How To Get A Credit Card Without SSN: Best Options

Camino Financial26 Jan 2024
How To Get A Credit Card Without SSN: Best Options

Applying for a business credit card without an SSN can be challenging, but it's possible.

This article lists the best credit card companies for you, how to get funds, alternatives, and more.
Table of Contents
1. Top 5: Best Credit Cards Without SSN
2. How to Get a Credit Card Without a Social Security Number
3. Common Requirements
4. Alternatives To Business Credit Cards Without SSN
5. Benefits of Getting a Credit Card With an EIN
6. Pros and Cons of Obtaining a Credit Card without SSN
7. Top 10: Tips to Improve Your Credit Score
8. Why Is an SSN Required to Get a Credit Card?
9. Get The Capital You Weed Without An SSN
10. FAQs

Best Credit Cards Without SSN: Top 5

American Express Gold Card

american express business card gold
  • Intro APR: No Intro APR
  • Regular APR: 21.24% to 29.24%
  • Annual fee: $250
Other Features:
  • Earns Amex Membership Rewards points.
  • Points are transferable to 21 airline and hotel rewards programs.
  • Apply with individual taxpayer identification number (ITIN).
  • High rewards rates on dining, groceries, and airfare.
  • Accessibility for International Applicants:
    • Possible easier approval with limited US credit history.
    • Partners with Nova Credit to review credit histories from 12 countries.

Capital One Quicksilver One Cash Rewards Credit Card

Capital One QuicksilverOne Cash Rewards Credit Card
  • Intro APR: No Intro APR
  • Regular APR: 30.74% Variable
  • Annual fee: $39
Other Features:
  • Online application is possible with an ITIN number instead of a Social Security number.
  • You could earn back your security deposit as a statement credit
  • 1.5% cash back on every purchase.

Chase Freedom Unlimited

Chase Freedom Unlimited credit card
  • Intro APR: 0% for the first 15 months
  • Regular APR: 20.49% - 29.24% variable
  • Annual fee: $0
Other Features:
  • Pairing with another Chase card like Chase Sapphire Preferred allows reward transfers to over a dozen airline and hotel partners.
  • Online application is accessible with an ITIN.

The Blue Business Plus Credit Card from American Express

American Express Blue Business Cash Card
  • Intro APR: 0% for 12 months
  • Regular APR: 18.49% - 26.49% variable
  • Annual fee: $0
Other Features:
  • Online application is possible with an EIN and ITIN in the absence of a Social Security number.
  • 2X points on up to $50,000 in eligible purchases annually, then 1X; no annual fee.
  • Offers 2% cash back on up to $50,000 in eligible purchases annually (then 1%) instead of Membership Rewards points.

US Bank Platinum Secured Credit Card

US Bank Visa Platinum Card

Best for bad credit history

  • Intro APR:0% for 12 months
  • Regular APR: 29.99% Variable
  • Annual fee: $0
  • Security deposit: $300
Other Features:
  • Earn 4 points per $1 on takeout, food delivery, and dining; 2 points per $1 at grocery stores, grocery delivery, gas stations, streaming services, and EV charging stations; and 1 point per $1 on all other eligible purchases.
  • No membership fees.
  • High rewards rate with bonus rewards categories.

How to Get a Credit Card Without a Social Security Number

  • First, make sure you know your credit score (get a free credit report); this will give you the insight you need to know which cards to apply for (and which ones you shouldn't) and save you some time.
  • Then, compare the different options you have: Do they accept EIN or ITIN? Are they unsecured or secured cards? Do they have low interest rates?
  • Lastly, once you decide on the best business credit card, complete an application and await an answer.

Most Common Requirements

  • Good to excellent credit score
  • Annual revenue
  • Personal guarantee
  • Minimum spending requirement
  • Collateral
  • Statements of your personal and business finances in some cases.
  • Business name
  • Contact information
  • Personal credit history
Most business credit cards have similar credit score and annual revenue requirements. However, there can be some variation in other areas, such as the personal guarantee and minimum spending requirement.

Benefits of Getting a Credit Card With an EIN

Future Financial Preparations

A business credit card could be instrumental if you plan on taking out a loan or a line of credit for your business in the future. It helps establish a credit history for your business, which lenders consider during the loan approval process.

Expense Tracking

Having a business credit card simplifies the tracking of business expenses. It provides a clear spending record, making managing your budget and financial reports easier.

Tax and Review Benefits

The organized expense record from a business credit card can be a significant advantage during tax time or whenever you need to review your spending for business purposes. It ensures that all transactions are accurately recorded and easily accessible.

Rewards and Perks

Business credit cards often feature rewards programs offering cash back, points, or other valuable perks. Business owners can redeem these rewards for travel, purchases, or cash, adding additional value.

