If your business is carrying credit card debt at high interest rates, a balance transfer credit card can provide some much-needed relief. By transferring your balances to a card with a 0% introductory APR period, you can pay down principal interest-free for several months or even over a year. This strategic move can save your business significant money on interest charges.
While balance transfer offers are common for personal credit cards, they are relatively rare for business credit cards. Still, a handful of issuers offer compelling balance transfer options that make them worth considering if your goal is consolidating and paying off debt more affordably.
In this guide to the best balance transfer business credit cards, we’ll cover:
- How balance transfer cards work for businesses
- Top card options for balance transfers
- Maximizing the benefits of a balance transfer card
- Factors to consider when choosing a card
- Frequently asked questions about business balance transfer cards
READ ALSO: The 5 Best Cash Back Business Credit Cards of 2024 & FAQs
How Balance Transfer Business Credit Cards Work
A balance transfer card allows you to shift existing credit card debt from other accounts to a new card with a 0% introductory APR period. During this intro period, which can range from 6 to 18+ months typically, you can pay down the transferred balance without accruing additional interest charges.
While you’ll usually need to pay a balance transfer fee (around 3-5% of the total transfer amount), this one-time cost is generally far less than the compound interest you’d pay on the balance if you left it on a high-interest credit card. That makes balance transfer cards a smart way to save on interest and accelerate debt payoff.
In addition to the intro 0% APR period on balance transfers, some cards also offer an introductory 0% APR window for new purchases. This can enable you to cover new business expenses without interest for a set period as well. Just be sure to have a plan for paying off balances before the intro periods end when standard interest rates apply.
Best Business Balance Transfer Credit Cards
Based on factors like the length of the 0% intro APR period, transfer fees, rewards programs and other perks, here are some of the top balance transfer credit cards for businesses:
U.S. Bank Triple Cash Rewards Visa® Business Card
- 0% Introductory APR: 15 billing cycles on purchases and balance transfers
- Balance Transfer Fee: 3% ($5 minimum)
- Base Rewards Rate: 1% cash back
- Bonus Categories: 5% back on prepaid hotels/car rentals booked via U.S. Bank, 3% back on eligible gas, EV charging, office supplies, cell phone services and dining
- Welcome Bonus: $500 cash back after spending $4,500 in 150 days
- Other Perks: $100 annual software credit, no annual fee
The U.S. Bank Triple Cash Rewards Visa® Business Card combines an appealing balance transfer offer with strong rewards in spending categories tailored to businesses. You get nearly 16 months at 0% APR to pay down transferred balances and new purchases. The 3% balance transfer fee is about average.
Where this card really shines is its bonus categories – earning an excellent 5% back on prepaid travel and 3% back on common business expenses like gas, dining, office supplies and more. The upfront $500 cash bonus is pretty generous as well. With no annual fee and a software credit, it’s compelling option to keep long-term.
BMO Business Platinum Credit Card
- 0% Intro APR: 18 billing cycles on purchases and balance transfers
- Balance Transfer Fee: 4% ($10 minimum)
- Rewards: Automatic rebates at 40,000+ merchants with Mastercard Easy Savings
- Other Perks: Cell phone protection, discounts on TurboTax and QuickBooks, no annual fee
With an outstanding 18 billing cycle 0% APR period on balance transfers and purchases, the BMO Business Platinum Credit Card offers one of the longest interest-free runways to pay down debt. The downside is a higher 4% (or $10 minimum) balance transfer fee.
This card doesn’t earn traditional rewards on spending, but you do get automatic rebates through the Mastercard Easy Savings program at merchants like office supply stores, hotels and even on your wireless bills. Other benefits like cellphone protection and discounts on common business software make it worthwhile long-term.
Chase Freedom Unlimited® (for Sole Proprietors)
- 0% Intro APR: 15 months on purchases and balance transfers
- Balance Transfer Fee: 3% intro fee ($5 minimum)
- Base Rewards Rate: 1.5% cash back
- Other Bonuses: 5% back on Chase Ultimate Rewards travel, 3% back on dining and drugstores
- Welcome Bonus: 1.5% back on up to $20,000 spent in first year (on top of regular earnings)
- No Annual Fee
While not marketed as a dedicated business credit card, the Chase Freedom Unlimited® can be a great option for sole proprietors who want to keep business expenses separate from personal spending and consolidate debt.
