Starting a new business is always exciting but also comes with its own set of challenges. One important aspect is understanding and managing finances, including choosing the right credit card that suits your needs. Business credit cards for new business EIN only is an important topic for new entrepreneurs as it allows them to start their business journey on the right track. Let's dive in and explore the importance of an EIN only card, how it works, and the best options available in the market.
Business Credit Cards For New Business Ein Only Table of Contents
Why an EIN Only Business Credit Card?
How to Get Approved for a Business Credit Card with EIN Only
Why an EIN Only Business Credit Card?
An EIN (Employer Identification Number) only business credit card refers to a card that operates under your business's EIN without relying on your personal credit or SSN (Social Security Number). This might be crucial for new business owners for various reasons:
- Separating personal and business expenses
- Building business credit
- Not impacting personal credit
- Providing liability protection
How to Get Approved for a Business Credit Card with EIN Only
Before applying for a business credit card, ensure that your business is registered and has a valid EIN. To increase your chances of getting approved, consider the following steps:
- Establish a good business or personal credit history
- Maintain accurate business information
- Research your desired card's requirements
- Prepare a business plan and show financial stability
Best Business Credit Cards for New Business EIN Only
There are plenty of options for EIN only business credit cards, catering to various needs. Here are some of the best options:
American Express Blue Business Cash™ Card
- 2% cash back on eligible purchases up to $50,000 per calendar year
- No annual fee
- 0% introductory APR on purchases for 12 months
- Expense management tools
Capital One® Spark® Cash for Business
- 2% unlimited cash back on all purchases
- $500 cash bonus after spending $4,500 in the first 3 months
- $95 annual fee waived in the first year
- Free employee cards with customizable spending limits
Chase Ink Business Preferred® Credit Card
- 3 points per dollar on the first $150,000 spent on travel, shipping, internet, cable, and phone services, and advertising purchases
- 1 point per dollar on all other purchases
- Sign-up bonus of 100k points after spending $15,000 in the first 3 months
- $95 annual fee
Business Credit Cards For New Business Ein Only Example:
Let's imagine Jane's Bakery, a new small business looking to simplify its finances and separate business expenses. With a proper EIN and a good personal credit history, Jane applies for the American Express Blue Business Cash™ Card. By using this card for her bakery expenses like ingredient purchases, equipment, and advertising, she can enjoy 2% cash back and maintain clear financial records. The 0% intro APR also helps her manage cash flow more effectively in the first 12 months.
Managing finances from the onset is crucial for any successful business. It is important to choose a business credit card suitable for your unique needs. EIN only cards can contribute to building your business profile without affecting personal credit scores. With so many excellent choices available, you'll be able to find the perfect match to start your business journey. If you found this guide helpful, make sure to share it with fellow entrepreneurs and explore other helpful guides on Flik Eco for insights on personal finance and investments.