Pros and Cons of Obtaining a Credit Card without SSN

Pros
  • Access to Credit. Having a credit card without an SSN allows individuals to access credit facilities, which can be crucial for managing finances, building a credit history, or handling emergencies.
  • Financial Independence. It promotes financial independence and capability, especially for non-residents or immigrants who have yet to obtain an SSN.
  • Business Management. For business owners, having a credit card is instrumental in managing business expenses, cash flow, and even establishing business credit.
  • Alternative Identification. Individuals can use alternative identification options like ITIN or EIN to obtain a credit card, making the process flexible for various individuals.
  • Online Transactions. It enables online transactions, subscriptions, and reservations, often requiring a credit card.
Cons
  • Limited Options. There might be fewer credit card options available for individuals without an SSN, which can limit the choice of credit card benefits and terms.
  • Higher Interest Rates. Credit cards obtained without an SSN may have higher interest rates or less favorable terms than traditional credit cards.
  • Approval Difficulty. The approval process might be more challenging or require additional documentation, making it longer and potentially more cumbersome.
  • Impact on Credit Score. Some credit cards obtained without an SSN may not report to the major credit bureaus, which can hinder the process of building or improving a credit score.
  • Restrictive Features. There might be restrictive features or fewer benefits, such as lower credit limits, fewer rewards, or perks compared to traditional credit cards.
  • Potential for Misuse. Like with any credit facility, there's a potential for misuse or mismanagement, leading to financial strain or debt accumulation.

Top 10 Tips to Improve Your Credit Score

  1. Review your credit report. Scrutinize it for any inaccuracies or fraudulent activities. Dispute any errors you find to keep your credit report accurate.
  2. Pay your bills on time. Your payment history significantly impacts your credit score. Setting up automatic payments can be a helpful reminder.
  3. Reduce credit card balances. Pay down high-interest cards first. Aim to maintain your credit card balance below 30% of your credit limit to demonstrate good credit management.
  4. Avoid opening multiple new accounts. It's advisable to spread out the opening of new accounts over time.
  5. Don't close old accounts. The length of your credit history contributes to your credit score. Keeping your old or unused credit accounts open can have a positive impact.
  6. Negotiate with creditors. If you have any past-due accounts, negotiate to pay off the debt or update the account status to "paid" upon settlement.
  7. Get a secured credit card. Use it responsibly to build a positive credit history over time.
  8. Maintain a healthy credit mix. A mix of different types of credit (e.g., credit cards, mortgages, auto loans) is beneficial for your credit score. However, ensure you can manage them responsibly.
  9. Seek credit counseling. If you're struggling to manage your debts, consider seeking credit counseling to develop a plan to improve your financial situation.
  10. Regularly monitor your credit. Stay informed about your credit score and report changes. This habit will also help you catch and report any fraudulent activity promptly.
Improving your credit score is a journey that demands a disciplined financial approach. A better credit score reflects a healthy financial habits and opens doors to favorable loan terms and interest rates.

Why Is an SSN Required to Get a Credit Card?

It allows the institution to easily track your bank account and credit history and, therefore, your risk level as it applies to your likelihood of paying your bill. Plus, the federal government requires all financial institutions to verify the identity of people who want to open a financial account. This includes checking accounts, savings accounts, credit cards, and other loans. The financial institution has some leeway regarding what it considers "adequate" information for identification purposes. However, all will require your legal name, address, and birthdate, as well as some identification number

Alternatives To Business Credit Cards Without SSN

Personal Loans

You can secure personal loans with alternative forms of identification, such as an Individual Tax Identification Number or passport. You can use these loans for various purposes like consolidating debt, covering emergency expenses, or funding home improvement projects.

Auto Loans

Designed explicitly for purchasing vehicles, auto loans also accept alternative identification numbers or documents for acquisition.

Student Loans

Student loans help cover education-related expenses. Some lenders may provide student loans to individuals without an SSN, especially if they have an ITIN or other forms of identification.

Mortgage Loans

Mortgage loans serve the purpose of buying or refinancing real estate. Some lenders may offer mortgage loans to individuals lacking an SSN by employing alternative identification methods.

Secured Loans

Secured loans require collateral, which might facilitate loan approval for individuals lacking an SSN.

Payday Loans

Payday loans are short-term loans typically paid back by the borrower's next payday. While they are easy to obtain, they often come with high interest rates.

Secured Credit Card

Secured credit cards require a refundable deposit, which sets the credit limit and acts as collateral for the lender. Ideal for those with poor or no credit, these cards help in building or rebuilding credit history. Their credit scores can improve as cardholders demonstrate responsible usage by maintaining low balances and timely payments.

Get The Capital You Weed Without An SSN

However, if you are an entrepreneur and your business has operated for at least 12 months, Camino Financial emerges as your ideal ally because we accept ITIN. We dedicate ourselves to guiding entrepreneurs toward their financial goals. With Camino Financial, you can access financing to expand your business and achieve your goals. Explore the financial solutions we have to offer and take the next step toward the success of your venture. Apply For A Business Loan!

FAQs

Can I get a credit card without a Social Security Number?

Yes. Several credit card issuers accommodate applicants without an SSN by accepting alternative identification documents such as an Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN).

Do you need an SSN for a credit card?

While an SSN is commonly used for credit card applications, it's not a strict requirement. You can explore options like applying through international credit bureaus that track credit history without an SSN or consider getting a secured credit card where a deposit (typically ranging from $200 to $500) acts as collateral.

Can you get a business credit card without a business?

Yes, as an individual, you can apply for a business credit card by stating you will use the card for business purposes. The credit card company will assess your application and personal credit report to determine eligibility.

Can I use my EIN instead of an SSN when applying for credit?

Absolutely, you can use an EIN instead of an SSN when applying for credit. However, it's noteworthy that some lenders may find an EIN less recognizable than an SSN, potentially affecting the approval process.

How can I get a credit card without an EIN number?

Once you obtain an EIN, you can apply for a business credit card. Various options exist, and comparing features and benefits is advisable to identify the right card for your business. Some business credit cards may require an excellent personal credit score for approval, while others cater to businesses with no credit history.
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