Chip Lupo, Credit Card Writer
@CLoop
No, you do not need an EIN to get a business credit card. If you do not have an EIN, you can use your Social Security number (SSN) when applying for the card instead, just like you would with a regular personal credit card.
EIN stands for Employer Identification Number, and it’s a unique nine-digit number assigned to companies by the Internal Revenue Service. The only businesses that need to have one are those that hire employees, with a few exceptions based on very specific tax situations.
Benefits of Having an EIN
- Although it isn’t strictly necessary to have an EIN to get a business credit card, having one can be beneficial for the business's future financial health. For example, you will need an EIN if you want to establish a business credit report. Having good business credit may increase the chances of approval for future credit cards or loans.
- An EIN can also help with other things like protecting you against identity theft connected to your business, opening a business bank account or establishing partnerships with vendors. In addition, having an EIN will make it easy to start hiring employees in the future if you ever need to.
- If your business does not yet have an EIN, it can be obtained easily from the IRS website.
People also ask
Can you get a business credit card with EIN only?
Yes, you can apply for some business credit cards with an EIN only, but most credit cards will not allow it. Most business credit cards require a Social Security number or Individual Taxpayer Identification Number in addition to an Employer Identification Number (EIN).
The EIN shows that you’re legitimately a business owner. The SSN, or ITIN, allows the credit card company to review your personal credit history when evaluating your application and hold you...
read full answer by Maria Adams, Credit Cards ModeratorDo you need an EIN to apply for a Chase business credit card?
No, you don’t need an EIN to apply for a Chase business credit card. If you’re a sole proprietor, freelancer, or have a side hustle without a formal business structure, you can simply use your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) when the application asks for a business tax ID.
That said, if your business is registered as an LLC, partnership, or corporation, it’s a good idea to use an EIN when you...
read full answer by John Miller, Credit Cards ModeratorShould I use my SSN or EIN for business credit?
You should use your EIN (Employer Identification Number) when applying for business credit. That’s because doing so helps keep your personal and business finances separate, simplifies tax reporting, and allows you to build business credit - which makes it easier to secure business loans in the future.
That said, most business credit cards and lenders will still ask for your SSN because they require a personal guarantee. This means that even if your business has an...
read full answer by John Miller, Credit Cards ModeratorDid we answer your question?
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