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.
Best Business Balance Transfer Credit Cards in 2024
The best business cards for balance transfers allow companies to consolidate debts into one payment, providing a lengthy 0% interest rate period and additional perks, like rewards and welcome bonuses.
Updated: October 10, 2024
Advertising & Editorial Disclosure
MoneyGeek partners with leading industry experts and advertisers to help you get to your financial happy place. Our content is accurate when posted but offers may change over time. We may receive compensation for partner advertisements, but our editorial team independently reviews and ranks products. Learn more about our editorial policies.
Why You Can Trust Our List
To ensure that we provide our readers with the most accurate and up-to-date information, experts at MoneyGeek collect 57 data points from different sources, such as the Consumer Financial Protection Bureau, card issuer websites and our various partners. We rely on our unique in-house ranking methodology to select the best business credit cards. Our model assigns specific percentages to different parameters such as the annual fee, welcome offer, rewards rates, APR, foreign transaction fees and more.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
The Capital One Quicksilver Cash Rewards Credit Card is a good choice for straightforward rewards, with unlimited 1.5% cash back on all purchases and no annual fee. There are some cards with higher flat cash back rates, but the Quicksilver’s more lenient penalties and fees and more competitive introductory offers, are worth your consideration if you’re looking for a simple card for everyday spending.
- PROS
- Unlimited 1.5% cash back on all purchases
- No annual fee
- 0% intro APR period on purchases and balance transfers, then a variable APR of 19.74% to 29.74% after that
- No foreign transaction fees
CONS- Requires good to excellent credit
- No bonus cash back categories
Introductory Offers
- Earn a $200 cash bonus after spending $500 within the first three months of opening your account.
- Enjoy a 0% introductory APR on purchases and balance transfers for 15 months. After that, the variable APR ranges from 19.74% to 29.74%. A balance transfer fee applies.
Rewards
- Earn unlimited 1.5% cash back on every purchase, every day.
- Earn 5% cash back on hotels and rental cars booked through Capital One Travel.
APRs, Fees, and Penalties
- No annual fee and no foreign transaction fees.
Perks & Benefits
- Cash back rewards do not expire for the life of the account.
- No rotating categories or sign-ups are needed to earn cash rewards.
Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
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 and 1.25X miles on all other purchases. The card also provides a generous welcome bonus of 20,000 miles when you spend $500 within the first three months. The enticing welcome bonus and the absence of annual and foreign transaction fees add 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 desirable option for consumers 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% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
- Somewhat short intro APR offer period
- High ongoing APR
- No impressive travel protections
Introductory Offers
- Earn a bonus of 20,000 miles after spending $500 on purchases within the first three months, equivalent to $200 in travel.
Rewards
- Earn unlimited 1.25X miles on every purchase, every day.
- Earn 5X miles on hotels and rental cars booked through Capital One Travel.
APRs, Fees, and Penalties
- Enjoy a $0 annual fee and no foreign transaction fees.
- Benefit from 0% intro APR on purchases and balance transfers for 15 months; 19.74% - 29.74% variable APR after that, with a balance transfer fee.
Perks & Benefits
- Miles won't expire for the life of the account, and there's no limit to how many you can earn.
- Transfer your miles to over 15 travel loyalty programs.
- Use your miles to reimburse any travel purchase or book trips through Capital One Travel.
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.
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.
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.
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.
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.
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.
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.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
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.