Getting a Capital One Business Credit Card Without EIN
First and foremost, keep in mind that Capital One business credit cards, like most business credit cards, typically require a personal credit check during the application process.
That said, there are situations where a personal credit check may not be required. Instead, the application keys off the business’s employer identification number (EIN) and, therefore, the business’s data, not the consumer’s.
But is there a Capital One Business credit card EIN only?
Capital One does have the option to obtain certain business credit cards with just an EIN if you have the right business criteria.
Furthermore, in a previous post, we discussed how to build business credit without using personal credit - How to Build Business Credit Without Using Personal Credit.
Capital One Business Credit Cards Report to the Personal Credit Bureaus and Business Credit Bureaus
Capital One typically reports business credit card activity to both the consumer and credit bureaus.
Regarding the consumer credit bureaus, Capital One, similar to other large lenders, reports to all three – Equifax, Experian, and TransUnion.
In addition, Capital One may pull your personal credit history from one or more of the consumer credit bureaus during the application process.
So do not be surprised if your activity is reflected both as an inquiry and as a tradeline in all of the consumer bureaus.
As a result, you may be concerned that your bad personal credit may impact your ability to get a business credit card. In a previous article, we discussed How to Build Business Credit with Bad Personal Credit. You can find some answers there.
Capital One business credit card data is reported to all of the major credit bureaus - Dun & Bradstreet, Equifax, and Experian. It’s important to be aware that if you miss a payment Capital One will report this to both the personal and credit bureaus.
To start improving your business credit, a good rule of thumb is to always pay at least the required amounts by the payment due date. But an even better word of advice is to pay off your balance in full every month so that you avoid interest charges.
Both options will ensure that no negative payment history gets reported.
Capital One Business Credit Card Qualifications
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Venture X Business
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Spark 2 Cash Plus
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Spark 2X Miles
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Spark 1% Classic
When it comes to reporting, Capital One's Business Card Agreement explains the details.
“Late payments, missed payments, or other defaults on your account may be reflected on your personal credit report. Further, several items may be reflected on your business credit report, such as statement balance, late payments, missed payments, or other defaults.”
How to Get Business Credit Cards with EIN Only
As discussed earlier, seeking out what is generally referred to as a corporate card or business card is the best way to get business credit cards with an EIN only.
Although you may still be required to provide your SSN, you are relying solely on your EIN to demonstrate creditworthiness. Certain factors are generally in common across issuers, including:
- Having an EIN: Just like a Social Security Number (SSN) is your individual taxpayer identification number and is critical to your identity, an EIN is essential for your business identity. Your business’s EIN is critical to not only defining and building your business identity but also to creating separation between your personal and business identities. Your EIN and the strength of your business credit may help you avoid a personal guarantee and/or reliance on your personal credit score.
- Being recognized by the Business Credit Bureaus: Different lenders use data from different business credit bureaus. Each may have a different view of your business credit, but to be safe, you will want to make sure that all the credit bureaus -- Dun & Bradstreet, Equifax Business, and Experian Business -- all recognize your business as a legitimate business entity.
- Having (Good) Business Credit: Being recognized by the business credit bureaus is not necessarily enough, your business needs to have a positive credit history at all of the credit bureaus. Working with vendors and other lenders that report data to the business credit bureaus is a common way to build better business credit. Remember to pay on time and in full! However, there are ways you might be able to build business credit in 30 days.
EIN Only Business Credit Cards That Don't Report to the Personal Credit Bureaus
While most business credit cards require good personal credit and, perhaps, a personal guarantee when you apply, not all business credit cards will report the credit history to the consumer credit bureaus.
One key advantage to not having your data reported to the consumer credit bureaus is that it creates further separation between your personal credit and your small business credit.
Remember that as your small business continues to grow and mature, a primary goal is to completely sever the tie between your personal credit and your small business credit.
As discussed earlier, you may be required to provide your SSN for Know Your Customer laws.
If you can manage to obtain a business credit card that only requires your EIN, then that card will not report missed payments to the personal credit bureaus. This is a big plus! Here is a list of credit cards that can be obtained with an EIN.
1. American Express Cards
American Express offers several business credit cards and corporate cards that each offer a variety of benefits, rewards, and terms.
Larger organizations may go with a corporate card, but most small business owners usually opt for a regular business credit card.
You just need to determine what is most appealing to your small business among the annual fees, cash back options, rewards, travel perks, and other benefits.
All American Express cards come with standard tools for tracking and managing small business expenses efficiently.
While the annual fee, benefits, and eligibility requirements may differ for different business cards, there is most likely a business card that fits your needs and reports to the credit bureaus.
According to WalletHub, in most cases, American Express won’t report business credit card activity to personal credit bureaus, unless there’s a negative payment or severe delinquency. As long as you maintain a positive payment history, nothing should be reported to personal bureaus.
