Corporate Credit Cards With No Personal Guarantee – In this review, we’ll take a look at Brax, a corporate credit card for startups and other high-growth companies. In addition to the card, they offer Brex Cash, travel services and other equipment covered here.
Contrary to many other reviews of Brex, we are a company that actually uses the Brex card for our daily business. Of course, we’re no startup, but we’ve found this product to be an invaluable addition to our service-based business with ever-changing costs, travel requirements, and multiple employees and contractors.
Corporate Credit Cards With No Personal Guarantee
We were looking for a business credit card with no personal guarantee and Brax seemed like a perfect fit.
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Brax is not just a corporate card, but a complete banking option. You’ll still need a basic business checking account to get started (we use Novo, review it here ), but it’s great to have all your expenses, cash, and expenses in one place.
The core product is a business credit card that offers cash back and rewards for your everyday spending. You can accept the card as a physical card and/or as a virtual card.
Cards have variable credit limits based on your Brax Cash account balance, along with real-time revenue that Brax can see from Shopify, Stripe and other payment solution integrations. They call this direct access, which means that it “shows” you revenue that hasn’t been saved yet by all the major e-commerce tools (including Amazon).
Spending with Brax card comes with many rewards. Like many cards, this one uses rewards points per dollar spent. All expenses earn you points, but here are the main categories: 8x on rideshares, 5x on Brax Travel, 4x on restaurants, 3x on recurring software, 1x on accounts. This rewards structure competes with offers like Amex Business Platinum and Chase Ultimate Rewards.
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There’s also automatic invoice matching that lets you link your invoices to expenses in the Brax app. This makes it much easier to track spending and control where your money goes.
It’s a corporate credit card designed for growing teams, so you can easily create virtual cards for specific employees or expenses, as well as issue physical cards to all employees.
Behind the Brax brand and platform is World Elite MasterCard®, which has its benefits: MasterCard ID Theft Protection™ protects personal information, and if the device needs repair or is stolen, you get your phone covered with a $1.00 mobile bill. There are many perks, including the MasterCard Luxury Hotel Program (room upgrades and more), hotel guarantees, rental insurance and other perks.
Brex Cash is a bank account managed by Brex Treasury LLC. No accounts, transactions or hidden fees and minimum balance.
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You can create multiple accounts, linked to different cards, such as shopping accounts, tax savings accounts, etc.
Brakes has partnered with Travel Bank to provide a complete travel booking and management solution. With it, you get rates for business travel and concierge services. We use it to plan trips easily, knowing we have the best prices.
Brakes integrates with many business software, making it easy to track your expenses and organize everything in one place.
Slack will automatically notify you when things are released. It’s a two-way integration – you can send notes and invoices back.
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The support is huge. Live chat, phone and email are available. We have used all three and always had a great experience. Their team is knowledgeable and helpful and always quick to respond to any questions or concerns.
In addition to the amazing startup-specific rewards, there are benefits in the form of discounts and credits.
It’s one of the first to offer a full API, which lets you access data, automate payments, and even connect to your accounting software.
This is something that seriously differs from other banks, which simply do not provide this level of access or automation.
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There are absolutely no fees for anything related to Brex. No foreign transaction fees, no account fees, etc. This is a big selling point for the company.
The only way to earn money is through a rewards program and exchange payments (for businesses, it’s transferable to other cards anyway).
If you apply for Brex, there is a process. You’ll need an EIN, operating business, US operations, and some other information. You can find the full list on their website.
Brakes looks at your linked bank account, spending, company, business model, employees and more to determine if you are trustworthy and stable. If you’re a match, you’re in!
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Remember, there’s no personal guarantee that’s great, but brakes can make the actual business and operations look a little bit better.
There’s a lot to like here. We’ve been using Brax for about 6 months now and are big fans.
In fact, if you’re just starting out, you won’t be able to use the brakes. You need income, money and assets to enable you to use cards and features.
With this, you can use the daily payment option that matches the card limit with the amount in Brax Cash.
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I’m the founder of several companies, including a venture-backed startup, and I use Brax for all of them. It’s very different from the usual business credit cards from companies like Amex and big banks, offering generous rewards and a well-designed smart app that allows me to accurately understand my company’s cash flow.
It has helped me save money on travel expenses, track labor costs, and easily understand my company’s cash flow. Overall, I would recommend Brakes to any startup or high growth company.
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Want a business card without a personal guarantee? Explore the best available options and rewards as well as eligibility requirements.
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Personal guarantee requirements mean that when you apply for a business credit card, you will be asked to share your personal information and your personal credit will be hit with a serious inquiry that can affect your credit score. Additionally, providing a personal guarantee for a business credit card means that you are committing to personally cover your business liability.
Many issuers do not offer business credit cards without a personal guarantee, but you can find some options that do not require a personal guarantee. We’ll detail the best of these cards in this guide.
A personal guarantee on a business credit card is a legally binding agreement to pay the loan to the business with your personal assets if the business defaults. You are personally liable for your business credit card balance if the business closes or fails. By the way, please note that we occasionally abbreviate “Personal Guarantee” to “PG” in this article.
Best Business Credit Cards With No Personal Guarantee In 2023
It’s easy to understand why credit card companies require a personal guarantee. It’s easy to see why a business owner would want to walk away from them. Fortunately, if you’re looking for business credit cards without a personal guarantee, you have some great options. Read on to learn more about these options.
Advantages and Disadvantages of Non-PG Business Credit Cards Advantages of Non-PG Business Credit Cards
For most small business owners, getting a business credit card without a personal guarantee may not be a walk in the park. Many business credit cards on the market require some form of personal guarantee. But the relative lack of options without private insurance doesn’t mean it’s impossible.
Business credit cards that do not require a personal guarantee are difficult to qualify for. These cards are generally reserved for large businesses with an established credit history. Therefore, the average small business owner cannot successfully apply for a credit card without a personal guarantee.
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