Instant approval business credit cards are a popular option for small business owners who need quick access to credit. These cards offer a fast application process and can provide a credit decision in as little as 30 seconds.
They can be a great option for businesses that need to make purchases or cover sudden expenses quickly.
In this article, we will explore the best practices for applying for instant approval business credit cards, the top instant approval business credit cards available in the UK, and how to build business credit.
Best Practices for Applying for Instant Approval Business Credit Cards
When applying for instant approval for business credit cards, it’s important to follow certain best practices to increase your chances of approval.
Here are some key tips to keep in mind:
- Understand the Application Requirements:
- Familiarize yourself with the specific requirements of the credit card issuer. Each issuer may have different criteria for approval, so it’s essential to understand what they are looking for.
- Take note of any minimum credit score requirements, annual revenue thresholds, or time in business requirements that may be specified by the issuer.
- Prepare Your Personal and Business Information:
- Gather all the necessary information before starting the application process. This may include your personal identification details, business tax ID, and financial statements.
- Ensure that all the information you provide is accurate and up-to-date. Any discrepancies or errors may delay the approval process or result in a denial.
- Maintain a Good Personal Credit Score:
- Your personal credit score plays a significant role in the approval process for business credit cards. Most issuers will review your personal credit history to assess your creditworthiness.
- Prioritize maintaining a good personal credit score by making timely payments, keeping credit utilization low, and monitoring your credit report for any errors.
- Provide Accurate and Detailed Business Information:
- When completing the application, provide comprehensive and accurate information about your business. This includes details such as your business’s legal name, address, industry, and annual revenue.
- Be prepared to provide additional documentation or proof of business ownership if requested by the issuer.
- Pace Yourself and Avoid Multiple Applications:
- Applying for multiple credit cards within a short period can negatively impact your credit score and raise red flags for issuers. Pace yourself and avoid submitting multiple applications simultaneously.
- Understand the issuer’s rules regarding how often you can apply for their credit cards. Some issuers may have specific waiting periods between applications.
- Review and Double-Check Your Application:
- Before submitting your application, carefully review all the information you have provided. Double-check for any errors or missing details that could potentially lead to a delay or denial.
- Pay attention to the terms and conditions of the credit card, including fees, interest rates, and rewards programs.
By following these best practices, you can increase your odds of approval when applying for instant approval business credit cards.
4 Instant Approval Business Credit Cards: Our Verdict
Capital on Tap: {instant approval decision + virtual card access}
Best for: Fast approval and credit-building
Minimum Credit Required: Fair credit
Features
- Instant approval for qualified applicants with fair credit
- Line of credit to help manage cash flow
- Rewards on eligible purchases
- Expense management tools
- Credit limits of up to £250,000
- Unlimited supplementary cards
- No annual fee
- 1% cash back on every purchase
- Low variable APRs ranging from 15.5%. Variable Rate 35.15%
American Express Gold Business Card
Best for: Rewards and travel benefits
Minimum Credit Required: Good to excellent credit
Features
- Instant approval for qualified applicants with good to excellent credit
- Rewards points for eligible purchases
- Travel benefits, including airport lounge access
- Expense management tools
- Access to the American Express Global Lounge Collection
American Express Platinum Business Card
Best for: Premium rewards and travel perks
Minimum Credit Required: Good to excellent credit
Features
- Instant approval for qualified applicants with good to excellent credit
- Premium rewards, including points for eligible purchases
- Airline fee credits
- Airport lounge access
- Travel benefits
- Concierge services
- Access to exclusive events
Barclays Select Cashback Business Credit Card
Best for: Cashback rewards
Minimum Credit Required: Good to excellent credit
Features:
- Instant approval for qualified applicants with good to excellent credit
- Cashback rewards on eligible purchases, with higher cashback rates for select categories
- Expense management tools
- Additional employee cards
These instant approval business credit cards offer a range of features, rewards, and benefits to suit different business needs. It’s important to review the terms, fees, and eligibility requirements of each card to determine which one aligns best with your business goals and financial situation.
Factors to Consider When Choosing an Instant Approval Business Credit Card:
Ongoing APR: Take into account the ongoing annual percentage rate (APR) of the credit card. This is the interest rate you’ll be charged on any outstanding balances. Look for a card with a competitive APR to ensure you’re getting a good deal.
Annual Fee: Consider whether the instant approval business credit card charges an annual fee. Some cards may have an annual fee, while others may offer no annual fee options. Evaluate the benefits and rewards offered by the card to determine if the annual fee is worth it for your business.
Additional Features and Benefits: Explore the additional features and benefits provided by the instant approval business credit card. This may include rewards programs, cashback offers, travel perks, expense management tools, and more. Assess which features align with your business needs and can provide the most value.
Credit Limit: Understand the credit limit offered by the instant approval business credit card. This is the maximum amount you can borrow on the card. Consider whether the credit limit meets your business’s financial requirements and if it can accommodate your expected expenses.
Eligibility Requirements: Review the eligibility requirements for the instant approval business credit card. Some cards may have specific criteria, such as a minimum credit score or annual revenue threshold. Ensure that you meet the requirements before applying to increase your chances of approval.
Customer Support and Service: Evaluate the customer support and service provided by the credit card issuer. Look for a reputable issuer with a track record of excellent customer service. This can be crucial if you encounter any issues or have questions about your card.
Instant Approval Business Credit Cards vs. Traditional Business Credit Cards
| Feature | Instant Approval Business Credit Cards | Traditional Business Credit Cards |
|---|---|---|
| Application Process | – Quick Decision within minutes – Primarily online applications | – Variable limits, may start lower but can increase with good behaviour |
| Eligibility Requirements | – Flexible criteria for credit scores and business revenue – Higher approval rates | – Stricter requirements related to credit history and business revenue – Lower approval rates |
| Credit Limit | – Variable limits, may start lower but can increase with good behavior | – Often come with higher initial credit limits |
| Rewards and Benefits | – Basic rewards like cashback or simple point systems | – Comprehensive rewards including travel benefits, bonus points, and more |
| Interest Rates | – Potentially higher APR, especially if the business credit score is lower | – Competitive APR with a good business credit score |
