you’ll also receive 1 mile per dollar spent in the first year of receiving your rewards (and they don’t expire). There are also no foreign transaction fees or annual fees with this product.
#8. American Express Blue Business Cash™ Card
The American Express Blue Business Cash™ Card is a great card for business owners with a high credit score. The sign-up bonus is the same as our top pick, but this card offers more rewards and benefits than our top pick.
The biggest advantage of this card is that it offers 3% cash back on all purchases made with your new Amex Blue Business Card, 2% cash back on purchases made at select merchants (like Amazon or Target), and 1% cash back on all other purchases—including travel expenses! So whether you’re ordering lunch from Chipotle or buying gas at the drugstore, you can earn some extra money just by using your Amex Blue Business Cash™ Card.
There are also no annual fees or late payment fees associated with this offer; however, there are some limitations when it comes to transferring balances: only $5k worth can be transferred per month without incurring any fees (which means if someone else wants to transfer their balance over to yours they must wait until their due date).
#9. Ink Business Cash® Credit Card
Ink Business Cash® Credit Card is a great option for those who want a business credit card with no annual fee and no foreign transaction fees. The card offers 2% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each year. There is also 1% cash back on all other purchases.
Cardholders earn 2% cash back when they make their first purchase of $749 or more through Shopify Payments or PayPal – whichever method you prefer to pay with – or online at one of over 3 million merchants worldwide that accept Ink.
#10. Ink Business Unlimited® Credit Card
This card is pretty similar to the Chase Ink Plus but offers a few more perks. It has no annual charge and gives 5% cash back on up to $25,000 in purchases (1% on other purchases). The first 3 months are 0% APR.
After that, the variable APR ranges from 14.99%-22.99%, which seems like it should be fine for most people looking for an introductory offer on their credit cards—but if you’re someone who needs all your money back at once or wants an interest rate as low as possible before they get hit with fees and penalties then this won’t be enough.
Summary
If you’re looking for a way to get your business off the ground, consider applying for a startup business credit card. These cards offer low-interest rates and can help you get started in the world of entrepreneurship. You may be surprised at how many options there are out there for those who want their credit card but don’t have any other way of getting financing without having any personal assets or collateral backing up their application.
Take note:
You can apply for an EIN and get a business credit card without any credit history, or personal guarantees. You can also apply for an EIN and get a business credit card without revenue.
Best Startup Business Credit Cards FAQs
Can you get a credit card without running credit?
Yes, many banks and credit unions offer secured credit cards if you have no credit history.
What credit score is needed for a Capital One business card?
740 or above.
What credit score do you need for an ink business unlimited credit card?
670 or above.
References
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