US Bank has launched a brand new bank card that can permit small companies with $1 million or extra in annual income the chance to acquire credit score with out a person needing to make a private assure on compensation of card debt.
The US Bank Visa Signature Firm Credit Card makes use of an organization’s credit score historical past and monetary well being as the idea for approval, which means no officer of the corporate has to have the cardboard connected to his or her private credit score historical past. That is totally different than most enterprise bank cards for smaller corporations, which usually require a private guarantor to be able to concern a bank card. On this method, most small enterprise bank cards range little from shopper bank cards.
The US Bank Firm Card is for corporations established as Company, Restricted Liability Company or Restricted Liability Partnership, and the companies will need to have web revenue of a minimum of $350,00zero for 2 consecutive years. Whereas this nonetheless shuts out new corporations and small sole proprietorships, it’s a product that might be enticing to profitable corporations that aren’t giant sufficient to qualify for company playing cards however don’t need their firm’s credit score actions tied to the private credit score historical past of a single proprietor or officer.
companies can apply for the brand new US Bank Firm Card at US Bank branches.