2. Bank of America Cards
Bank of America offers several business credit card options but does not offer a corporate card alternative.
While the cards may require a personal guarantee and rely heavily on the small business owner, there is usually no annual fee and a variety of cash rewards from which to choose. And if you’d like to open a business checking or business savings account, you can easily do it with Bank of America.
When it comes to credit reporting, WalletHub states that Bank of America doesn’t report to personal credit bureaus, period. This means that whether your payment history is positive or negative, nothing will be reported to personal bureaus.
In turn, your personal finances won’t be affected, and it won’t impact your ability to get a personal credit card, a cash advance, and so on. And if you miss a payment, it won’t affect your ability to still get a sizable credit limit on a personal credit card or large personal loan amount.
3. Chase Cards
Chase offers a variety of Ink® business credit cards for you to identify the best business credit card for your credit requirements.
While these business credit cards have an annual fee and rely on a personal guarantee from the company owner, they are associated with the business.
Each card will be issued to an individual employee, but the owner is ultimately responsible for the card.
While each business credit card has different rewards, terms, and pricing, overall, there is a focus on cash back rewards. For example, the Chase Ink Business Cash Credit Card has 5 cash on office supplies, internet, and phone services and unlimited 2 cash gas stations and restaurants.
If your business needs credit to grow, but you are looking to leverage these business expenses into cash back to grow your business, then one of these business cards may be a great option.
As for reporting, Chase is similar to American Express in that it won’t report payment information to personal credit bureaus unless it’s negative or there’s a severe delinquency — something that’s confirmed by WalletHub.
4. Citi Cards
Citi business credit cards provide options for cash back or travel rewards.
These business credit cards help business owners manage their finances more effectively creating a distinction between business and personal expenses.
In addition, the Costco Anywhere Visa ® Business Card by Citi is designed exclusively for Costco members. You can earn cash back rewards anywhere and if you are a frequent Costco shopper, this could be the ideal business credit card for your business.
Just like the Capital on Tap Business Credit Card, you can get employee cards (authorized user cards) for your employees, you can rapidly earn rewards on all of your small business expenses.
Like Bank of America, Citi won’t report any business credit card activity to personal credit bureaus. So, regardless of whether payment activity is positive or negative, this information won’t be shared with personal bureaus at all, WalletHub states.
5. US Bank Cards
US Bank offers a range of business credit cards with a variety of rewards and benefits to help businesses grow.
Each card has different annual fees and rewards, so US Bank probably has one that meets your credit and business needs. To apply and be approved, the company owner will need to provide their personal information and that of other beneficial owners.
While the owner's personal credit score may not be impacted, their data is required to verify their identities.
Employee cards can be requested and each of the individuals will need to be identified. Note that their personal credit scores will also not be impacted, the data will just be used for identification purposes.
It’s confirmed that US Bank doesn’t report any business credit card activity to personal credit bureaus. Therefore, it doesn’t matter whether or not the payment activity is positive or negative, at least when it comes to your personal credit score, WalletHub notes.
6. Wells Fargo Cards
Wells Fargo does not currently offer a business credit card, but one will be offered soon! For now, they do offer two different business lines of credit.
The Wells Fargo BusinessLine® line of credit requires that businesses be at least two years old or older.
For new customers, they are currently offering the first year free of an annual fee, and then the following years will either be $95 or $125 depending on the amount of your line of credit.
Lines of credit can vary between $10,000 to $150,000 as a revolving credit line.
The other line of credit that Wells Fargo offers is their Prime Line of Credit. This option is usually for businesses with annual sales between $2 to $10 million. And its revolving line of credit varies between $100,000 to $1,000,000.
Wells Fargo is another of the banks that doesn’t report any business credit card information to personal bureaus. Even if there’s a late payment or major delinquency, your personal credit won’t be impacted, explains WalletHub.
EIN-only account opening conditions with each business credit card issuer listed above are basically the same. Businesses typically need to have at least $2 million in revenue, have been in business for at least two years, have a strong business credit profile (ideally with an 80+ PAYDEX business credit score) with no negative marks, and have positive cash flow.
As long as you meet those criteria, you should have a realistic chance of getting a business credit card with an EIN.
A Side-by-Side Comparison of Business Credit Cards
A Capital One Business Card is a good option if:
American Express is a good option if:
Bank of America is a good option if:
Chase is a good option if:
Citi is a good option if:
US Bank is a good option if:
Wells Fargo is a good option if:
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In conclusion, business credit cards offer a valuable financial tool for businesses keen on separating personal and business finances.
By choosing the right card and leveraging services like eCredable, businesses can enjoy the benefits of credit with the added peace of mind that personal assets remain protected.