Instant approval credit cards for businesses have a range of advantages. Discover the best credit cards you can apply and be approved for in minutes.
Best Instant Approval Credit Cards for Businesses
As a small business owner, you may need to make frequent purchases or handle unexpected expenses promptly. You may have heard of business credit cards, but did you know that you also have the option to select instant approval credit cards?
These cards can be ideal when you require an instant credit decision.
You won't need to look elsewhere if you are looking for the best instant approval credit cards for businesses.
We have tried the seven best options for you. In this article, we’ll share our findings on these credit cards' features.
|1. Capital On Tap Free Rewards
|2. Capital On Tap Business Rewards
|3. American Express Business Platinum Card
|4. American Express Business Gold Card
|5. Card One Money Corporate Card
|6. British Airways American Express® Accelerating Business Card
|7. American Express Business Basic Card
What Is an Instant Approval Credit Card for Businesses?
Instant approval credit cards for businesses offer your business a fast application process, sometimes deciding on your credit limit within seconds. Just as we did, after the application process, you can access credit straightaway when approved.
You can use instant approval credit cards for businesses for various payments. For instance, we used them to buy inventory and handle unexpected payments.
What Are the Features of a Business Instant Approval Credit Card?
It's important to know which features to consider when choosing one of these credit cards for your business, as we know it can make comparisons easier.
Some of the main features of an instant approval credit card for businesses are below.
👉 Rewards programs — Some instant approval business credit cards offer rewards programs, allowing you and your employees to earn cashback or other rewards when you pay for business expenses with the card.
👉 Tools to track expenses — You may find that your card comes with tools to track expenses on your account management portal. The card issuer will provide these tools to help you check transaction details and create and review expense reports to manage business money and finances better.
👉 Employee cards — Employee cards often come with these types of card applications. Your employees can make purchases for your business with these cards, keeping payments in one business account and streamlining business expense tracking.
Instant Approval Credit Card for Businesses Pros and Cons
This type of credit card has pros and cons. Here are the advantages and drawbacks you'll need to consider before applying.
✅ Fast access to credit — Since some of these cards don't perform credit history checks, you'll gain fast access to credit. This quick access means you can start covering expenses quickly without waiting for approval.
✅ Benefit for employees — Employees with access to business credit cards won't need to use their personal funds. You can reimburse them more easily, and they will not require a high personal credit score to receive the card.
✅ Online application process — Typically, you'll not need to enter a bank to apply for an instant approval business credit card. You can apply online, which is a more convenient and simple process.
✅ Online account management — With an instant approval credit card for your business, you will also receive online account management features. Some issuers offer features such as the option to review statements online.
✅ Slightly more flexible than traditional business cards — You have a slightly higher chance of approval with instant approval cards, especially those options that do not complete a credit check. These options may not focus entirely on your business revenue, although some will expect you to meet minimum criteria.
❌ May have high interest rates — This credit card type may have high interest rates, which you will have to pay if you carry a balance from month to month. With some providers, the interest includes cash withdrawals.
❌ Lower credit limits — Card issuers who check your credit history may provide lower credit limits if you have a poor business credit score. They may complete insolvency event checks, and check more than bad credit during the application process. However, you may be able to build business credit scores when you pay the balance in full.
❌ Could affect your credit score — If you make applications for multiple credit cards with instant approval within a short timeframe, your credit score may temporarily decrease. Your applications may require a hard credit report inquiry, but the reduction in the credit score will not be significant.
Best Instant Approval Credit Cards for Businesses — Reviews
Our reviews for each of the best business credit cards with instant approval are below.
Here are our main findings and their key features.
1. Capital On Tap Free Rewards
Representative Example – Your APR and credit limit vary depending on your circumstances.
The Capital On Tap business credit card, Free Rewards option, is available after an online application that takes just two minutes. We found that we could get an instant decision on our credit limit, just as most applicants do.
We were eligible for the Capital on Tap Free Rewards credit card because we had a turnover of more than £2,000 each month. The issuer completed personal and business credit history checks when we applied for this card. While the personal checks did not impact our credit score, the business checks appeared on our report.
We received the physical card in the post just two business days after receiving our instant decision and, apart from the physical card, received virtual cards with which we could make purchases instantly.
Despite costs in foreign transaction fees, the card came with plenty of benefits, including 1% cashback, opportunities to save on purchases with offers for Dropbox and Slack, and points we could redeem for discounted gift cards.
2. Capital On Tap Business Rewards
Representative Example – Your APR and credit limit vary depending on your circumstances.
The process took under two minutes when we applied for the Capital On Tap Business Rewards credit card. We provided a few details, such as the business's legal name, postcode, and monthly turnover. Capital On Tap requires these details to come to a decision.
Since our income varies each month, we provided the average monthly income. We received a decision within minutes and our physical card arrived in two business days.
Some of the advantages of this card include the free 1% cashback. We earned this cashback for all eligible purchases we made with the card. In the first three months, we spent more than £5,000 as a business and could earn 10,000 bonus points to redeem for cash. We could also redeem points for Avios benefits.
With this card, we easily separated business and personal expenses. We could use the card to pay for travel costs, office inventory, and invoices.
3. American Express Business Platinum Card
We applied for the American Express Business Platinum card and found that the process took under 10 minutes. Our response arrived one minute after we completed the application since we met the eligibility criteria.
For example, we confirmed that we had a UK bank account, could pay the £650 annual fee, were aged 18 or over, and had a permanent UK home address.
