*All information contained in this article is current as of the date of publication and is subject to change.
Because business credit cards require no collateral and are easy to use and apply for, they are a very common way for small businesses to get a boost of funding. If you’ve ever applied for a personal credit card, you know you need to enter your Social Security Number (SSN), a unique 9-digit number that identifies you as an individual to the U.S. government, including the IRS.
For small business owners, there are other ways to identify yourself and your business when applying for a credit card—most commonly, the business has an Employer Identification Number, or EIN. You can apply for some corporate business credit cards using just your EIN.
EIN-only business credit card types
Corporate Business Credit Card
These business credit cards place the responsibility for the credit card debt on your business, reducing or eliminating the need for personal guarantees. Most corporate business credit cards require a minimum account balance to qualify, although the minimum account balance varies by provider.
Corporate gas card
Natural gas credit cards offer discounts and travel rewards and are especially popular with trucking or trucking companies, making them ideal for companies that expect their employees to travel a lot to control costs and increase benefits.
store credit card
Another option for businesses is a store credit card, especially if you use a supplier for large business purchases. This can be used for equipment, tools, technology, etc. No Has personal responsibility requirements, so it’s great for shopping with suppliers you already use and getting rewards for your business.
EIN-only corporate business credit card
Generally speaking, individuals rarely apply for a credit card without providing a Social Security Number (SSN), even if they have an Employer Identification Number (EIN). This is because most credit card companies require a personal guarantee, which requires an SSN.
However, some business credit cards only require an EIN. These are primarily corporate cards created for businesses with large revenue streams, and their approval depends more on your corporate financial status rather than your personal credit history.
If your business qualifies, here are some options from Stripe, Brex, and Ramp.
striped corporate card
This card is only available to current Stripe users who have received an invitation. Credit limits are based on a business’s payment processing and banking history. The card comes with custom spend controls, instant spend reporting, and integration with Quickbooks and Expensify. Plus, it offers 1.5% cash back on every business purchase.
Blakes Corporate Card
The Brex Corporate Card is designed for startups, e-commerce and technology companies. It offers higher credit limits, incentives on key business spending categories, and simplified expense management tools. It requires no personal guarantee or credit check and offers up to 7x cash back or points points depending on expense type.
ramp company card
Ramp offers a charge card for small businesses with unlimited 1.5% cash back. Application does not require a personal credit check or personal guarantee. The card comes with a dashboard for managing expenses and integrates with major accounting software. Ramp will accept applications from any US-registered business with at least $75,000 in a US business bank account.
EIN-only business gas card
For companies with large fleets of trucks or equipment, fuel cards are another option,like Transportation and freight industry.
Atto B
AtoB’s fleet fuel cards are accepted at 99% of petrol stations across the country and can be used to pay for expenses other than fuel, such as maintenance or road tolls. The card’s average fuel discount per gallon of truck diesel is 46 cents. Monthly card fees start at $15. Although you only need an EIN to apply, the card will help you build business credit.
Application Process for EIN-Only Business Credit Cards
1. Get your EIN
If you don’t already have an EIN, and you meet the IRS’s requirements, the process of obtaining one is very simple. You will request an EIN from the IRS. The application process is free, and you can obtain your EIN through the following methods: IRS online application formor via email.
2. Choose an EIN-only business credit card to apply for
Once you have an EIN, you can look for card issuers that will only approve you with an EIN. We’ve listed some options above.
3. Apply for a business card with EIN
Once you’ve chosen the card you want to apply for, you’ll begin the application process in much the same way you would when applying for a business credit card. There are some things to remember. In most cases, your business will need to be registered as a limited liability company (LLC), partnership, or corporation.
You will also need to provide additional information about your business, such as:
- Company Name
- Company structure
- Contact information
- Business scale
- Current and projected revenue
- Registration date
The speed of approval depends on the company, with some approvals happening immediately and others taking a few extra days.
How to build credit with an EIN
Since using an EIN to apply for a business credit card means your company needs to prove its creditworthiness, here are some tips for building your company’s credit.
Obtain DUNS number
Just as Experian, Equifax and TransUnion track your personal credit history, Data Universal Numbering System (DUNS) numbers track your business credit with the business credit bureaus. you can Get a DUNS number From Dun & Bradstreet.
Apply for and get a business credit card
Once you have a business credit card, you can start working responsibly on that line of credit to improve your credit history. Maintaining healthy credit utilization and a regular payment history will help you build a strong business credit profile year after year.
Monitor your credit report
Make it a habit to regularly request copies of your personal and business credit reports. At a minimum, you should check it at least once a year. This can help you identify any inaccuracies and ensure your credit is in good standing.
Alternatives to EIN-only business credit cards
If you’re looking for an alternative to a corporate card or a business credit card that only uses your EIN, chooseThe following business credit cards will require a Social Security number to apply for.
Capital One Spark 2% cash bonus
Capital One Spark 2% Cash Plus is a simple option that gives you 2% cash back on all your purchases. This is a charge card so the entire balance must be repaid in full each month. The annual fee is $150, which is refundable if you spend $150,000 or more per year.
Chase Ink Business Cash Credit Card
The Chase Ink Business Cash Credit Card has no annual fee and is a popular choice because of its competitive interest rates of 18.24% to 24.24%* and $750 in cash back.
Readily available capital
Capital on Tap offers up to $50,000 in credit with unlimited 1.5% cash back and no annual fee. They will review your credit history but use a soft pull that won’t affect your credit.
Why do business credit cards usually require a Social Security number?
In most cases, you must provide an SSN on your business credit card application, even if you provide an EIN. Since credit cards are unsecured, the credit card company wants to make sure someone is responsible for the debt on the card, even if the business dissolves. This personal guarantee is a layer of security for the credit card issuer.
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