*All information included in this article was current as of its publication date and is subject to change.
Because business credit cards require no collateral and are easy to use and apply for, they are the most common way for small businesses to secure financing. If you’ve ever applied for a personal credit card, you know that you need to enter your Social Security Number (SSN), a unique 9-digit number that identifies you as an individual to the United States government, including the Internal Revenue Service.
For small business owners, there are other ways to identify yourself and your business when applying for credit cards—usually, businesses have an Employer Identification Number or EIN. You can apply for business credit cards using only the EIN.
EIN Only Business Credit Card Types
Corporate Business Credit Cards
These business credit cards place liability on your business for credit card debt, reducing or eliminating the need for a personal guarantee. Most corporate business credit cards require a minimum account balance to qualify, although the minimum varies based on providers.
Company Fuel Cards
Especially popular with freight or trucking companies, gas credit cards offer discounts and travel rewards, making them ideal for companies that expect a lot of employee travel as a way to control costs and increase profits.
Save Credit Cards
Another option for companies is a store credit card, especially if you use a merchant for many business purchases. This can be equipment, tools, technology, etc. Business store credit card this is not the case come with personal credit requirements, making it ideal to shop with a merchant you already use and reap the rewards for your business.
EIN Business Credit Cards only
In general, it is rare for individuals to apply for a credit card without providing their 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, where approval is based largely on your experience. company finances rather than your credit history.
If your business is eligible, here are some options from Stripe, Brex, and Ramp.
Stripe Corporate Card
This card is only available to current Stripe users who received an invitation. The credit limit is based on a consideration of business payments and bank history. The card comes equipped with custom spending controls, real-time expense reporting, and integration with Quickbooks and Expensify. Additionally, it offers 1.5% cashback on all business purchases.
Brex Business Card
The Brex Corporate Card is designed for startups, e-commerce, and technology companies. It offers higher credit limits, rewards on key business spending categories, and streamlined expense management tools. It doesn’t require a personal guarantee or credit check and offers up to 7x points for cash back or credits, depending on the type of spend.
Ramp Corporate Card
Ramp offers a small business charge card with 1.5% cash back. Applying does not require a personal credit check or personal guarantee. The card comes with an expense management dashboard and includes great accounting software. Ramp will accept applications from any US incorporated business with at least $75,000 in a US business bank account.
EIN-only Business Fuel Cards
Fuel cards are another option for companies with large fleets of trucks or equipment, like of transportation and trucking industry.
AtoB
The AtoB fleet fuel card is accepted at 99% of petrol stations nationwide and can be used for expenses other than fuel such as maintenance or road tolls. The card comes with an average fuel rebate of 46¢ per gallon on truck diesel. Monthly card payments start at $15. Although you only need an EIN to apply, the card will help you build business credit.
EIN Application Process for Business Credit Cards only
1. Get Your EIN
If you don’t already have one, getting an EIN is a straightforward process if you meet the IRS requirements. You will request your EIN from the IRS. The application process is free, and you can get your EIN through IRS online application formor by post.
2. Select the only Business Credit Card EIN to apply for
Once you have your EIN, you can look for card issuers that will accept you with just an EIN. We listed a few options above.
3. Apply for a business card and EIN
Once you’ve chosen a card to apply for, you’ll start the application process the same way you would if you were applying for a business credit card. There are things to remember. In most cases, your company will need to be registered as a limited-liability corporation (LLC), partnership, or corporation.
You will also need to include other information about your business, such as:
- Business Name
- Business Structure
- Contact information
- Business Size
- Current and Expected Income
- Registration Date
The speed of approval depends on the company, with some approvals happening quickly, while others require a few more days.
How to build credit with an EIN
Since using an EIN to apply for a business credit card means your company needs to demonstrate creditworthiness, here are some tips for building your company’s credit.
Get a DUNS number
Just as Experian, Equifax, and TransUnion track your credit history, the Data Universal Numbering System (DUNS) number tracks your business credit to the business credit bureaus. You can get a DUNS number from Dun & Bradstreet.
Apply for and Get a Business Credit Card
If you already have a business credit card, you can plan to manage this line of credit responsibly to improve your credit history. Keeping your credit utilization healthy, along with a regular payment history will help you build a strong business credit profile year after year.
Monitor Your Credit Reports
Make a habit of regularly requesting copies of your credit and business reports from the appropriate bureaus. At the very least, you’ll want to check at least once a year. This can help you spot any inaccuracies and make sure your credit is healthy.
Alternatives to EIN-Only Business Credit Cards
If you want another business card, or a business credit card using only your EIN, tThose who pursue business credit cards will need a social security number to apply.
Capital One Spark 2% Cash Plus
Capital One Spark 2% Cash Plus is a straightforward option with 2% cashback on all your spending. This is a charge card, so the full balance must be paid back in full each month. There is a $150 annual fee that will be refunded if you spend $150,000 or more each year.
Chase Ink Business Cash Credit Card
With no annual fee, the Chase Ink Business Cash Credit Card is a popular option because of its competitive rates of 18.24% to 24.24%* and $750 bonus cash back.
Capital on Tap
Capital on Tap offers a credit limit of up to $50K with an unlimited 1.5% return and no annual fee. They review your credit history but use a soft pull that won’t affect your credit.
Why is a social security number usually required for business credit cards?
In most cases, you’ll need to provide an SSN on a business credit card application—even if you provide an EIN. Because credit cards are unsecured, credit card companies want to ensure that someone is responsible for the card’s debt, even if the business is dissolved. This personal guarantee is a layer of security for the credit card provider.
Compare financing options with Lendio.
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