Best Business Credit Cards for Balance Transfers

With a small business balance transfer credit card, you’ll get up to 15 months to move and eliminate your debt interest-free. Unlike with consumer credit cards, however, there aren’t many business cards that offer balance transfer promotions. Of the few that do, here are our favorites.

Best Business Credit Cards for Balance Transfers

The Blue Business® Plus Credit Card from American Express

If you want a long 0% APR promotion and a simple rewards program, The The Blue Business® Plus Credit Card from American Express should be on your radar.

The card provides new cardholders with a promotional APR of  0% on purchases for 12 months from date of account opening. After that, your APR will be 13.24% - 19.24% Variable. The card’s balance transfer fee is a typical 3% with a $5 minimum.

The card doesn’t offer a sign-up bonus to help cover the balance transfer fee, but does offer rewards. Earn 2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.

New cardholders will enjoy an introductory 0% APR for 12 months from account opening, after which the APR can range from 13.99 to 22.99% on credit card balances. The balance transfer fee is 3% of the transaction amount or $5, whichever is greater.

The card has no annual fee and 3% cash back on qualifying purchases at gas stations, office supply stores, and cell phone/service providers, and 1% cash back on all other eligible purchases.

You can also receive 25% of your prior year’s cash rewards, up to $250, on the anniversary of opening your account.

Currently, there is an introductory offer to earn $500 in cash back when you spend $3,000 in the first 90 days of opening your account.

U.S. Bank Business Cash Rewards World Elite™ Mastercard®

While many business credit cards are heavy hitters with an initial sign-up bonus, the U.S. Bank Business Cash Rewards World Elite™ MasterCard® also offers ongoing value with annual bonuses. 

New cardholders will enjoy a promotional APR, after which the APR can range greatly. The balance transfer fee is 3% of the transaction amount with a $5 minimum.

The card doesn’t offer any other significant perks but does not have an annual fee. 

What to consider before doing a balance transfer

When done right, a business credit card balance transfer can save you hundreds, if not thousands, of dollars in interest. But if you’re not careful, it could end up costing you more. Here are some things to keep in mind before setting up a balance transfer:

Know the APR

For large transferred balances, it may be impossible to pay off the entire credit card debt before the introductory APR promotion ends. If you don’t finish it off in time, you’ll get hit with interest charges again on your next billing cycle. The lower that rate after the intro offer, the better.

Have a Plan 

Credit cards don’t have set repayment terms like small business loans do, and the minimum payment due each month is typically just 1% or 2% of your balance.

If you pay just that minimum, it could take you years to pay off the debt (far longer than that introductory rate of 0%), and you could pay hundreds more than you needed to in interest alone.

Pay more than the minimum due each month and have a plan for how quickly you can pay it off to minimize those interest rate fees.

Do the Math

 With a balance transfer fee of around 3% of the transfer amount, it may cost you hundreds of dollars just to move your credit card debt. If you’re planning to pay off the balance in just a few months, that fee could cost you more than the interest rate you were paying on the original card. Crunch the numbers based on your situation to make sure you’ll save with the transfer.

Beware Other Fees

While transfers often have low intro rates, there are other fees, like cash advance and foreign transaction fees, that can quickly eat a hole in your budget. While being able to access cash from your credit card may be convenient, consider other options that may be more cost-effective, like small business loans.

Address the Core Problem

A balance transfer card can help you pay down debt, but it won’t provide a solution for the reasons you got into debt in the first place. Take a look at your cash flow and determine what caused you to rack up business credit card debt. Then find a way to address those problems in other ways, such as reducing business expenses, increasing revenue, or looking for cheaper business financing options.

Keep an Eye on Your Credit

How much debt you have on your credit card compared against your credit limit, as well as whether you pay your bill on time each month, may impact both your personal credit scores and business credit scores. It’s a good idea to keep an eye on your scores as well as your credit report so that, should you decide to apply for a business loan down the road, you will get credit approval right away.

The bottom line

If you have a credit card balance, a small business balance transfer credit card can make your life a whole lot easier. What’s more, the best ones also provide other benefits that make them worth holding onto long after the promotional period ends. 

As you look for the right card for your business, shop around. Compare these and other top business credit cards to ensure that you get the features that will best help you and your business.  

Once you get the card, request the balance transfer as quickly as possible to maximize the 0% APR promotion. If you can, work aggressively to pay down the debt, so you don’t end up dealing with high interest rates again after the promotion ends.