Improve your business’ cash flow, save interest and consolidate debt.
A business balance transfer credit card with a 0% intro APR can help your company save the funds you’ve been using to pay 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.
Best business credit cards for balance transfers
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Best business card for longest intro APR period: Blue Business℠ Plus Credit Card
Blue Business℠ Plus Credit Card
Earn 2X Membership Rewards® points on everyday business purchases on up to $50,000 with no category restrictions.
You’ll also earn membership points, which can be redeemed for gift cards, travel, shopping or as a charitable donation. And if your business has more employees, you can get free cards and earn rewards on their purchases as well.
Best business card for unlimited cash back: Ink Business Unlimited℠ credit card from Chase
Ink Business Unlimited℠ credit card
500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening.
Compare this card to other business credit cards.
Best business card for increased cash back on office supplies: Ink Business Cash℠ credit card from Chase
Ink Business Cash℠ credit card
$500 bonus cash back after you spend $3,000 in the first 3 months.
Compare this card to other business credit cards.
How to compare balance transfer business credit cards
When comparing business credit cards for balance transfers, consider the following:
- How long of an intro period do you need? If you’re looking for the longest intro APR period, the Blue Business℠ Plus Credit Card could be your best option. You’ll also earn rewards on your purchases, and you’ll get access to American Express’ expense management tools.
- Do you want to earn rewards on all of your purchases? The Chase Ink Business Unlimited℠ credit card is one of the best credit cards for earning unlimited rewards on everything you buy for your business. And you’ll get an interest-free period on balance transfers and purchases.
- Do you spend heavy on office supplies, gas or dining? If you do, the Ink Business Cash℠ credit card from Chase may be the right card. You’ll earn high cash back while you save money on interest with a year-long intro APR period on balance transfers and purchases.
Compare business credit cards
Pros and cons of business balance transfer credit cards
- Saves your business money. With a low or 0% intro APR, you’re able to cut down on unnecessary interest on previous purchases.
- 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 many 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 an even larger debt to manage.
- 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 initially 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 will likely cause 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 to go with business or personal plastic.
- Protection. Thanks to the CARD Act of 2009, providers of personal credit cards 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, well, more business-friendly. You may be able to get approved for a higher credit limit if you opt to apply for a business credit card than a personal one.
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.
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 have passed, 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, which makes 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 in order 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 you end up with to make sure you understand all of 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 a useful tool 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 incurring 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.
Frequently asked questions