Q: Where can I find business credit cards with instant approval?
A: For starters, what type of business card are you looking for? There are two basic categories:
First Type: Apply With Business Federal Tax ID Only
With this type of card you are only applying under your company’s credit (not your personal credit). These have always been hard to find, but after the great recession, they are almost unheard of.
In order to apply under your company’s tax ID only, the typical expectation is that the corporation/LLC has been in business for 2+ years, strong and consistent cashflow during that time (which will likely be audited), and a strong existing credit history (meaning your company already has existing lines of credit). In order to do this in 2013, your business typically has to have millions in annual revenue. Even something as basic as the Staples card requires it:
Even if you meet this criteria, these are never instant approval business credit cards because they will have all this information thoroughly verified.
Second Type: Apply With Personal Guarantee/Social Security Number
This is the most common way to apply for business credit cards. You apply using your Social Security number for a personal guarantee. You can also add on your Federal Tax ID number (if you have one) to help build up your business credit.
There are plenty of national and local banks which issue these, but the best offers often come from the national, well known banks like Chase and American Express. Why? Because they offer the best rewards and benefits. But whoever you choose for your card, unfortunately you’re not going to find instant approval cards. The last financial calamity caused banks to change the way they issue credit and many do not even do instant approval credit cards, for both personal and business cards.
How long will approval take?
Although an instant approval business credit card is no longer an option, don’t worry, because the approval process is usually quick…
When applying with your Social Security number (personal guarantee), the approval process is usually the same amount of time it would take for a normal credit card since you are applying under your own credit. So often times, you will be holding the new card in your hands just days after submitting your application.
When you’re applying under your business ID only, the process can be much longer. Banks are very conservative these days and they often request information that you wouldn’t have to supple with a personal credit card.
Which issuer is best for a fast approval?
This site has advertising relationships with many different business credit card issuers, but I like to recommend Chase. Why? Because Chase business cards will report your usage to the credit bureaus (including for your company tax ID, if supplied). Unfortunately American Express is said to not do this for business cards, unless there is something bad to report (i.e. default).