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Business balance transfer credit cards
Help your business improve its cash flow, save interest and consolidate debt.
A business balance transfer credit card with a 0% intro APR can help your company save on interest charges. It can also free up cash flow, reduce debt and even improve your credit score. And as a bonus you’ll earn rewards on your purchases.
Our pick for business balance transfers
U.S. Bank Business Platinum
Compare business cards for balance transfers
Consider these business cards for balance transfers
When comparing balance transfer business cards, you might find cards with long intro APR periods or ones that offer rewards in addition to balance transfer promos. We’ve selected a couple of examples to give you an idea of what’s available on the market.
Quick look at business balance transfer cards
U.S. Bank Business Platinum
- Get this card if: You’re looking for a long intro APR period.
U.S. Bank Business Platinum doesn’t offer rewards, but it offers a long introductory APR. It’s ideal if you’re looking to save on interest from another card, or want to stock up on inventory to pay off later.
The Blue Business® Plus Credit Card from American Express
- Get this card if: You want to earn rewards on business purchases.
The Blue Business® Plus Credit Card from American Express offers a great intro APR on purchases and balance transfers. It also offers Membership Rewards points, which you can redeem for gift cards, travel, shopping or charitable donations.
Add employee cards for free to earn extra points. Plus, you can track employee spending and set limits to help manage your expenses.
U.S. Bank Business Cash Rewards World Elite™ Mastercard®
- Get this card if: You want to earn cashback on business purchases and enjoy a long intro APR.
The U.S. Bank Business Cash Rewards World Elite™ Mastercard® offers businesses accelerated cash back on certain business expenses, including gas, office supplies and cell phone services, all without limit. You’ll also enjoy an annual bonus based on the cashback you earned on the previous year. And the new 15 months intro APR on purchases and balance transfers sweetens this card’s status as a great business builder.
How to compare balance transfer business credit cards
When comparing business credit cards for balance transfers, consider the following:
- Length of intro period. If you’re looking for a strong intro APR period, U.S. Bank Business Platinum could be an option.
- Rewards. The Blue Business® Plus Credit Card from American Express is a strong credit card for earning accelerated rewards on everything you buy for your business. And you’ll get an interest-free period on balance transfers and purchases.
Pros and cons of business balance transfer credit cards
- Saves your business money. With a low or 0% intro APR, you can cut down on unnecessary interest.
- Gets you out of debt faster. Without paying any interest, your monthly payments go solely toward your principal balance, meaning you can get your debt under control faster.
- Simplifies your finances. Transferring multiple credit card balances over to one balance transfer card can consolidate your monthly payments into just one bill.
- Additional credit card perks. After you’ve paid off your debt and you’re using this card for everyday business purchases, you could enjoy travel perks, cashback rewards and more with your new balance transfer card.
- Your interest rate could be higher in the long-run. If you don’t pay off your debt within the intro period, you could end up with a higher APR than the one you originally had.
- You could fall into more debt. If you continue to use your old credit card after the balance has been paid off, you could find yourself with even more debt.
- They can get expensive. If your card charges balance transfer fees on top of a high annual fee, you may end up paying more to transfer your debt over than you thought.
- Your credit score could take a dip. Whenever you apply for a credit card, the issuer does a hard pull on your credit, which likely causes your score to drop. Moreover, if you continue to use your old credit card and rack up more debt, your credit utilization ratio could rise and further lower your score.
How to choose between a personal and business balance transfer credit card
Wondering whether you can use a personal credit card for business purposes? The short answer is yes — and there are a few big points that could impact your decision.
- Protection. Thanks to the CARD Act of 2009, personal credit card providers aren’t allowed to unexpectedly raise interest rates or charge excessive fees. These same protections aren’t available to business credit cardholders.
- Benefits. There are quite a few personal balance transfer credit cards that come with great travel perks, which may be more appealing than the business perks that typically revolve around general operations.
- Users. Adding multiple users is usually easier to do with a business credit card — and some even allow you to get extra cards at no additional cost.
- Limitations. Business credit cards also tend to be more business-friendly. You could get approved for a higher credit limit if you opt to apply for a business credit card.
Can I transfer debt from a personal credit card to a business balance transfer credit card?
Yes, if you’ve been using a personal credit card for your business and want to transfer the balance over to your new business credit card, you can. However, you generally can’t transfer balances across the same provider.
How to manage a business balance transfer credit card
So you got a business balance transfer credit card. What’s next? Here are a few things to keep in mind when managing your card:
- Confirm your balance transfer has been processed. Many business balance transfer credit cards take up to 14 days to process a balance transfer request. After two weeks, call your old credit card issuers to make sure they’ve been paid off by your new credit card provider.
- Make timely payments. A lot of credit card providers allow you to sign up for autopay, making paying your credit card bill one less thing on your business’s monthly to-do list.
- Avoid using your card to make new purchases. If you got the business balance transfer credit card to pay off your business’s debt faster and more cheaply, try to avoid using the card for new purchases until after you’ve paid down the balance.
- Avoid fees. Many credit card providers charge late and returned payment fees, as well as fees on cash advances, foreign transactions and balance transfers. Read the terms and conditions of the credit card to understand the costs you could incur.
- Contact customer service. Keep an eye on your bill, and reach out to your credit card provider if you notice any problems.
A business balance transfer credit card can be useful for managing your company’s finances, but there are some traps to watch out for. Mainly, try to make your payments on time to avoid a high penalty APR, and know that the amount you can transfer is limited — usually less than $15,000.
Be sure to compare all available options and make the necessary calculations before deciding which card is best suited for your business’s needs.
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