Best Business Balance Transfer Credit Cards in 2024

Contributions by 6+ experts
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Updated: June 11, 2024

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Looking to alleviate your business's financial burdens and streamline your expenses? You're on the right track by considering the best business cards for balance transfers. These financial tools can offer you the ease of consolidating your debts into a single payment, often with appealing terms like a 0% APR balance transfer period. Typically, the best cards for business balance transfers let you earn rewards or get cash back and come with generous welcome bonuses.

Why You Can Trust Our List

Capital One Quicksilver Cash Rewards Credit Card
Credit Card logo for Capital One Quicksilver Cash Rewards Credit Card
MoneyGeek Rating
3.7/ of 5

Balance Transfer Offer0% for 15 months on balance transfers
APR19.99% - 29.99% variable
Balance Transfer Fee3% for the first 15 months
Recommended Credit670-850 (Good to Excellent)
Capital One VentureOne Rewards Credit Card
Credit Card logo for Capital One VentureOne Rewards Credit Card
MoneyGeek Rating
3.7/ of 5

Balance Transfer Offer0% for 15 months on balance transfers
APR19.99% - 29.99% variable
Balance Transfer Fee3% for the first 15 months; 4% at a promotional AP...
Recommended Credit670-850 (Good to Excellent)
mglogo icon
MONEYGEEK EXPERT TIP

Balance transfer credit cards for business owners provide easy access to financing with no interest. These offers can help you manage your cash flow during seasonally slow periods or as you expand your business to take advantage of new opportunities. Lee Huffman, credit card expert at BaldThoughts.com

What Is a Business Card for Balance Transfer?

In the simplest terms, a business card for balance transfer is a credit card designed to help you consolidate your business debts from several credit cards into one. This way, instead of juggling multiple payments, you only need to focus on one single payment, possibly benefiting from lower interest rates in the process.

Essentially, you're using one credit card to pay off others. It's a strategic move that can offer financial relief, especially when you opt for a business credit card with a 0% APR balance transfer promo. This means you enjoy a period where no interest is charged on the transferred amount, allowing your business to save considerably on interest fees while simplifying your financial management.

This strategy doesn't just aid in financial management; it's a step towards smart financial health, offering a pathway to reduced debt and a more organized approach to business finances.

How Do Business Balance Transfers Work?

Understanding the workings of business balance transfer cards is essential in utilizing them to your advantage. Let's break down the step-by-step process:

1
Identifying the right card

Begin with identifying the best business credit cards for balance transfers. Look for cards with low or zero balance transfer fees and favorable APR terms to make the most out of the transfer.

2
Application and approval

Next, apply for your chosen business credit card balance transfer. Like any other credit card application, this process involves a credit check and other financial assessments to determine your eligibility.

3
Transfer details

After approval, you’ll provide details of your existing credit card debts to your new creditor. This is where you specify the amounts you wish to transfer from each card.

4
Initiating the transfer

The new credit card company takes over from here, initiating the transfer process. It's essential to continue making minimum payments on your old cards until you receive confirmation that the transfers have been successfully completed.

5
Utilizing the introductory period

Many 0% APR balance transfers come with an introductory period where no interest is charged on the transferred balance. Depending on your card, this can last from six to 18 months. Make a plan to pay down the debt significantly during this period to reap the full benefits.

6
Steady repayment

Once the introductory period ends, a standard APR will apply. Maintain a steady repayment pace, aiming to pay more than the minimum required to avoid piling up interest and steadily reduce your business debt.

Pros and Cons of Using a Business Card for Balance Transfer

As you mull over the decision to opt for a business card for balance transfer, weighing the pros and cons is a critical step. Let's break down the potential benefits and downsides.

Pros

  • Interest savings: Opting for a 0% APR balance transfer can offer substantial savings on interest, especially during the introductory period. By transferring your higher-interest debts to a card with a zero-interest period, you give your business a breather and a chance to pay down your debt more affordably.
  • Simplified payments: Having one monthly payment instead of several can streamline your financial management. This simpler process can free up your time and reduce the stress of managing multiple payments, avoiding late fees that can occur with multiple due dates.
  • Improved credit score: By consolidating your debts, you're likely to lower your credit utilization rate, which can have a positive impact on your credit score. Moreover, timely payments on your new card can further enhance your business's credit profile.
  • Access to new card benefits: Switching to a new business balance transfer card might come with additional perks like reward programs or cash back. These benefits can add value to your business, offering more than just a solution to high-interest debt.

