When you’re shopping for a new credit card, it can feel like a chore. It’s even worse when the process drags on. That’s why instant approval credit cards are so popular: You get an immediate answer and can move onto the next task on your to-do list. In some cases, you’ll even receive instant access to your new account number for online shopping or to add to a mobile wallet.
But instant approval credit cards for small businesses are rare. Instead, you should focus on speeding up the process by looking into preapproval or prequalification. This allows you to shop around and determine what you may be eligible for before beginning a formal application process. Plus, if you do apply, being preapproved may mean that your application decision comes back within minutes rather than being held under manual review for days.
These business credit cards offer fast approval to help you get started quickly.
Best Business Credit Cards 2024
Find the best business card for you & identify which factors matter for your business
Top Business Cards With Fast Turnaround
The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express (Terms apply, see rates & fees) allows small businesses to earn Membership Rewards points at a generous rate without paying an annual fee. Plus, American Express is known for providing same-day decisions to well-qualified applicants.
Rewards: 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases
Welcome Offer: 15,000 Membership Rewards points after spending $3,000 in purchases in the first 3 months of account opening
Annual Fee: No annual fee
Other Benefits and Drawbacks: If you want a business card quickly, this can be a good option since Amex can provide expedited shipping and virtual card access for a fast turnaround. Another major benefit of the card is its introductory APR offer: 0% intro APR on purchases for 12 months from the date of account opening, then a variable rate of 18.49% - 26.49% applies. There’s one downside, though. Your earning rates decrease after the first $50,000 spent annually.
Ink Business Premier® Credit Card
The welcome bonus being offered by the Ink Business Premier® Credit Card is huge and cash-back earnings are high. Plus, Chase is a big name in the industry, which means you may already have a banking account or personal card that you can leverage toward preapproval.
Rewards: 5% cash back on travel purchased through Chase Travel℠, 2.5% cash back on purchases of $5,000 or more and 2% cash back on all other purchases
Welcome Offer: $1,000 cash back after spending $10,000 on purchases in the first 3 months from account opening
Annual Fee: $195
Other Benefits and Drawbacks: Keep in mind that this is a cash-back card and not one that earns fully-fledged Chase Ultimate Rewards®, though that might be fine for your business.
Capital One® Spark® Classic for Business*
You’re not out of luck if you don’t have excellent credit. The Capital One® Spark® Classic for Business* considers applications from anyone with fair credit or better, which might mean you qualify for preapproval.
Rewards: 1% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel
Welcome Offer: This card does not offer a welcome bonus
Annual Fee: $0
Other Benefits and Drawbacks: The rewards are decent for a card with less stringent approval requirements and no annual fee. Use this as your opportunity to secure credit while rebuilding your score: Capital One has many credit cards with better rewards and benefits your business could transition to later.
Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card*
Choosing a secured credit card is one way to improve your approval odds. Since the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* is secured with a cash deposit of at least $1,000, a business with readily-available assets may be able to get the card quickly.
Rewards: 1.5% cash back on all purchases
Welcome Offer: The card does not offer a welcome bonus
Annual Fee: $0
Other Benefits and Drawbacks: By definition, secured cards are better for convenience and building credit than for accessing financing. But, if that’s a trade-off you’re okay with, this card can be a good option. The solid earnings rate is also a big plus for businesses who want to earn cash back.
Best Business Credit Cards 2024
Find the best business card for you & identify which factors matter for your business
How To Check for Business Credit Card Preapproval
Checking for business card preapprovals is more complicated than the process for personal cards. With personal credit cards, there are often preapproval or prequalification tools on a card issuer’s website. Most business cards don’t offer this.
Instead, you’ll need to talk to a representative with your card issuer of choice. You can do this in-branch or by phone. They’ll run through some basic information and numbers—like the size of your company, your expected revenue and any existing debt—and give you an idea of what cards and offers are available to you, if any.
