diff --git a/src/pages/workspace/companyCards/WorkspaceCompanyCardsPage.tsx b/src/pages/workspace/companyCards/WorkspaceCompanyCardsPage.tsx
index 453be1f58a32..1b26e4950ef4 100644
--- a/src/pages/workspace/companyCards/WorkspaceCompanyCardsPage.tsx
+++ b/src/pages/workspace/companyCards/WorkspaceCompanyCardsPage.tsx
@@ -47,7 +47,7 @@ function WorkspaceCompanyCardPage({route}: WorkspaceCompanyCardPageProps) {
     }, [policyID, workspaceAccountID]);
 
     const {isOffline} = useNetwork({onReconnect: fetchCompanyCards});
-    const isLoading = !isOffline && (!cardFeeds || cardFeeds.isLoading);
+    const isLoading = !isOffline && (!cardFeeds || (cardFeeds.isLoading && !cardsList));
 
     useFocusEffect(fetchCompanyCards);