There are numerous reasons why opening a small business credit card can be beneficial. From rewards and benefits to financial flexibility in the face of the unexpected, the right credit card can help you manage cash flow, grow your business, and potentially earn you a few perks along the way.
But what if you don’t already have a card on hand and you need to make a purchase or want to take advantage of a particularly appealing welcome offer? Do you have to wait a few days, or even weeks, before you find out if you’re approved?
Fortunately, thanks to advancements in technology and the increasing speed and efficiency of the digital world, there are several business credit cards on the market with quick application and approval processes, with some of the top ones listed below.
What Does Instant Approval Really Mean?
Technology has made nearly-instant credit card approvals possible, but only in some cases. Most credit card issuers won’t even label their credit cards “instant approval” because some applicants may be approved with the click of a button, while others may require a manual review or an automated review that can take hours or days to complete.
There are a few things you can do to make the approval process as fast as possible for credit card issuers.
- First, be sure that none of your personal credit reports have a freeze or fraud alert on them. This can make for a longer application process as you may need to provide the issuer a code to allow them to review your credit profile or you may need to lift the freeze entirely. If you’re unsure whether there is a freeze or fraud alert on your credit reports, you can call the major consumer credit bureaus to find out.
- Second, ensure your credit reports are in tip-top shape. Items like bankruptcies and judgments may throw a red flag up for the issuer, even if they’re from years past and are having a negligible impact on your scores today.
- Lastly, pre-approved or pre-qualified offers can help speed up the approval process, as the lender has already taken a peek at a sample of your data and deemed you a good match. Still, you should never take a pre-approval or pre-qualification as a guarantee of approval.
Before you apply, keep in mind that “instant” also doesn’t mean guaranteed. In some cases, a credit card application may go into pending status while it’s reviewed or the credit card company requests additional information.
If a quick and easy approval process is just one factor that may drive your decision, you may want to also peruse our business credit card marketplace to help you filter and search through top options based on additional qualifiers like credit score and issuer.
Instant Approval Business Credit Cards
- : Best for Hotel Stays
- Capital One Spark Miles: Best for Everyday Use
- Capital One Spark Classic: Best for Fair Credit
- Discover it® Business Card: Best Cash Back Welcome Offer
– Best for Hotel Stays
If you’re looking for a business credit card to cover some upcoming travel expenses, and you want to stay in the American Express family, themay be a good fit.
With this card, you can earn
The card does have aannual fee, but with membership perks like a free night stay after your card anniversary and automatic Silver Elite status in the Marriott rewards program, it’s easy to merit the annual fee. Plus, there are no foreign transaction fees and the cardholders also access basic Amex benefits like extended warranties, purchase protection, and dispute resolution.
Capital One® Spark® Miles for Business – Best for Everyday Use
Prefer miles to points or cash back? Then you may want to consider the Spark® Miles from Capital One®. With this card, you can earn unlimited 2X miles on every purchase. There are no seat restrictions, blackouts, or minimum redemption requirement.
This card also offers some solid welcome bonuses including 50,000 miles – equal to $500 in travel. Plus, new cardholders also can take advantage of an annual fee of a $0 intro annual fee – it will be $95 for every year after.
With a Capital One Spark card, you’ll also be able to take advantage of other perks including fraud coverage and alerts, free employee cards, and travel and purchase protections like an auto rental waiver and extended warranties.
Capital One® Spark® Classic for Business – Best for Fair Credit
Don’t have excellent credit but still want a business credit card with instant approval? When it comes to business card for fair credit, there aren’t a lot of options, but Capital One® Spark® Classic for Business may meet your needs.
The Capital One® Spark® Classic for Business , which is designed for borrowers with average credit, offers users unlimited 1% cash back on all purchases. And, like the other Capital One Spark Cards, there’s no redemption minimum. That makes it a great starter business card that can be used for everyday purchases while building your credit.
Though there aren’t any flashy welcome offers, there aren’t any annual or transaction fees, either. You’ll also be able to take advantage of travel and emergency assistance services, the auto rental damage waiver, purchase security, and an extended warranty on eligible purchases.
Discover it® Business Card – Best Cash Back Welcome Offer
Another promising cash back credit card that typically offers instant approval is the Discover it® Business Card. With this card you can earn 1.5% cash back on every purchase — there are no limits. As such, this instant approval business credit card is a good option for business owners who are looking for an everyday cash back card but don’t have spending patterns that merit category specific rewards programs.
Plus, unlike the Capital One® Spark® Classic for Business, there is no annual fee associated with the Discover it® Business card. That makes it a good option if you don’t think you’d use it enough to justify an annual fee.
Further, there are no foreign transaction fees, and you can redeem your cashback rewards at any time – no need to wait until you hit an earnings milestone.
Discover offers a few additional perks as well. For instance, you can receive alerts if your social security number is found on any “dark websites,” have replacement cards overnighted at no cost, and receive a late-fee waiver for your first late payment.
Picking the best credit card for your business can take some research and often requires you to evaluate your spending habits as well as your rewards preferences. For instance, if welcome offers are important to you, your search may begin by reviewing a list of business credit cards with the best offers.
Similarly, some entrepreneurs may want to look into rewards or cash back credit cards that allow them to optimize frequent business expenses like travel or restaurant and supplies purchases.
Regardless, if it’s an instant approval business credit card that you want, it’s always helpful to make sure you check your credit score and understand the general requirements of your chosen card. Though many credit card companies offer instant approval, not every applicant will receive it — having excellent credit typically increases your chances.