Betsie Van Der Meer// Getty Images
Key takeaways
- The faster your business gets approval for a new credit card, the faster you can put your new credit line to work for your company
- Instant approval is an attractive perk when it comes to business credit cards, but it’s not available with every card
- The following business credit cards may be able to grant you immediate approval, but this will depend on your creditworthiness and your business’s financial situation
As a business owner, it’s up to you to stay on top of business trends, inventory needs, customer needs and about a dozen other things on any given day. So when you’re in the market for a new credit card, you need that process to go quickly.
Fortunately, there’s a variety of instant approval business credit cards available that might grant you fast access. These options range from travel rewards cards to co-branded hotel cards and general cash back cards, so there’s a little something for everyone.
Comparing the best business credit cards for instant approval
| Card Name | Annual fee | Rewards |
|---|---|---|
|
Capital One Spark Miles for Business
|
$0 intro for first year; $95 after that
|
5X miles on hotels and rental cars booked through Capital One Travel 2X miles on all purchases |
|
Capital One Spark Classic for Business
|
$0
|
1% cash back on all purchases |
|
Ink Business Preferred® Credit Card
|
$95
|
3X points on the first $150,000 you spend on travel and select business categories each account anniversary year (then 1X points) |
|
The American Express Blue Business Cash™ Card
|
No annual fee
|
2 percent cash back on all eligible purchases (up to $50,000 per year, then 1 percent back) |
|
Marriott Bonvoy Business® American Express® Card
|
$125
|
6X points at participating Marriott Bonvoy hotels (up to 18.5X points through the Bonvoy loyalty program with Gold Elite status) 4X points on worldwide restaurant, U.S. gas station, U.S. shipping and U.S. wireless telephone service purchases 2X points on all other purchases. |
Top business credit cards for instant approval
How to choose a business card with instant approval
Many credit cards offer instant approval, all with different features, credit requirements and business-related perks. Here are a few things you can do to improve your odds of getting a card that works best for your business.
Evaluate your business spending
The right card can boost your earned rewards.
Where do you and your employees spend the most? Do you plan on investing in a few specific areas in the future? Figuring out how you typically spend your money or any large purchases on the horizon will allow you to choose a card that can best earn rewards on those purchases.
Unfreeze your credit
The faster an issuer can access your score, the faster you can get approved.
If you’ve frozen your credit, take the time to unfreeze it or schedule a thaw before applying for a new business credit card. If the issuer needs to pull your credit, having your files frozen will slow down the instant approval process.
Improve your credit where possible
The best cards are available to those with the best credit.
Since you need good credit for most instant approval credit cards, make sure your personal and business credit is in good standing. Consider retrieving and reviewing your credit report for errors.
Take the time to research
A card with the highest rewards rate may not offer your business the most value.
Even if you want to open a new card quickly, take some time to research multiple options to be sure you’re choosing between the best options for you on the market. On top of rewards, many useful business perks are present on some cards and not others, such as integrations with business software and free employee cards.
How long does it take to get a business credit card?
All of the business cards listed above may offer “instant approval.” This phrase means you may receive approval for your new business credit card in as little as 30 to 60 seconds if you qualify.
However, not all applicants may qualify for instant approval. If the issuer feels it needs more information about you or your business, it may take longer to process your application. In some cases, seeing if you have business credit card pre-approval before applying can help determine if you’ll receive instant approval.
Is a business card with instant approval right for you?
Business credit cards with instant approval can be worthwhile for most business owners, but you need to make sure the handful of cards that offer this type of approval meet your needs.
Before officially deciding, ask yourself the following questions:
- Do you have the credit to qualify? Many instant approval credit cards require at least good credit to qualify since the issuer needs to make such a quick decision.
- Do you need a credit card quickly? If you don’t need a credit card within the next few days, consider expanding your search to include other credwith may have a longer approval timeline. This way you can be sure you find the best card for your needs.
- What rewards are you looking for? Plenty of instant approval credit cards offer rewards, but there are non-instant-approval cards that offer even better rewards. To offer the best rewards, the credit card issuer needs to run a more in-depth credit check to understand if you’re fully qualified.
- Can you handle a higher interest rate? Because issuers aren’t doing a full-fledged deep-dive into your finances, you may have to deal with higher interest rates than non-instant-approval cards.
Frequently asked questions
The bottom line
Business credit cards with instant approval give you and your business quick access to a credit line, ongoing rewards and additional business-specific features. There are even a few instant approval cards for those with lower credit scores, although most options available today are reserved for consumers with good to excellent credit.
*The information about the Capital One Spark 1% Classic has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Read the full article here
