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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.

However, some companies have started to catch on to the new world of business cards like CSI MasterCard, JP Morgan Chase and American Express. They understand that it should be used for business purchases and any debt incurred should only report to business credit reports not your personal one. When you apply for instant approval credit card offers they check your personal credit report, but your payment history and debt report to the business bureaus. This is what every small business owner like you should demand from a business credit card.

One important catch is if your accounts become delinquent then these companies will report the delinquency to your consumer credit bureaus as well.

Finally, keeping liability strictly tied to your business can be accomplished with no personal guarantee business credit cards. There are less than forty of these types of cards available and you will need to have a strong business file in order to qualify.

With the growth in business bureaus, data suppliers, and business files across the country more and more companies will have to supply an ever growing demand of new cards that will have to measure up to the needs of today’s small business owner.

I encourage you to choose cards that will best serve the needs of your business while supporting the growth of your business credit file and limiting personal liability.

This is another huge advantage of the internet age that you will love. Anyone can fill out an application on line that is safe and secure and know in less than 60 seconds if they have a credit card.

Many of the large banks and financial institutions have taken advantage of the internet connection with consumers to make decisions immediately. If you have good to excellent credit this is not a problem. If you have less than perfect credit you can still get a card but there are not as many options.

There are three national credit bureaus that are checked- Experian, Transunion and Equifax. With your identity checked, your FICO score is checked to satisfy the issuing cards criteria. This is such an advantage over snail mail!

Instant approval credit cards have the advantage of special offers. Banks will sometimes offer 0% on introduction rates, bonus travel miles and cash back bonuses. Special offers are a good bonus that should not be over looked by consumers. The key to taking advantage of them is to take the credit card at face value. Do not just get a card for the bonus.

Instant approval credit cards are safer and more secure than paper applications through the mail. My friend, who is an internet whiz, told me secure internet sites use 128-bit encryption which is considered unbreakable in the security field.

Instant approval credit cards are a great option for consumers of any credit category. It makes good sense to apply on line with the safety and security banks have in place.

Some companies are offering instant approval of credit cards these days along with some attractive bonuses. There are basically two types of credit cards that are approved instantly. The first is offered online which you can use only for online purchases and the other one is the one which is offered by cashiers in the shopping malls and in the retail stores.

Frequently you are offered discount on the purchases you make on the day you open the new credit account. You may be also offered zero interest on your purchases for first year or you may be receiving an offer for some other incentive program for opening new account at the store.

Commonly you receive a certain percentage off your purchases that you make on the first day of your new account opening. They generally restrict the items on which you can avail discount. The best strategy for opening new account is to walk in the store morning so that you can get entire day to decide about what you want to purchase. Plan for your purchases before and if you want to make any expensive purchase then the first day of your new account is ideal as you may get some good discount.

Some instant approval credit cards also offer zero interest for the first year. If you are planning to make some expensive purchase and like to pay it in monthly installments, then such cards can be of immense use for you. The length of interest free period can change from store to store. It usually varies between three months to one year. Better confirm it from your store before making any such purchase.

Not too long ago, we had to guess at how stable our credit score and rating was. Not any longer. Now we can get a free instant credit report without a credit card. The problem is where to get it? You want to see your credit report and rating in order to understand whether it’s heading down the right road or down the tubes. But you have no idea how to go about it. For years the only people that had access to your credit report were the banks and creditors. Not anymore. You have access to your own information.

If you are looking to obtain a free credit report without a credit card, you will need to understand that it is likely to be very different from the yearly report you may already receive. The yearly report only shows your credit report status on a monthly basis with accounts that have recently been opened or closed, just the rating. Obtaining a free credit report status is a great idea for those that are already aware of their rating but would like to understand their credit score. The score is based on your entire credit history not just the month.

Obtaining a free credit report without a credit card will allow you to understanding your credit rating and credit score. You will be able to determine where you stand on the credit rating scale that the banks use. Your credit report status will help you determine your standings based on a bar of two different colors. The green section of this bar indicates a high or positive credit rating, the red side of this bar indicates poor credit rating that needs improvement. Assess your credit rating with a free instant credit report without a credit card.

Instant credit card applications are one of the many advantages of the Internet in our daily life. These are forms or applications that you will be asked to fill out online to get instant access to credit cards. Most card companies offer online services. These companies make these offers to satisfy the needs of their users and to encourage new customers. You are only required to fill out an online application form and you will get an instant response in the form of an e-mail.

This may sound like an easy process, but it is not always so. There are both advantages as well as disadvantages of instant credit card applications.

As soon as you fill out the application form, you will get a response but not an instant approval. Even though the companies have advanced technologies and they claim to give you a response within minutes, this does not always work that well. It is wrong to believe that your application will be rejected only if you do not pay your bills. Your application may be rejected even for trivial reasons.

Companies tend to scrutinize your application very thoroughly. If you have had credit card problems in the past, your application might be rejected. This sort of rejection, due to reasons unknown to you, may cause you some embarrassment. Even if you get an approval, it is not guaranteed.

In addition to this, it is important to investigate properly before using the so-called free schemes. Many companies impose a higher rate of interest for these instant credit card applications. There are scams everywhere. Applying online can also be risky as you are required to fill in important personal details. Check if the website you are using is a secure one. As soon as you feel doubtful about the type of questions you are required to answer, you should stop filling out the form immediately.

But there are various advantages, too. The best of these is the speed if the entire process works well. You will get your application approved if you have a good credit history and have not had severe problems with your accounts in the past. It can be very beneficial if you need a card urgently. Also, there are introductory offers for new users.

While filling out an application for a card online, you’ll get to see a variety of options and offers, out of which you can choose the one that best suits your needs. It is important to weigh the pros and cons of instant credit card applications before you actually use them so that you can get the maximum benefits.

There are many companies offering instant approval credit cards to consumers, along with some very nice bonuses. There are two major types of instant approval cards, the ones offered online and the ones offered to you by the cashiers in retail stores. For the purpose of this article, only the store accounts will be discussed. Frequently you can receive a discount on the purchases made the day you open the credit account, get no interest on purchases for up to a year, or receive an incentive program only offered to customers opening accounts in the store. As you can see, there are several reasons to consider apply for one of these cards.

A Percentage Off Your Purchases

Most of the time, opening an instant approval account will allow you a discount off whatever you are buying that day. When the account is opened while you are already in line, they usually restrict the discount to just the items for that transaction. On the other hand, if you apply right when you walk into the store, you may be allowed the rest of the day (while the store is open) to apply the discount to your purchases. It varies from store to store, so be sure to ask.

Interest Free On Purchases

Similar to other accounts, instant approval credit cards offer an interest free term, usually on purchases over a certain amount. The length of the interest free period can be anywhere from three months to a full year. As long as you pay off the entire balance before that period of time is up, you will not have to pay interest. Also important to note that the amount of the purchases is usually not very high while the credit limits on instant approval credit cards are often higher than those offered by banks.

Incentive Programs

Occasionally, the instant credit accounts will offer an incentive program (often known as a rewards program) for accounts opened within the store on a certain day or during a certain time of the year such as back-to-school. The incentives range from a percentage of cash back to a donation for the school of your choice.

Obviously there are several good reasons to apply for instant approval credit cards. It is also a good idea to pick a day when you have a large purchase to make before applying, to take the most advantage of the benefits.