The intro APR periods on purchases and balance transfers are on par with other leading cards at 15 months, while the ability to earn 1.5% cash back on all purchases is appealing. Plus, you get bonus earnings when booking travel through Chase and on dining and drugstore purchases.
PNC Visa Business Credit Card
- 0% Intro APR: 13 billing cycles on balance transfers made in first 90 days
- Balance Transfer Fee: 3% ($5 minimum)
- Regular APR Range: 15.24% – 25.24% variable
- No Annual Fee
While the PNC Visa Business Credit Card doesn’t offer an especially long 0% intro APR period at 13 billing cycles, it does give you a very generous 90 days to complete a balance transfer to take advantage of the offer. Most cards only give you 30-60 days.
This card also stands out for its potentially low ongoing variable APR range of 15.24% – 25.24% after the intro period. So if you have excellent credit, it could be a lower-cost option overall for any balance you’re unable to pay within the 0% window. There’s no annual fee either.
U.S. Bank Business Platinum Card
- 0% Intro APR: 18 billing cycles on purchases and balance transfers
- Balance Transfer Fee: 3% ($5 minimum)
- Regular APR Range: 17.24% – 26.24% variable
- No Annual Fee
For the longest possible 0% APR intro period on balance transfers and new purchases, consider the U.S. Bank Business Platinum Card at 18 billing cycles (nearly a year and a half). The 3% balance transfer fee is standard, and there’s no annual fee.
The tradeoff is that this card doesn’t earn rewards on spending, so you’ll likely want to product change to a more rewarding option once you’ve paid off debt. But if maximizing your interest-free period is the top priority, it’s hard to beat.
Tips for Maximizing a Balance Transfer Business Credit Card
Once you’ve selected the best balance transfer business credit card for your needs, use these tips to maximize the benefits:
Complete your balance transfer(s) quickly within the intro period
Most cards require you to transfer balances within 60-90 days of opening the account to qualify for the 0% APR promotion. Don’t delay on this step, as balances transferred after that window will start accruing interest charges at the higher ongoing APR.
Request the highest credit limit possible
When you apply for a new balance transfer card, you’ll want the highest possible credit limit approved. This allows you to consolidate more debt from other accounts onto the new card with the 0% APR window.
A higher limit also gives you more flexibility. If you max out the entire credit limit with your balance transfer(s), you won’t have any remaining credit to use for new purchases during the intro period.
Create a plan to pay off transferred balances before the intro period ends
Make sure you have a payoff strategy to eliminate all transferred balances before the 0% APR period concludes. Any remaining balance will start accruing interest at the standard purchase APR, which can be quite high for business cards.
For example, if you transfer a $10,000 balance to a card with a 15-month 0% APR intro period, you’d need to pay around $667 per month to eliminate the balance before interest kicks in.
Utilize 0% APR windows for new purchases (if available)
In addition to 0% APR balance transfer offers, some business cards also provide an interest-free window for new purchases. This can enable you to scale back payments slightly while covering new business expenses over the intro period without accruing additional interest charges.
Just be sure to calculate payments necessary to wipe out all balances before the 0% APR window closes on both transferred debt and new purchases.
Maximize rewards earnings once balances are paid
Several top balance transfer cards for businesses, like the U.S. Bank Triple Cash Rewards Visa® Business Card, offer bonus rewards or cash back in popular spending categories for businesses.
While the intro 0% APR is ideal for paying down debt, you can continue using these cards optimally once balances are paid by maximizing your earnings in the bonus categories long-term.
Factors to Consider When Choosing a Balance Transfer Business Card
As you evaluate balance transfer business credit cards, keep these key factors in mind:
Length of 0% APR Intro Period
One of the most important considerations is the length of the introductory 0% APR period on balance transfers. Ideally, you want to select a card that gives you ample time to pay off debt interest-free, whether that’s 12, 15, 18 months or more.
Balance Transfer Fees
Most balance transfer cards charge a fee, typically around 3% to 5% of the total transfer amount. This fee is a one-time cost when you transfer balances, so compare fees across cards.
