Business balance transfer credit cards

While 0% balance transfer cards might be commonplace in the world of personal credit cards, this is not the case with business credit cards.

Last updated:

Switching to a new business credit card issuer could help your company take advantage of better features or more favourable terms. However those familiar with lengthy 0% balance transfer offers for their personal cards might be disappointed to find that the business equivalents of these are extremely hard to find. If you’re a sole trader, you might opt to take out a personal balance transfer card.

The good news is that business balance transfer deals are available – you can compare some popular options in the table below.

Some card issuers, such as HSBC, simply state that the availability of balance transfer facilities is at their discretion.

Compare business credit cards with balance transfer facilities

Table: sorted by representative APR, promoted deals first
Updated December 15th, 2019
Name Product Balance transfers Balance transfer fee Purchases Rep. APR Annual/monthly fees Incentive Representative example
British Airways American Express Accelerating Business Card
22.9%
0%
22.9%
81.6%
£210 per annum
Earn 1.5 On Business Points for every £1 spent with BA on eligible flights and 1.5 Avios for every eligible £1 spent on credit card. Earn an extra 3,000 On Business Points annually when £20K or more spent by card anniversary.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £210 per annum, your representative rate is 81.6% APR (variable).
Metro Bank Business Credit Card Mastercard
14.9%
0%
14.9%
14.9%
£0
Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a., your representative rate is 14.9% APR (variable).
Santander Business Cashback Credit Card Mastercard
18.9%
3% (min. £5)
18.9%
23.7%
£30 per annum (fee paid is per business, not per card)
Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of . All - Fee paid is per business, not per card: £30 per annum, your representative rate is 23.7% APR (variable).
NatWest Business Credit Card Mastercard
18.268%
0%
18.268%
24.3%
Year 1 - £0, Year 2 onwards - £30 per annum
Representative example: When you spend £1,200 at a purchase rate of 18.268% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
Royal Bank of Scotland Business Credit Card Mastercard
18.268%
0%
18.268%
24.3%
Year 1 - £0, Year 2 onwards - £30 per annum
Representative example: When you spend £1,200 at a purchase rate of 18.268% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £30 per annum, your representative rate is 24.3% APR (variable).
Royal Bank of Scotland Business Plus Credit Card Mastercard
14.816%
0%
14.816%
29%
£70 per annum
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).
NatWest Business Plus Credit Card Mastercard
14.816%
0%
14.816%
29%
£70 per annum
Representative example: When you spend £1,200 at a purchase rate of 14.816% (variable) p.a. with a fee of £70 per annum, your representative rate is 29% APR (variable).

Compare up to 4 providers

How to compare balance transfer business credit cards

When comparing business credit cards for balance transfers, consider the following:

  • Balance transfer rate. What interest rate applies to balance transfers, and is it an ongoing rate or an introductory rate? If it’s an introductory rate, how long does it last, and what rate does it revert to?
  • Balance transfer fee. Regardless of whether or not the card has a balance transfer promotion, there will likely be a balance transfer fee to consider. This is typically 2–4% of the amount that you wish to transfer. You can use the balance transfer fee in conjunction with the rate to get a better idea of how much you’ll pay overall.
  • Balance transfer limit. You’ll typically be able to transfer up to a maximum of 90% or 95% of your credit limit. This is known as the card’s balance transfer limit. The credit limit that you are offered will be tailored to your business, taking into account factors like turnover, credit record and how long the business has been trading.
  • Fees and charges. Most business cards come with an annual or monthly fee, which can be relative to the number of cardholders. In some cases this fee is waived in the first year.
  • Features and benefits. Business credit cards tend to be focused on rewards and cashflow management. As such, it’s worth looking at your company spending habits, and how the card you’re considering might help you track this or help you to benefit from it.
  • Eligibility. Check the card issuer’s minimum eligibility criteria before you apply. There are commonly stipulations around turnover, company type and years trading.

Pros and cons of business balance transfer credit cards

Pros

  • Could save your business money. With a low rate, you’ll naturally stand to save on unnecessary interest.
  • Can simplify finances. Transferring multiple credit card balances over to one balance transfer card can consolidate your monthly payments into just one bill.
  • Additional features and benefits. You could enjoy travel perks, cashback rewards, analytics/reporting and more with your new business card.

Cons

  • Your interest rate could be higher in the long-run. Look out for cards with a low introductory rate followed by a punishingly high standard rate.
  • Fees. Don’t forget to factor in annual/monthly fees, balance transfer fees etc.
  • Your credit score could take a dip. Whenever you apply for a credit card, the issuer does a hard pull on your credit report, which likely causes a slight (and usually short-lived) drop in your credit 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.

  • Promotional rates. Introductory low or 0% rates are more prevalent in personal cards.
  • Spending power. Company credit cards tend to have higher credit limits.
  • Features and benefits. Business cards usually have features and benefits that are tailored to businesses. Shocker!
  • Users. Adding multiple users is usually easier to do with a business credit card.
  • Implications. The responsibility for all debt rests with the account holder.

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 get promotional balance transfer deals when you transfer balances within the same banking group.

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 direct debits, making paying your credit card bill one less thing on your business’s monthly to-do list.
  • If possible, 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.

Bottom line

A business balance transfer credit card can be useful for managing your company’s finances, but there are some traps to watch out for. 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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site