Business credit cards with EIN only during the application process are possible to obtain. But, they’re not easy to get approved for.
In this article, we will discuss everything you need to know about applying for a business credit card with only an EIN. We will also answer many of the most common questions we receive on the topic and provide helpful insights to find the best card.
This article is part of our free series on US LLCs, including the expected application process for opening a business bank account for an LLC, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Business Credit Cards With EIN Only
- How Do I Choose the Right Business Credit Card?
- What Are the Requirements for Obtaining Business Credit Cards?
- What Are the Benefits of Obtaining a US Business Credit Card?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Business Credit Cards With EIN Only
Business credit cards with EIN only are available to businesses with an established credit history, businesses with owners that have an established credit history, or businesses that meet certain revenue and deposit thresholds. With this in mind, businesses that do not match any of these three criteria will not qualify to apply for a credit card with only an EIN.
How Do I Choose the Right Business Credit Card?
To choose the right credit card for your type of business, whether it’s a disregarded entity or a sole proprietorship, you need to consider how you will use the card, where you will use the card, and what specific benefits you are trying to access. By considering these factors you can quickly narrow down your choices and find a card that is best for your business.
Here is a look at the key variables you should consider before deciding which card to apply for.
Questions to Answer When Choosing the Right Credit Card
- Which currencies do you need to access?
- Will purchases be online or in person?
- Do you desire a signup bonus?
- Do you desire travel rewards?
- Will you use the card to book travel or rental cars?
- Do you desire a loyalty program?
- Do you require corporate hotel affiliation?
What Are the Requirements for Obtaining Business Credit Cards?
The requirements for obtaining a business credit card will vary from bank to bank. Likewise, different business types, like SMEs (small and medium-sized enterprises) or large corporations, will impose different requirements on them and a higher or lower likelihood of actually meeting those requirements.
For example, local residents can often meet requirements much easier than foreign non-residents due to the fact that they often have an established local credit history. The same is true when applying for business credit cards.
In other words, when applying without a local credit history, it can often be challenging to get approved.
Here is a closer look at a few of the common questions related to meeting business credit card requirements.
What Do I Need to Apply for a Company Credit Card?
To apply for a company credit card you typically need to have an established business with a credit history. However, in certain instances, it is also possible to qualify for a company credit card using a personal tax identification number. Though this requires the individual applying to have sufficient credit history instead.
Can I Get a Business Credit Card With No Business Income?
Yes, you can get a business credit card with no business income if you have a US tax identification number with an established credit history. In other words, if you are a foreign non-resident without a US credit history, you will not be able to qualify for a business credit card with no business income. But if you are a US citizen with good credit history, you will be able to qualify.
Does Personal Bad Credit Affect Your Chances of Obtaining Business Credit Cards?
Yes, personal bad credit can affect your chances of obtaining business credit cards. Of course, other factors will also be taken into consideration when credit card providers qualify applicants. Likewise, if your business already has sufficient credit history on its own, it’s possible that personal credit history will be less important to the issuer.
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What Are the Benefits of Obtaining a US Business Credit Card?
The benefits of obtaining a credit card for your business range from establishing a credit history to earning lucrative rewards from using your credit card to cover high-priced business expenses. Additionally, it’s important to note that a business credit card can also act as an easy-to-access emergency credit facility for businesses, which is often easier to obtain than a traditional line of credit.
Benefits of Obtaining a Credit Card for Your Business
- Establish a credit history for your business
- Better management of cash flow and expenses
- An easy-to-access emergency credit facility
- Clear separation from personal expenses
- Sign-up and loyalty bonuses for using cards
- Earn rewards against high business expenses
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into how to apply for business credit cards with EIN only. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Can You Get Business Credit Cards With Just Your EIN?
Yes, you can get business credit cards with just your EIN. However, doing so typically requires your business to meet certain revenue and deposit thresholds. In other words, if your business is just getting started and does not have any (or has limited) revenue, it is highly unlikely that it will be approved for a credit card.
Do You Need an EIN to Get Approved for Business Credit Cards?
Yes, you do need an EIN to get approved for business credit cards if you are applying for a business entity. In fact, you will need an EIN to even open a bank account for a business entity. However, if you are applying for a business credit card as a sole proprietor, it may be possible to apply with an SSN or ITIN only, depending on the bank and your existing credit history.
Is It Easier to Qualify for a Business or Personal Credit Card?
Whether it is easier to qualify for a business or personal credit card will ultimately depend on the specific requirements of the bank, credit history of both the business or person applying, existing banking relationships, and available credit card offers.
How Long Do You Have to Be in Business to Get a Business Credit Card with EIN-Only?
How long you have to be in business to get a business credit card with an EIN-only will ultimately depend on each bank’s requirements, business activities, business revenue, the willingness of the business owner to make a deposit, and other key factors.
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