Business credit cards can be a useful tool for small business owners to separate their personal and business expenses, build credit for their business, and earn rewards. However, many business credit cards require a personal guarantee or a personal credit check, which can be a barrier for new businesses or businesses with poor personal credit.
Fortunately, there are business credit cards available that only require an Employer Identification Number (EIN), without any personal guarantee or personal credit check.
Requirements For Business Credit Cards With EIN-Only Options
To qualify for a business credit card with an EIN-only option, there are a few basic requirements that businesses must meet:
- Business entity: The business must be registered as a legal entity, such as a corporation, LLC, or partnership.
- EIN: The business must have a valid Employer Identification Number (EIN) from the IRS.
- Business credit history: Some issuers may require a minimum credit history for the business, while others may not have this requirement.
- Revenue: The business must have a certain level of revenue or income to qualify for a credit limit.
- Other factors: Some issuers may consider other factors such as industry, time in business, and financial statements when evaluating an application.
It's important to note that even if a business meets these requirements, approval for a credit card is not guaranteed and will depend on the issuer's discretion.
Know that EIN-only credit cards for small businesses are far and few between.
How To Get Business Credit Cards With Just An EIN
Getting a credit card with just your EIN is still going to work similarly to getting a personal credit card, except for the fact that your SSN won’t be run, just your EIN. In general, the process will work something like this:
Step 1 - Search for lenders: When searching for lenders that accept only EINs, you’ll need to dig a little deeper than you normally would. Not all companies offer EIN-only lenders. Do a google search for “EIN-only credit cards”, “business credit cards using EIN-only”, or “business line of credit with EIN.” You might also like to review offers of companies listed on our list of the best business line of credit lenders.
Step 2 - Gather necessary documents: When you apply with just an EIN, you’ll need some documentation to prove that you’re a worthy borrower. You’ll provide your EIN, of course, but you also may need your business plan, business tax returns, and other financial documents associated with your business.
Step 3 - Apply online: When you pick the lender of your choosing, it’s time to apply. The process often takes just a few minutes and you’ll fill out business information and provide the documentation you gathered.
Step 4 - Wait for approval: After applying, you’ll likely wait a few days to a few weeks before hearing back from the company. If you’ve been approved, you’ll get your card in the mail within a few days.
