Business credit cards with no personal guarantee are always helpful. This is because they help you separate your business liabilities from your personal liabilities. Basically, there are no personal guarantees with this card. This helps it to provide protection to the cardholder.
However, getting such a card is not easy, as it requires a high credit score. Apart from that, you will also need to pay high APRs for the cards. Hence, to learn more about such business cards with no personal guarantee read on through to the end of the article.
Business Credit Cards With No Personal Guarantee: A General Overview
According to Forbes Advisor,
“Many business credit cards require a personal guarantee that the business owner will pay off debt, and this personal guarantee opens a business owner up to liability he or she may not have with respect to other finances. For those who don’t want to risk personal liability, there are credit cards and accounts without personal guarantee requirements.”
If you try to get business cards, you will see that most of them require a personal guarantee. This is because they help creditors to go after your personal finances if you somehow fail to pay your debt. However, many people do not want to take that risk. Hence, they want to look for business cards that do not have a personal guarantee.
However, these cards have their own limitations. One of the biggest limitations is that you will not be able to carry a balance or maximize your rewards. Apart from that, these business cards also come with high APRs, which you need to pay. In addition to that, you will also be able to
Top Business Credit Cards With No Personal Guarantee
According to Nerdwallet.com,
“The vast majority of business credit cards require a personal guarantee, which allows creditors to go after your personal finances to recoup unpaid debt. If that’s a risk you aren’t willing to take, a few business cards are available without a personal guarantee. These cards come with their own tradeoffs — you may not be able to carry a balance or maximize rewards, for instance. Consider other business credit cards for those perks.”
The following are the best business cards with no personal guarantee:
1. Brex 30 Card
This company sets the credit limit of all its cards based on cash flow. Hence, they are able to offer no personal guarantee. However, if you want to become eligible, you will get your card based on your spending patterns.
| Annual Fee | $0 |
| Welcome Bonus | 10,000 points |
| Regular APR | Not Available |
| Required Credit Score | No Credit Check |
| Pros | There are certain spending categories where you can get generous rewardsNo personal guarantee requirement |
| Cons | Inability to carry a card balance |
2. Ramp Corporate Card
Nerdwallet states –
“The Ramp Card is easier to obtain than other business cards available without a personal guarantee — you don’t need professional funding, for example, or several million in annual revenue. But the cash-on-hand requirements are still steep: You need at least $75,000 in a business bank account to qualify.”
However, you will need to pay your balance every month if you want to use this card.
| Annual Fee | $0 |
| Welcome Bonus | Not Available |
| Regular APR | Not Available |
| Required Credit Score | Excellent Credit (750 – 850) |
| Pros | No annual fee requiredThe Ramp software can find out spending redundancies |
| Cons | A sole proprietor cannot apply for the cardYou cannot carry a balance if it is a charge cardVarious travel and lifestyle perks are not available. |
3. The Stripe Corporate Card
You will need to have a Stripe account if you want to apply. The card is only available through invitation. The best part is that there are no annual fees, no late fees, and no foreign transaction fees. Furthermore, you will also have access to dynamic credit limits and simple rewards, which you can use to grow your business.
| Annual Fee | $0 |
| Welcome Bonus | Not Available |
| Regular APR | Not Available |
| Required Credit Score | Good/Excellent (700 – 749) |
| Pros | There is cashback available for various purchasesYou can customize the cardThere are no annual fees, foreign transaction fees, and late fees |
| Cons | There are no welcome bonuses |
4. Office Depot Business Credit Account
This is a closed-loop card. Hence, this card only works at Office Depot and OfficeMax locations. The best part is that you will have access to rewards. Furthermore, there is also a welcome bonus on availing the card.
| Annual Fee | $0 |
| Welcome Bonus | $50 |
| Regular APR | 20.80% – 29.99% variable |
| Required Credit Score | Good/Excellent (700 – 749) |
| Pros | You can save $50 on your first $150 purchase within 60 days after you open your accountNo annual feeFlexible payment optionsVarious offers and perks |
| Cons | High APR |
5. Sam’s Club Business Mastercard
If you go to Sam’s Club on a regular basis, this is one of the best business cards you can use. You will also be able to earn 5% per dollar spent on Sam’s cash on gas purchases
| Annual Fee | $0 |
| Welcome Bonus | Not Available |
| Regular APR | 20.65% or 28.65% variable |
| Required Credit Score | Good/Excellent (700 – 749) |
| Pros | You will be able to earn 5% per dollar spent on Sam’s cash on gas purchasesOther perks on the basis of dining or takeout.No annual fees |
| Cons | Absence of welcome bonuses |
Best Business Credit Card In India
If you are an Indian resident, chances are that you will not be able to take advantage of the cards mentioned in the above section. Hence, it is essential to know the right cards business credit cards that you can use in India.
Before we delve deeper into this section, let us assure you that this is not a ranking list. Instead, it is more of an informative list that is aimed towards educating. With that note, here are some of the most prominent names in the business credit card industry that every entrepreneur needs to know.
Let’s go!
SBI Prime Business Credit Card
SBI is one of the leading banking organizations in the country. Each year, the bank conducts business for trillions of dollars. However, the best part about the bank is that it is owned by the government. Therefore, there is a sense of security that most other organizations lack.
Apart from the sense of security, the SBI Prime Business Credit Card also offers delectable offers, such as an interest-free credit period spanning from 20 to 50 days. Therefore, you will be fine with borrowing capital in credit.
HDFC Business Money-Back Credit Card
Just like SBI, HDFC has been in this industry for quite a while and has established itself to be one of the corporate giants. Unlike SBI, HDFC is a privately owned bank. Still, HDFC is a highly reputed bank that has created a name for itself. Therefore, it is a reliable financial organization.
The standout feature of the HDFC business credit card is its welcome gift. The welcome gifts vary from one user to another. Currently, the brand is giving out gift coupons to new joiners, such as Zomato gold membership, free flight tickets, etc. Therefore, it is one of the best business credit cards for entrepreneurs who are starting out new.
Amex Platinum Travel Credit Card
The American Express Platinum card, or Amex Platinum, is one of the most revered credit cards in the industry. The card is known to offer some fantastic benefits to its users, such as exciting air ticket offers, delectable discounts on hotel stays, etc. Apart from this, the brand is also known for its no-personal guarantee loans. As a member, you can apply for a loan and get it approved without any sort of contingency.
Some of the standout features that the card [provides include a 1.90 lakh worth of travel voucher 6hat can work globally. Subsequently, you will also receive a specialized Taj Experience e-gift card that is worth Rs.10,000. Therefore, it could be a viable choice.
YES Prosperity Business Credit Card
The final business credit card that should not be discredited is the Yes Prosperity Business credit card. This card allows users to take advantage of business needs without any form of contingency. The best part is that the card is valid across the country and is known to come with some fantastic extra features.
Apart from this, the brand is also known to offer some other excellent benefits like lounge access, travel vouchers, and golf club membership. If you are a big spender, you can easily stand to win around 10,000, which is valid across most retailers.
Wrapping Up
Hope this article was helpful in choosing the best business cards with no personal guarantee. However, before you choose the best card for yourself, consider getting enough details of each of these cards. You can do so by visiting each of their websites. After you choose the right one, you will be able to reduce the risk of your personal finances.
Since there are no requirements for a personal guarantee, there are no worries. However, it does not mean that the loan issuer will not come to collect the money. Hence, make your choices after thinking about it multiple times. Do you have more information to offer? Share your thoughts and ideas with us in the comments section below.
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