Whether you have a last-minute purchase you need to make or want to take advantage of a credit card’s generous sign-up bonus, you often want to start using it as soon as possible. That’s where instant-approval business credit cards can be helpful.
An instant-approval business credit card is one that quickly provides a decision as to whether you’ve been approved or not. Often, these cards can tell you within 60 seconds of completing the application if you’ve been approved.
When you qualify for this type of card, it means the card issuer doesn’t need to dig further into your financial situation to see if you’re a good candidate. Instant-approval card issuers often issue preapproval offers to qualified borrowers to help increase the chances of instant approval.
Before applying for an instant-approval credit card, run a credit check to see if there’s anything in your credit report or credit score that may prevent you from qualifying. Examples might be a poor credit score or missed credit card payments on your credit report. Next, be sure there’s no freeze on your personal or business credit report. Many borrowers place freezes on their credit to prevent fraud, but this will also prevent credit card approval. You’ll have to lift a freeze before applying for a business credit card. Finally, consider looking for a pre-approval tool or offer to see your chances of being approved. Pre-approval isn’t a perfect science, but if you’re able to qualify for a pre-approval offer, then you may have a good chance of being approved for the card itself. This card offers a $250 statement credit when you spend $3,000 in the first three months. The card also comes with a 0% introductory APR on purchases for your first year (then 17.99% and 25.99%, variable). And in addition to the new cardholder perks, the card always offers 2% cashback on eligible purchases up to $50,000, and 1% cashback after that.
Pros:
0% introductory APR for the first year (between 17.99% and 25.99% variable afterward)Expanded Buying Power to spend above your credit limitGenerous welcome bonus and ongoing rewards
Cons:
Spending cap on 2% cashback rewardForeign transaction fees
When you sign up for the Spark Cash Plus card, you’ll get a $500 cash bonus when you spend $4,500 in the first three months of card membership. You’ll also get 1.5% cashback on all purchases — there are no category restrictions or spending limits.
Pros:
Generous welcome bonus and ongoing rewardsNo spending limit or category restrictions on rewards
Cons:
Foreign transaction fees Requires excellent credit
The Ink Business Unlimited card offers a sign-up bonus of $750 when you spend $6,000 in the first three months. You’ll also enjoy a 0% introductory APR for the first year (the APR is between 17.74% and 23.74% after 12 months). As for rewards, the card offers 1.5% unlimited cashback on your business purchases, regardless of spending category. Finally, you’ll get business features such as the ability to monitor and protect your business, as well as added employee cards at no additional cost.
Pros:
0% introductory APR for the first year (between 17.74% and 23.74% afterward)Generous welcome bonus and ongoing rewardsNo spending limit or category restrictions on rewards
Cons:
Foreign transaction fees
When you sign up for Wells Fargo’s card, you can have a business credit line of $500 to $25,000. Unlike a typical credit card, your card limit is secured by money you deposit as collateral. You can either earn 1.5% cashback on qualifying purchases or earn 1 point for each $1 you spend when you spend at least $1,000 each billing cycle.
Pros:
Available to borrowers with poor creditThe choice between cashback or rewards points optionsNo foreign transaction fee
Cons:
Requires collateral equal to the credit lineNo sign-up bonus or 0% introductory APR
