Business Credit Card Balance Transfer Offers: What You Need to Know
Managing your finances is one of the most difficult parts of running a business, which is why it’s understandable that many business owners find themselves with credit card debt at one time or another. This being said, however, if you have credit card debt on one or multiple cards, and at a high interest rate, you might find yourself struggling to track and make payments—making it all the more difficult to actually get out of debt.
In this case, you may consider looking into business credit card balance transfer offers.
What’s a balance transfer?
Essentially, a balance transfer is a form of refinancing where you transfer the balance on one (or multiple) of your business credit cards to another, which ideally, has a lower APR, making it easier and more affordable to pay off your debt on that single card.
In this way, some of the best business balance transfer credit cards are those that offer a lengthy 0% intro APR, which allow you to transfer your existing balance to this new card and pay it off interest-free during this intro period. On the other hand, some of the best business credit cards for balance transfers are those that don’t charge a balance transfer free—meaning that although any balance you transfer will be subject to the APR of your new card, you won’t have to pay a fee to actually move the balance from one card to another.
So, with this in mind, you’re likely wondering: What are the best business credit card balance transfer offers out there?
We’re here to help you find out. In this guide, we’ll break down the best business credit cards for balance transfers—discussing their balance transfer offers, as well as other features including reward programs, annual fees, and welcome bonuses. With all of this information, then, you’ll have everything you need to decide what business balance transfer credit card is right for you.
The Best Business Balance Transfer Credit Cards
- U.S. Bank Business Platinum Card
- Capital One® Spark® Miles for Business
- Capital One® Spark® Cash for Business
- Capital One® Spark® Classic for Business
The first of our best balance transfer business cards comes from U.S. Bank. The Business Platinum card offers a lengthy 0% intro APR period that includes balance transfers as well as purchases.
For this card, however, the 0% intro APR period is 20 months—but, once again, this period only applies to balance transfers made within the first 30 days after opening your account. Also, as we’ve mentioned, after the intro period is up, your APR will set in at a rate that varies based on the market and your creditworthiness.
Moreover, this balance transfer business credit card will also require the same transaction fee—3% of the transfer amount or $5, whichever is higher, for balance transfer transactions.
Additionally, the U.S. Bank Business Platinum card has no annual fee, includes free employee cards, and offers zero fraud liability protection. This being said though, this card has no ongoing rewards program. Nevertheless, if your main focus is a business credit card balance transfer offer to help you recover from business credit card debt, this is certainly a card worth considering.
Capital One® Spark® Miles Select for Business
As we mentioned above, there are really two types of business credit card balance transfer offers. The first of which, a 0% intro APR period which applies to balance transfers, is what we’ve been seen in all the cards we’ve discussed thus far. However, there are also other cards, like the next few we’ll explore, which—although they don’t offer a 0% intro APR period for balance transfers—do not charge a balance transfer fee.
With these business balance transfer cards, then, you’ll be able to transfer as many previous card balances as you’d like to your new card without paying a transaction fee—keeping in mind, of course, that these transfers will be subject to the APR on your new card as designated by the card issuer.
This being said, for a business credit card with no balance transfer fee and travel-specific rewards, you might consider the Capital One Spark Miles Select card.
With this card, you’ll earn an unlimited 1.5 miles on every dollar you spend. Plus, if you spend $3,000 during your first three months with Spark Miles Select, you’ll earn a 20,000 miles welcome bonus. You’ll be able to redeem your miles to fly on any airline, anytime, with no blackout dates or seat restrictions.
Additionally, within your first nine months with this card, you’ll be able to carry a credit card balance on purchases (but not on balance transfers) from month to month without accumulating any interest. After that, a variable APR that will depend on the market Prime Rate will set in, so you’ll want to check the issuer’s terms and conditions for the latest APR information.
Moreover, the Spark Miles Select has no annual fee, no foreign transaction fees, and even though you might be taking on interest from a balance transfer, you will also be taking on the opportunity to earn unlimited travel rewards.
