While consumer credit cards are protected by the CARD act of 2009, business credit cards are typically exempted from the same protections. All financial products, shopping products and services are presented without warranty. This process tells you whether or not youll likely be approved without affecting your personal credit score. This card provides a generous business line of credit, no personal guarantee of access to a free rewards program, and does not come with annual and APR fees. Of all the credit cards we reviewed, only one, the Bremer Bank Visa Signature Business Company Card, doesn't require a personal guarantee. Business Credit Cards | Citi.com This cash-back business rewards card is exclusively for Costco members and gives an impressive 4% cash back on fuel purchases. New York, NY 10003-1502, California Privacy Rights | Privacy | Terms | Sitemap. Most business credit cards come with a personal guarantee requirement. Theres no annual fee, but members must pay a $100 fee for membership. Secured cards. In other words, if your business goes under with an outstanding credit card balance, you're still legally obligated to repay that balance yourself regardless of the state of your business. Office of Foreign Assets Control (OFAC)-sanctioned individuals, entities, countries, and/or governments are ineligible. For the first 60 days, you can use it for free, then you have to pay a monthly fee$29 for up to 10 cards, $69 for up to 25 cards . Credit limits 10-20x higher than traditional small business corporate cards. It is an excellent option for small businesses making recurring purchases of office supplies and furniture and office technology, breakroom, and cleaning supplies. Adequate working capital is vital for any growing business. The card comes with a $0 annual fee and rewards on gas, dining, and other Sam's club purchases. Note: Some of our selections can be applied for through NerdWallet, and some cannot. Build business credit: Brex partners with Dun & Bradstreet and Experian to report your on-time payments. You dont necessarily need a business credit card for your business finances. The only information they provided is that the business must have a U.S. bank account and an EIN. Visa may receive compensation from the card issuers whose cards appear on the website, but makes no representations about the accuracy or completeness of any information. Its main purpose is to provide small business credit cards for new businesses with a funding solution of credit limits based on the companys cash flow. This may influence which products we write about and where and how the product appears on a page. Well break down Divvys point system below based on their repayment schedule. Most business credit card issuers require a personal guarantee, which makes you personally liable for your business's debts in case it fails. The scoring formulas take into account multiple data points for each financial product and service. Contact your card issuers as soon as you know you cant pay your bill. It works similarly to that of a credit card, where theres a set credit limit that borrowers cannot go beyond. Small Business Credit Cards from Bank of America