Intro 0% APR On Purchases
Cards like the U.S. Bank Triple Cash Rewards Visa® Business Card offer 0% intro APRs for both balance transfers and new purchases. This can give you more breathing room to cover new business expenses without accruing interest charges for a set period as well.
Ongoing APR After Intro Period
Don’t overlook the standard variable APR that kicks in after the 0% intro period. For any balances you are unable to pay before that period ends, the APR matters, so look for cards toward the lower end of the range.
Annual Fees
Many business balance transfer cards have $0 annual fees, though a few charge annual fees after the first year. Be sure to account for these costs long-term.
Rewards Programs
While balance transfer cards don’t always earn rewards on the transferred balances, some do offer cash back or bonus points in categories like office supply stores, dining, travel and more once balances are paid off.
Integrated Tools and Benefits
Finally, evaluate integrated money management tools and any business-centric perks and protections that can deliver extra value for your company beyond a balance transfer.
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The Bottom Line on Business Credit Cards for Balance Transfers
If your business is struggling under the weight of high-interest credit card debt, exploring balance transfer cards could provide much-needed financial relief. By capitalizing on an interest-free period ranging from 12 to 18 months or more, you can reallocate funds towards paying down principal balances instead of just covering interest charges.
While options for balance transfers on business credit cards are relatively limited compared to personal card offerings, issuers like U.S. Bank, BMO Harris, PNC and a few others have introduced appealing offers in recent years. Look for lengthy 0% APR periods, reasonable balance transfer fees, and cards that can pull double-duty with a strong rewards program once you eliminate debt.
With some strategic planning and disciplined execution of your payoff plan, the right business balance transfer credit card can save your company significant money in interest payments. That’s cash better invested back into your business’s growth and success.
Balance Transfer Business Card FAQs
Still have questions about how business balance transfer credit cards work? Here are answers to some frequently asked questions:
Can a business owner transfer personal debt to a business credit card?
Generally, you cannot transfer personal credit card debt to a dedicated business credit card account. Business credit cards are meant for transferring and carrying debt accrued through business expenses and purchases.
However, some business owners operate as sole proprietors and may use personal credit cards for business purposes as well. In these cases, it could be allowable to transfer that debt to a new business credit card account being opened.
Just keep in mind the potential impacts to your personal credit profile and scores when moving debt from personal accounts to business accounts. The accounts may end up being reported differently.
Does a balance transfer affect my business credit score?
Applying for a new business credit card account and completing a balance transfer can potentially impact your business credit scores, though the effects may be modest if everything else is handled responsibly.
The new account will create a hard credit inquiry on your business credit reports initially. And if you’re starting out with little to no existing business credit history, the new account could have a larger impact.
However, maintaining low credit utilization and making on-time payments on the transferred debt should help prevent any major negative scoring impacts. As the account ages, it could even help your business credit scores if managed responsibly.
Can I transfer a balance from one business credit card to another?
Yes, you can generally transfer balances between business credit card accounts, even if both cards are from the same issuer. There’s typically no restriction on where the debt is coming from, as long as the accounts are business liabilities.
The only major consideration is whether the card you’re transferring to offers an intro 0% APR promotion on balance transfers specifically. If not, you may not save much (if any) interest by shifting the balance there.
Are there business credit cards with no balance transfer fees?
While very rare, a couple business credit cards don’t charge an upfront balance transfer fee for moving balances during the introductory period. For example, the Edward Jones Business Plus Mastercard has a $0 balance transfer fee for transfers completed within 60 days of account opening.
Most business balance transfer cards do charge a fee of around 3% to 5% of the total transfer amount, however. So finding an option with no balance transfer fee can increase your interest savings even further.
How do I transfer a balance to my new business credit card?
To transfer balances to a new business credit card, you’ll need to initiate balance transfer requests after opening the new account. Some card issuers allow you to start this process during the initial application by supplying the account details you wish to transfer from.
More often though, you’ll need to call the issuer or go online to their balance transfer submission system after approval and activation of the new card account. You’ll provide details on which account(s) you wish to transfer balances from, and specify the total amount to transfer over.
The transfer process can take 7-14 days typically. The issuer will start charging interest on any transferred balances once the intro 0% APR promotion window ends.
In another related article, APR vs APY: Demystifying Interest Rates on Credit Cards