Capital One® Spark® Cash for Business
Similar to the Spark Miles Select, the Capital One Spark Cash credit card is one of the best business cards for balance transfers if you’re looking to avoid a balance transfer fee.
Not only this, but the Spark Cash will also have no foreign transaction fees and no annual fee for the first year—after that year, however, you’ll have to pay a $95 annual fee.
This being said, though, the Spark Cash is one of the best flat-rate rewards business credit cards on the market—offering 2% cash back on every purchase with no limits.
You’ll get a warm welcome with the Spark Cash—Capital One will give you a substantial $500 cash welcome bonus if you spend $4,500 on your card within your first three months as a cardholder. Moreover, the Spark Cash includes $0 fraud liability and free employee cards—which also earn an unlimited 2% cash back on all purchases.
Therefore, although the Spark Cash earns impressive cash back rewards and won’t charge you a balance transfer fee—you will be charged an APR on all balances you carry (including both purchases and balances transferred) and therefore, you’ll want to evaluate whether the rewards you earn can make up for the possible extra debt you’ll incur if you need to transfer a previous balance with this card.
Capital One® Spark® Classic for Business
Finally, you might consider the Capital One Spark Classic as the best business balance transfer credit card if you have fair personal credit. Although like the other Capital One Spark cards above, the Spark Classic doesn’t have a 0% intro APR period that applies to balance transfers, it does have a lower credit threshold—generally requiring a score of 580 or above—and does not charge a balance transfer fee.
Therefore, if you don’t have the greatest personal credit and aren’t sure you can qualify for some other options, this might be the card for you.
Plus, in addition to not charging a balance transfer fee, the Spark Classic has no annual fee, no foreign transaction fees, and even earns 1% cash back on every purchase.
Once again, it’s important to note that any balance that you transfer will be subject to an APR designated by Capital One, however, if you can pay off your spending and previous balances responsibly with this card, it’s a great tool for rebuilding personal credit and business credit.
Get a Balance Transfer Business Credit Card If:
Ultimately, although all of the cards on this list are great business credit card options in their own right, you should first and foremost consider their balance transfer offers if:
- You have pre-existing, high-interest credit card debt that you’re looking to pay down.
Using a balance transfer credit card is a common method for small businesses to pay off their existing debt in a faster and more cost-effective way.
Skip These Balance Transfer Business Credit Card Offers If:
On the other hand, if you don’t have pre-existing debt that you’re looking to pay off, you really have no reason to choose a business credit card specifically for its balance transfer offers.
This being said, however, you may very well find that any of our best business credit cards for balance transfers have other features—rewards, no annual fee, and more—that make them compelling choices nonetheless.
Choosing the Right Business Credit Card Balance Transfer Offer for You
At the end of the day, when you’re looking for the best business credit card balance transfer offer, it’s all the more important that you take your time and consider all of your options carefully, so you don’t end up choosing the wrong business credit card. After all, if you need a business balance transfer card, you’re trying to pay down existing debt and therefore, you’ll want to find the card that actually makes it easier for you to pay off your debt and improve your credit history.
Ultimately, only you can decide which balance transfer credit card is best for your small businesses. This being said, however, in addition to considering how any balance transfer offer can help you now, you’ll also want to consider how the card’s ongoing features—annual fee, foreign transaction fees, rewards programs—will work for your business. Plus, if you can, you’ll want to get a card with a lengthy 0% intro APR—because although you may have to pay a fee to transfer your balance—you’ll be able to pay off this balance interest-free during the intro period.
With all of this in mind, due to the complex nature of balance transfers, interest rates, and 0% intro APR periods, it’s all the more necessary that as you compare balance transfer business credit card offers, you take the time to read the terms and conditions and if you have questions, reach out to the issuer for clarification. This way, you can ensure that whatever card you do choose, you know exactly what offer you’re getting, how it works, and how you can use it to pay off your existing credit card debt.