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How to apply for a business credit card with EIN?

The easiest cards to obtain with EIN are the corporate cards

by Luis O., CFA, FRM
21 December, 2022
in Credit Card
How to apply for a business credit card with EIN?

Sometimes, we find ourselves in a difficult situation where we need money to get out of it. This could be the case for entrepreneurs, who need to have available funds all the time to make payroll payments, merchandise, or services.

That is why they may need to opt for a business credit card without having enough time to cover all the requirements that most financial institutions ask for.

Therefore, they may wonder how to apply for a business credit card with just their Employer Identification Number (EIN).

Contents

  • How do I get a business credit card with just an EIN?
  • What are the benefits of obtaining a business credit card with only an EIN?
  • What business credit cards can I apply for with just the EIN?
    • Corporate commercial credit cards
    • Fleet Fuel Cards or Corporate Fuel Cards
    • Corporate store credit cards

How do I get a business credit card with just an EIN?

The first thing is to apply for a corporate card, as these are the few credit cards you can get with your EIN. In these cases, you only need to worry about having a good business credit score and financial history.

Large companies usually have enough history and scores to give lenders peace of mind even if they don’t have collateral. Small businesses may find applying more difficult, as they often do not meet these requirements.

What are the benefits of obtaining a business credit card with only an EIN?

One of the benefits is that you don’t have to submit your personal credit score, so if you don’t have a high score, you don’t have to worry about it. It also allows you to keep your business and personal accounts separate.

Check ➤  How to pay off $30 000 in credit card debt?

Most financial institutions require a personal guarantee when applying for business credit cards. In other words, if you cannot meet the payments on your business credit card debts, they will be added to your personal credit card balances.

On the other hand, your business card debts may be reflected on your personal credit report. This could affect your personal score in case you accumulate debts or do not pay them on time.

What business credit cards can I apply for with just the EIN?

Most banks require an SSN, so there are few options. However, all the options are corporate credit cards, and here are some of them:

Corporate commercial credit cards

This is the option most commonly chosen by companies since most approve credit card applications without needing a personal guarantee. This way, you will keep your finances divided because the company will be solely responsible for paying its debts.

In addition, they do not require an SSN, so you can obtain it with an EIN. However, although they are not strict with these conditions, they are strict in other aspects, such as that you must earn a certain profit margin annually.

If you are a sole proprietor, it will be difficult for you to be approved, as only companies registered as C-corps, S-corps, LLCs, and LLPs in the United States are eligible for these cards.

Fleet Fuel Cards or Corporate Fuel Cards

Finally, there are fleet fuel cards or corporate gas cards. Although it has limited use, if you do not want to present a personal guarantee, you can choose it. You can only use it for purchases at certain stores and gas stations.

Check ➤  What is a TRW Credit Report and how can I get one?

On the other hand, they are also a bit demanding regarding the companies that can apply for it. These companies must have a profit margin of $1 million per year. In addition, the company must have been in business for at least one year.

Corporate store credit cards

This would be another adequate option, as most cards do not include personal liability in their requirements. In addition, they offer many benefits to their users, such as cashback, discounts, points, and rewards.

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      • Sample thank you email after interview
      • You were fired on an application
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      • Kohl’s Job Application
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    • Mortgage on 1 million
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