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As a business proprietor or someone who’s self-employed, you may be curious about whether you can use your EIN (Employer Identification Number) to secure a credit card. The answer to your question is affirmative! Many credit card firms provide business credit cards that necessitate an EIN during application. This piece will delve into the advantages of employing your EIN to procure a credit card and will also spotlight some of the premier business credit cards that are currently available.
Can I Use My EIN to Get a Credit Card?
Yes, you can use your EIN to apply and get a credit card. This can help you earn massive rewards and help protect your personal credit.
The benefits of using your EIN to get a credit card include the following.
Separation of Personal and Business Expenses
When you use a business credit card, you can keep your personal and business expenses separate. This is especially important for tax purposes. It can be difficult to differentiate between business and personal expenses when they’re all on the same credit card statement.
Having a business credit card can help you keep track of your business expenses and make tax time less stressful.
Building Business Credit
By using a business credit card, you can start to build credit for your business. This is important if you want to apply for a business loan or line of credit in the future. When you use your EIN to apply for a credit card, the credit card company will report your payment history to business credit bureaus.
This can help you establish a credit score for your business.
Here’s where you check your credit score for free.
Earn Rewards
Many business credit cards offer rewards programs that can help you earn cashback, points, or miles on your business expenses. This can be a great way to offset the cost of business travel or other expenses. Some of the best business credit cards even offer sign-up bonuses that can be worth hundreds of dollars.
Check out the best business miles credit cards if you’d like to rack up points and miles for travel.
The Best Business Credit Cards to Use Your EIN to Get a Credit Card
Below are some of the best business credit card options available if you want to use your EIN to get a credit card.
Ink Business Preferred Credit Card
The Ink Business Preferred® Credit Card from Chase is a great option for small business owners.
New Ink Business Preferred® Credit Card cardholders can earn 120k bonus points after spending $8,000 on purchases in the first 3 months from account opening. That’s $1,200 cash back or $1,500 toward travel when redeemed through Chase Travel℠.
It also earns 3x points on travel, shipping, internet, cable, and phone services, and advertising purchases made with social media sites and search engines (up to $150,000 per year). This card has an annual fee of $95.
Capital One Spark Credit Cards
The Capital One Spark Business Credit Cards series of credit cards includes the Spark Cash, Spark Miles, and Spark Classic. Each card has different benefits, but they all offer cashback or miles on your business purchases.
The Capital One Spark Cash for Business offers 2% cashback on all purchases, while the Capital One Spark Miles for Business offers 2x miles on all purchases.
The Capital One Spark Classic for Business is a good option for business owners with fair or average credit. It has no annual fee and earns 1% cashback on all purchases.
The Business Platinum Card from American Express
Another option to consider is The Business Platinum® Card from American Express, which offers a range of benefits for business owners, including access to the Amex Global Lounge Collection, statement credits for airline fees and Dell purchases, and a concierge service. It earns 5x points on flights and prepaid hotels booked through Amex Travel.
Cardholders earn 1.5x points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
New The Business Platinum Card® from American Express cardholders can earn 150,000 Membership Rewards® points after spending $20,000 in eligible purchases on their Card within the first 3 months of Card Membership.
Every purchase earns up to 5x American Express Membership Rewards per $1 spent:
- 5x points on airfare and prepaid hotels booked through AmexTravel.com
- 1x point on everything else that is eligible
This card has a high annual fee of $695 (See Rates & Fees), but the benefits can be worth it for frequent business travelers.
Summary: Can I Use My EIN To Get a Credit Card?
In conclusion, using your EIN to apply for a credit card can be a smart move for business owners and self-employed individuals. It can help you keep track of your business expenses, build credit for your business, and earn rewards on your purchases. The Ink Business Preferred, Capital One Spark, and Amex Platinum Business credit cards are all great options to consider.
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Rates and fees of The Business Platinum Card® from American Express, please click here.
