Finding a business credit card that doesn’t require an entrepreneur to personally guarantee the debt is like finding a parking spot at the mall on a rainy Saturday: There are options, but they’re either unappealing or not a fit.
But a company called Brex has created a corporate card for startup companies that rejects traditional underwriting methods. Instead of evaluating applications based on a business owner’s personal credit, it focuses on the funding of the business itself.
“It starts with the technology,” says Michael Tannenbaum, chief financial officer of Brex.
Brex says it can issue cards faster, and with higher limits, than other options, all without a personal guarantee. The Brex card works on the Visa network, there are no annual fees or foreign transaction charges, and cardholders can earn rewards.