What exactly is a business card for balance transfer?

A business card for balance transfer allows you to move the existing balance from one or more business credit cards to a new card, often with a lower interest rate. This can be a smart strategy to reduce your debt faster, as you can take advantage of a 0% APR period offered by the new card. Balance transfers are designed to help businesses manage their credit card debt more efficiently at a potentially lower cost.

How does the introductory APR period on a balance transfer card work?

The introductory APR period is a limited time frame where a 0% percent interest rate is applied to the transferred balance. This period, which usually lasts from six to 18 months, provides a window of opportunity for businesses to pay down their debt without incurring high interest charges. It's important to note that any balance remaining after this period will be subject to the card's standard APR.

Are there any fees associated with business balance transfer cards?

Yes, most business credit card balance transfers involve a fee, which is a percentage of the amount being transferred, typically ranging from 3% to 5%. It's always a wise decision to calculate the potential savings from the lower interest rate against any balance transfer fees to ensure the transfer is financially beneficial. Additionally, being aware of any other potential fees, such as annual fees, can help in choosing the best card for your needs.

Can I transfer balances from multiple cards to a single business balance transfer card?

Absolutely, many business credit cards for balance transfer allow you to consolidate balances from multiple cards into one. This helps in managing your debts more conveniently under a single account while benefiting from the 0% introductory APR.

How do balance transfer cards affect my credit score?

Initiating a balance transfer can have both positive and negative impacts on your credit score. On one hand, consolidating your debts can improve your credit utilization ratio, which is favorable for your credit score. On the other hand, applying for a new card involves a hard inquiry on your credit report, which can temporarily lower your credit score.

What should I do if I am struggling to pay off the transferred balance before the end of the introductory period?

If you find that the introductory period is coming to an end and you still have a considerable balance to pay off, it may be worth considering another balance transfer to a new card with favorable terms. Alternatively, reach out to your card issuer to discuss potential solutions or seek advice from a financial advisor to strategize on the best way forward. It's always best to avoid missing payments, as this can negatively impact your credit score.

Best Business Balance Transfer Credit Cards in 2023

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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
Best for intro APR on balance transfers and purchases with ongoing value
- 0% Intro APR (then variable APR)Balance Transfer Offer
- 15 monthsBalance Transfer Duration
- 19.99%–29.99% VariableAPR
- 3%Balance Transfer Fee
- Good–ExcellentRecommended Credit
The Capital One Quicksilver Cash Rewards Credit Card is a flexible option for those seeking a dynamic, low-maintenance credit card. It offers a decent intro APR period on both balance transfers and purchases, so it's an excellent choice for managing and reducing existing debt and tackling larger purchases.
It also offers unlimited cash back on all spending and bonus cashback for travel-related expenses booked through Capital One Travel. Moreover, it boasts a tempting welcome offer, reachable with minimal initial spending. It's important to consider this card's balance transfer fee and the regular variable APR. However, with no annual or foreign transaction fees, this is a compelling option for a balance transfer card with ongoing value.
Pros
Unlimited cash back
Bonus travel category
Welcome offer with low spend requirement
Intro APR on both balance transfers and purchases
No annual fee

Cons
Modest cash back rate
High variable APR
Balance transfer fee
Limited redemption options
Earn unlimited 1.5% cash back on all spending
Earn 5% cash back on hotels and rental cars booked through Capital One Travel
Earn a $200 cash bonus after spending $500 within the first three months
0% introductory APR on balance transfers for 15 months (then 19.99% to 29.99% variable APR)
0% introductory APR on purchases for 15 months (then 19.99% to 29.99% variable APR)
Balance transfer fee of 3% (or $3, whichever is greater)
No annual fee
No foreign transaction fees
Get access to exclusive entertainment and travel offers through Capital One Access
Redeem cash back for statement credits, gifts, checks and more, with no minimums
Free credit score monitoring with CreditWise
Terms, rates and fees apply
Capital One VentureOne Rewards Credit Card
Best balance transfer card with travel rewards
- 0% Intro APR (then variable APR)Balance Transfer Offer
- 15 monthsBalance Transfer Duration
- 19.99%–29.99% VariableAPR
- 3%Balance Transfer Fee
- Good–ExcellentRecommended Credit
The Capital One VentureOne Rewards Credit Card offers exceptional value and flexibility for both frequent travelers and everyday spenders. It allows you to earn 5x miles on hotel and rental car bookings made through Capital One Travel, as well as 1.25x miles on all other purchases. The card also provides a generous welcome bonus of 20,000 miles when you spend a certain amount within the first three months. The enticing welcome bonus, coupled with the absence of annual and foreign transaction fees, adds further value to this card. While there are some considerations, such as a balance transfer fee and potentially higher ongoing APR, this card's overall quality and functionality make it a highly attractive option for those seeking flexibility and rewards.
Pros
Unlimited earning potential
Welcome offer with low spend requirement
Decent intro APR offer on balance transfers and purchases
No annual fee
No foreign transaction fees

Cons
Balance transfer fee of 3%
Somewhat short intro APR offer period
High ongoing APR
No impressive travel protections
Earn 5x miles on hotels and rental cars booked through Capital One Travel
Earn 1.25x miles on all purchases
Earn a 20,000 miles bonus if you spend $500 on purchases within the first three months
0% intro APR on balance transfers for 15 months (then 19.99% to 29.99% variable APR)
0% intro APR on purchases for 15 months (then 19.99% to 29.99% variable APR)
Balance transfer fee of 3% (on amounts transferred during intro APR period)
No annual fee
No foreign transaction fees
No blackout dates, expiration dates or mile limits
No minimum redemption threshold for redeeming miles
Transfer miles to more than 15 travel loyalty programs
Terms, rates and fees apply

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:

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.

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.

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.

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.

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.

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:

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.
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.
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.
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.
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.

About Grace Pilling

Grace Pilling is passionate about empowering readers to make informed financial choices to support their best lives, not a company’s bottom line. Prior to joining MoneyGeek as a senior content manager, Grace was a senior editor at CreditCards.com and Bankrate, where she focused on teaching people how to use credit cards wisely.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.