Since we also had excellent credit, this worked in our favour to receive instant approval. The card came with premium rewards and travel perks such as points for hotel stays, account management tools, £200 of annual travel credit, airport lounge access, and more.
After instant approval, we received 40,000 membership reward points when we spent more than £6,000 in the first three months. After our instant approval, we also received employee or supplementary cards, which helped us manage expenses more easily.
4. American Express Business Gold Card
Turn business purchases into rewards and keep your cashflow flowing.
With an excellent credit history, we received instant approval for the American Express Gold Card. Our research found that fast approval is available for applicants if their credit score falls within the “good” category.
So, if you have a personal credit score of 650 or higher, this is ideal for accessing credit faster. You can check personal credit scores, such as whether you have an excellent, good or fair credit rating with American Express.
Our application only took eight minutes to complete, and we received a response from American Express almost immediately since our application was in line with the eligibility criteria. One factor to consider is that this card issuer will run pre-application credit checks, which will appear on your credit file.
Perks came with this card. For example, it's one of the small business credit cards with which we could earn 20,000 membership reward points after spending more than £3,000 within the first three months. We were also eligible for discounts of up to £500 each year. These discounts are applied to retailers like Amazon and British Airways.
5. Card One Money Corporate Card
Card One Money offers an online application process for their business credit card, which reduced our waiting time. This is one of the credit card providers that does not complete a credit check, another factor that made the application faster.
Specifically, the online form took less than 10 minutes to complete, and just as Card One Money states, our account was open in under three hours. We received the credit card within five working days. The fast process was possible since our business met the eligibility criteria. We had an annual turnover of more than £2m.
Some of the benefits of the Card One Money Business card include the four additional cards you can receive for your employees, the 3.5% cashback you can earn at selected UK retailers, the app and online access you can receive to monitor your account and the push notifications you can receive to help you keep track of business spending.
6. British Airways American Express® Accelerating Business Card
Representative Example – If you spend £1,200 at a purchase interest rate of 28.5% p.a. (variable) your representative APR will be 108.4% APR (variable). Your APR and credit limit may vary depending on your circumstances.
A fast application and approval process was available with the British Airways American Express Accelerating Business Card. Since we had all the needed information to hand, the application process took approximately 10 minutes.
Some information we needed as a limited company included our registration number, company trading and registered address, and directors' and shareholders' details.
Within 60 seconds, we had received a response from the card issuer. Once approved, we had to wait eight days for the card to arrive. We could then reap the benefits of the card for our business.
For example, we could receive Avios points for reward flights, hotels and car hire. We could also receive 20 employee cards to consolidate our spending and track expenses. Account management via online and mobile apps were available, helping us to view statements wherever we had an internet connection.
7. American Express Business Basic Card
With the required personal and business information to hand and with the fast application process, we were able to get an American Express Business Basic Card quickly. Just as with the other American Express business credit cards we tried, the application process took around 10 minutes.
We met the eligibility criteria since we had a UK bank account, were older than 18 and had a permanent UK home address. American Express responded to our application within a minute.
As soon as we received the basic card, we could manage our cash flow more easily by keeping our money in our account for longer since we had a payment period of 42 days to clear the balance. We also had no limit on spending and received other benefits such as easy online account management and card protection.
Best Instant Approval Credit Cards for Businesses: The Verdict
Getting an instant approval credit card is ideal for your business if you need fast access to credit or need to make unexpected business payments. One of the best options is the Capital On Tap business credit card, which offers one of the fastest approval rates and will give you instant access to your card.
From our research and use of these cards, one thing remains clear — if you have a good credit history and the credit card issuer performs credit checks, you have a greater chance of faster approval.
Your search for the best business credit cards with fast approval doesn't have to be challenging. Begin with our options and compare them to select the right one for your business.
7 Best Instant Approval Credit Cards for Businesses: FAQs
How Are Instant Approval Credit Cards for Businesses Different From Ordinary Business Credit Cards?
A few key differences between ordinary business credit cards and instant approval options include the application process and eligibility requirements. Instant approval options provide a quick decision and have an online application process, while ordinary cards take longer to approve. Instant approval options also have slightly more flexible credit score requirements and higher approval rates.
Which Factors Are Important When Selecting an Instant Approval Credit Card for Businesses?
Some of the main factors to consider when selecting an instant approval credit card for businesses include the annual fee you must pay, the benefits you can receive, your credit limit and the eligibility requirements. Benefits may include travel advantages and cashback perks. Your credit limit needs (the highest amount you can borrow) should match your business requirements.
Can I Get a Business Credit Card the Same Day I Apply?
You may be able to apply for a credit card and use it on the same day. With instant approval from issuers, you can be approved after just a few minutes. If those issuers provide instant virtual cards for business, as Capital On Tap does, you can get the credit card the same day you apply.
Who Is Eligible for a Business Credit Card in the UK?
Eligibility for a business credit card in the UK will vary depending on the issuer. Some expect your business to have a specific monthly turnover, and others expect to see a minimum of two years of accounts. Some additional eligibility criteria include being over 18 and having a limited company or partnership business.
Can I Get a Business Credit Card With Bad Personal Credit UK?
Since many instant approval credit card issuers consider more factors than your personal credit score, it’s possible to get a business credit card despite bad personal credit or lower credit scores. You may have more limited options than an individual with a “good” credit score, but not every lender will reject you based on your personal credit score.
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