There’s one exception: if you already have a financial relationship with a card issuer, perhaps in the form of a checking account or another credit card, you may see preapproved offers when logging into your account. That’s because the card issuer already has insight into your financial details and creditworthiness.
If your company is already a registered LLC or corporation, you may also receive unsolicited business credit card offers in the mail. While these aren’t guaranteed approvals, they often line up with cards your business qualifies for. To apply for one of these cards, check for a personalized invitation or offer code on your mailer to input online. This will ensure your application is linked to the profile in their system for a faster decision.
The terms preapproval and prequalification are often used interchangeably. Indeed, both can signal the same consensus about whether you’re likely to be approved for a new card. However, preapproval usually is a slightly more rigorous look at your information and may be a better indicator of approval odds. Getting preapproved or prequalified will not impact your credit and neither is a guarantee of approval.
Is It Hard To Get a Business Credit Card Preapproval?
Initiating the preapproval process is not difficult. In some cases, offers may come to you unsolicited. Other times, you may need to fill out a short form or answer a few questions with a representative to provide background on your business. Whether or not your preapproval comes back positive may take more effort: those with the strongest credit records are likely to receive the most offers.
What Credit Score Do You Need for Business Credit Card Preapproval?
Typically, card issuers don’t set a specific minimum credit score required for approval or preapproval. Instead, they look at a broader financial picture, including factors such as your business revenue, projected spending and years in business. That said, many cards are structured specifically for those with fair, good or excellent credit and you can find these guidelines on the card’s information or application page.
How To Get Business Credit Card Preapproval Offers
Unlike personal credit cards, there aren’t tools available online to easily estimate your approval odds. Instead, to get business card preapproval offers, you’ll need to either contact the issuer or visit them in person at a branch to discuss your specific needs.
Bottom Line
Getting preapproved for a business credit card can help you obtain instant approval down the line. However, neither preapproval nor prequalification is as common with business cards as it is with personal cards and you may need to reach out directly to an issuer to speak about your odds. If you need a new card fast, the juice is worth the squeeze. If your preapproval comes back positive, there’s a good chance you’ll be approved if you submit a formal application.
Find the Best Business Credit Cards of 2024
To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.
Frequently Asked Questions (FAQs)
What is preapproval?
Preapproval is a method you and card issuers can use to evaluate whether or not you’re a good candidate for a particular credit card. It typically takes a high-level look at your credit history through a soft credit check (which doesn’t affect your credit or reduce your score). This is simply an estimate of approval odds, not a guarantee that you’ll be approved if you formally apply, but it’s a great resource to have in your arsenal.
How much does preapproval hurt your credit?
Preapproval is done based on a soft credit inquiry, which does not impact your credit score. Applicants should feel free to shop around and fill out as many preapproval applications as desired without worrying about harming their credit.
If you submit a full application for a new credit card, the issuer will perform a full credit check, sometimes known as a hard inquiry. This hard inquiry can temporarily drop your credit score by a small amount. Preapprovals can give you a good idea of whether or not it’s worth it to move forward with a full credit application.
Do preapproval offers expire?
Yes, preapproval offers expire, so if you are interested in applying for a specific offer, you should check the terms of your offer. For example, preapproval offers for Discover cards expire in seven days. You can still apply after the window closes, but the details of the offer may have changed to include different welcome bonuses, interest rates or even whether or not you’re still a good candidate.
Can you get denied for a credit card after preapproval?
Yes, you can be denied for a credit card even if you were preapproved. This is particularly possible if your financial information changed or if you were preapproved a long time ago. It’s possible even during the preapproval window, though. That’s because a full application digs into more financial details which may not have been shared originally.
What happens if you are denied after preapproval for a credit card?
If your credit card application is denied, the card issuer will provide an explanation why. It could take up to 30 days to receive a letter in the mail with the reason, though you can call the issuer if you need an answer sooner. Remember, a preapproval is not a guarantee you’re eligible for a credit card, so this information can help you understand what you may need to change in order to apply for that card (or another) in the future.
