Instant Approval Business Credit Cards For Entrepreneurs
The surge in applications for instant approval business credit cards has caused a dramatic increase in credit card usage among small business owners according to the 2009 Small Business Credit Card Survey.
Since April, the top TARP recipients cut their small business loan balances by $8 billion dollars. While traditional loans have dried up and lines of credit get cut, banks have decided to funnel more of their small business lending with business credit cards.
Even though some leading credit card companies like Advanta left the card business entirely it’s refreshing to see that banks like J.P. Morgan Chase card services launched four more cards specifically targeted at small-business owners. As these instant approval credit card offers enter the market to compete for your business it’s important for you to consider all the business credit card options and compare the costs to the benefits before you apply.
Here are just a few to take into consideration:
- Cash Back – Many cards now offer cash back rewards. For example Chase’s new InkSM Cash has unlimited cash back and accelerated earnings on its card. This is a great perk because it rewards you for spending on everyday business purchases that you do already. Make sure you understand what the card’s limitations are and read the fine print before you apply.
- Frequent Flyer Mileage – Getting frequent flyer or airline miles cards is a very popular perk for business travelers. Once you accumulate enough points you can redeem them for airline discounts or free nights at participating hotels. Make sure you know if there are any limitations prior to applying.
- No Annual Fees – Many cards now waive the annual fees. Keep in mind that your credit score needs to be strong to get these types of cards. However, if your business pays its balance in full every month then this is definitely the way to go if you can. In effect, if you pay your balances, you get the card for free.
- Zero Percent Balance Transfers – This can help you reduce your high interest debt. Be sure to never miss a payment or you’ll immediately lose your interest free terms and have to pay the full rate.
- Payment Reporting – Traditionally, the majority of the easy approval business credit cards in the marketplace report your payment history and revolving debt to your personal credit files and not to the business bureaus.