Cons

  • Balance transfer fees: While you are looking to save, keep in mind that many business credit cards for balance transfers come with fees; these are generally a percentage of the transferred amount. These fees can add up, potentially offsetting some of the interest savings.
  • Temporary dip in credit score: Initially, applying for a new credit card can cause a small dip in your credit score due to the credit inquiry involved. Though this dip is often temporary, it's a factor to consider.
  • Temptation to overspend: With a newly cleared credit line, there might be a temptation to overspend. It's essential to remain disciplined and avoid racking up new debt, which can land your business back in a cycle of high-interest debt.

What to Look for in a Business Credit Card for Balance Transfers

When it's time to choose the right business credit card for balance transfers, there are several key features and terms to keep in mind, including:

    noAnnualFee icon

    Introductory APR

    If possible, secure a card offering a 0% balance transfer business credit card introductory period. This perk means you're not charged any interest on your transferred balances during the introductory period, providing you with the opportunity to reduce your debt substantially without the burden of accruing interest.

    balanceTransfer icon

    Reasonable balance transfer fees

    While aiming for savings, it’s essential to consider the balance transfer fees that come with different cards. Finding a card with lower fees will help in maximizing your savings during the debt repayment process.

    metalCard icon

    Generous credit limit

    Look for a business credit card that offers a generous credit limit. This ensures that you can transfer all or a substantial part of your existing debts onto the new card, making the process truly beneficial.

    rewards icon

    Reward programs and other perks

    Aside from the primary function of debt consolidation, some of the best business balance transfer credit cards offer enticing rewards programs and other benefits. Whether it's cash back, travel rewards or discounts with partner merchants, these perks can add substantial value to your business.

    smile2 icon

    Good customer service

    Quality customer service can be a lifesaver when dealing with financial products. Opt for a card issuer known for excellent customer service to assist you efficiently through any challenges that may arise during the balance transfer process.

Next Steps

When looking for the best business balance transfer card, keep an eye out for features such as low balance transfer fees, enticing reward programs and a reasonable APR period.

Before making your choice, make sure to compare various options and see how they align with your business goals and financial strategies. Start by listing down your top priorities and then assess how well each card can help meet each of these needs.

Frequently Asked Questions About Business Cards for Balance Transfer

When it comes to choosing the best business cards for balance transfer, we know that you might have quite a few questions. We've compiled a list of frequently asked questions to help you get all the information you need.

What exactly is a business card for balance transfer?
How does the introductory APR period on a balance transfer card work?
Are there any fees associated with business balance transfer cards?
Can I transfer balances from multiple cards to a single business balance transfer card?
How do balance transfer cards affect my credit score?
What should I do if I am struggling to pay off the transferred balance before the end of the introductory period?

Experts Insights on Finding the Best Business Cards for Balance Transfer

  1. What are the main factors that businesses should consider when selecting a balance transfer card?
  2. How can balance transfer cards impact a business credit score?
  3. Are there any drawbacks that businesses should be aware of when using balance transfer cards?
Maclyn L. Clouse, Ph.D.
Maclyn L. Clouse, Ph.D.Sorenson Distinguished Professor of Finance at the University of Denver
Steven Gattuso
Steven GattusoAssistant Professor of Economics & Finance at Canisius College
Nacasius Ujah, Ph.D.
Nacasius Ujah, Ph.D.Associate Professor of Corporate Finance at South Dakota State University
Dr. Randal Ice, Ed.D.
Dr. Randal Ice, Ed.D.Professor of Finance at the University of Central Oklahoma
Richard M. Proctor
Richard M. ProctorAssociate Professor of Finance at University of Siena
Valrie Chambers, Ph.D., CPA
Valrie Chambers, Ph.D., CPAAssociate Professor of Accounting at Stetson University
Wendy Habegger, Ph.D.
Wendy Habegger, Ph.D.Lecturer at James M. Hull College of Business at Augusta University
Tenpao Lee
Tenpao LeeProfessor Emeritus of Economics at Niagara University
Anurag Wakhlu
Anurag WakhluAdjunct Finance Professor at Bentley University
Joseph R. Stasio
Joseph R. StasioAssociate Professor, Marketing at Merrimack College
Salil K. Sarkar, Ph.D., CFA
Salil K. Sarkar, Ph.D., CFAProfessor of Finance, Coordinator, Doctoral Finance Program at The University of Texas at Arlington
John Longo
John LongoProfessor of Finance at Rutgers Business School
Nirit Rubenstein
Nirit RubensteinCEO & Co-founder of Dovly

About Rajiv Baniwal


Rajiv Baniwal headshot

Rajiv Baniwal is a former finance writer at MoneyGeek, with more than 15 years of experience covering financial topics. His expertise includes mortgages, loans, credit cards, insurance and international money transfers.

Baniwal has a bachelor’s degree in art studies from Delhi University.


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