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The Best Tips and Tricks Regarding EIN Only Credit Cards

EIN Only Credit Cards

No matter your experience with credit cards, you need to know about EIN credit cards. Nowadays, companies want to track their spending. Make sure a merchant matches your purchases. In this regard, EIN credit cards are helpful to start or expand your venture, as they can only be used with merchants on the same system, so you always get the right amount.

Interestingly, if you are an entrepreneur or going to expand your recent venture, then you should have thorough information about these cards. Considering this, BitX Funding offers EIN-only credit cards in a variety of amounts. To own these credit cards, you can contact us at any time. However, here we will spotlight some key factors that will help you better understand this. Keep tracking:

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What Are EIN-Only Credit Cards?

 These cards only offer a cash advance. They are perfect for those who want to add a little extra money to their paycheck without needing to maintain a large revolving balance on a card. This card type is ideal for people with lower incomes, small business owners, and freelancers.

Types of Business Credit Cards with EIN

Business credit cards with EIN come in a variety of types. Each type comes with its own benefits, but there are some standard features on all the ones you should consider getting. Read below to figure out the main types of credit cards that you can get:

Corporate Business Cards

Corporate credit cards are swimming around the firm liability. While the big firms may have their own cards, smaller organizations often don’t have such luxury, and in turn, they need to adopt one of these two options. Fortunately, an individual is not responsible for payback the credit.

Additionally, corporate business credit cards provide the inside financial team with a detailed look at all spending and other analytics to ensure money is being spent wisely.

The application process for corporate cards is more rigorous. A few types of businesses are usually eligible, and you may need to earn a certain profit margin every year. It is common for issuers to extend business credit simply based on a company’s EIN, but only U.S.-registered C-corporations, S-corporations, LLCs, and LLPs are eligible. Choosing the right corporate card for your business might be a bit more challenging for a sole proprietor.

Corporate Gas Cards

Gas cards for corporations are flat-rate cards. In addition to covering fuel costs, corporate gas cards cover employee travel (including airline tickets!) As with regular corporate credit cards, approval requires good business credit. Nonetheless, you can’t use them for just any business purchase. A corporate gas card is specifically used for fuel purchases at the pump and sometimes for vehicle maintenance.

We provide an executive gas card that gives you full coverage for gas and tolls for your business or fleet. No more calling around for rates! Our Corporate Gas Card is fully flexible, so you can use it on any tank of gas or fill it up wherever and whenever you need to.

Corporate Store Credit Cards

Corporate Store Credit Cards are designed to meet the credit card needs of small and large businesses with varying types of customers. They are offered several payment options, including Visa, MasterCard, and Discover. A corporate store credit card reduces your company’s risk by enabling you to offer convenient rewards programs, redemption discounts, and other perks to your customers.

Moreover, corporate credit cards offer an even better way to reward your employees. They let you reward them with points they can redeem on future purchases or redeem them at a discount later on. This can be especially handy for bonuses or incentives around the time of year when you have volunteers coming in from different parts of the country to help with the holiday rush.

Prepaid Business Credit Cards

Prepaid cards are ideal for small business owners who want to start a credit line. You’ll get cash back and balance transfers when you use your card, making it easy to rebuild your credit after making payments on time. No fixed APR can change over time, so you know exactly what your rate will be each month. But even with all its benefits, the perks are available only to business owners. It’s important to remember that prepaid cards are not for those looking for easy access to their funds. The best way to choose a prepaid card is to determine if its annual fee is in line with your needs, as well as its other fees, such as monthly fees and late fees.

Despite this, using prepaid cards to build business credit is not possible. The good thing about them is that they may be a good solution for people with low credit scores who don’t want to tie their personal credit to their businesses or who are worried that failure can further lower their credit score.

The Real Benefits of EIN-Only Credit Cards

Apply with a Low Credit Score

Although having a high credit score is always recommended, plenty of people are accepted into the EIN-only credit card because they either can’t get approved for a regular credit card or their current banks aren’t willing to give them one. So it’s unnecessary to have an excellent credit score to apply for something like this.

Separate Business Finance

While business credit cards can be a great way to get access to credit and fund your business, they are not without complications. Mixing personal and business finances, co-signing or guarantying a loan, and having multiple cards open at the same time… are just some of the obstacles that come up when using business credit. Moreover, the biggest benefit of business credit is that it allows you to keep your personal and business finances separate. You won’t have to mix personal and business expenses or bank accounts, reducing the potential for tax fraud, identity theft, and other problems that can arise from mixing personal and business finances.

What is SSN, and How Does It Affect EIN-Only Credit Cards?

SSN is a unique number assigned to an individual. It determines your credit card issuing bank and can be used only for credit cards. Some banks require SSNs when applying for a new credit card; others do not, so it’s best to check with the bank of your choice!

Without an SSN, you are unlikely to qualify for a business credit card. If your business cannot pay off the debt, you become personally responsible for it. Small business credit cards require personal guarantees. This is why credit card issuers often check your personal credit before granting you a business credit card, and they need your Social Security number to do so.

Pros and Cons of EIN-Only Credit Cards 

Pros

  • No Personal Liability

EIN-only credit cards are designed to provide you with the peace of mind that comes from knowing there are no financial obligations on your part. If you have a problem with your EIN card, you have nothing to worry about.

  • No Negative Impact on Personal Credit Score

EIN-only credit cards offer No negative effects on personal credit scores. This may provide an opportunity to build up your credit with EIN–only credit accounts, so you may be eligible for EINs later if you need one. This can sometimes help when a creditor gives you a loan that ties your traditional score to their internal scoring system, where they do not consider your EIN. The underlying philosophy of using QCCs is to focus on the good economic picture that is reflected in the combined EIN/QCC combination and minimize the impact of any large negatives on your credit score caused by extended utilization.

  • No Hard Checks on Personal Credit Reports

EIN-only credit cards offer No hard checks on the personal credit report. So you can open them with no stress and use them immediately. All your payments can be online. We don’t collect any hard documents or do not need to submit them to credit reporting agencies.

Cons

  • Strict Requirements for Approval

Strict requirements exist for EIN-only credit cards to be approved. They are not open to everyone, nor do they just work like any other credit card. Before submitting an application to the bank, getting a second opinion is always a good idea.

  • No Positive Impact on Credit Score

EIN-only credit cards offer No positive effects on personal credit score and have no relationship to rewards.

  • Minimum Lenders

Credit cards of this type are not available at all lending institutions and banks, so applying for them is a bit difficult.

Round Off! 

Issuance of EIN-only credit cards from BitX Funding is much more reliable and easy. Because our policies are not as tough as others. Not only this, we give you a chance to get your application approved within 3 days and do not ask for a huge amount of money to obtain an EIN card. Therefore, visit our website today and let the game begins.

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