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Many businesses, even those that are profitable and well-run, might occasionally need to carry debt. Balance transfer credit cards can help you consolidate high-interest debt and work on paying it off over time at a lower or 0 percent APR. You’ll also find 0 percent APR offers for new purchases. However, balance transfer offers on business credit cards are much more rare.
A balance transfer card works like a regular credit card, with the main feature being an interest-free term for paying off transferred balances. After opening an account, you’ll have a window of time to transfer any balances, and you’ll almost always pay a balance transfer fee. Even if the card does offer rewards, balance transfers don’t typically count towards earnings. Your incentive is the interest you’ll save over the intro offer period. These cards can also help build business credit and provide perks like business tools and consumer protections.
If you’re looking for a business credit card that makes it easier to consolidate and pay off credit card debt, here are some of the best business balance transfer cards.
Comparing the best business balance transfer credit cards
| Card | Best for | Balance Transfer Intro APR | Time to transfer | Regular APR variable | Bankrate Score |
|---|---|---|---|---|---|
| U.S. Bank Triple Cash Rewards Visa® Business Card | Earning cash back | 0% for first 15 billing cycles | 30 days | 19.24%-28.24% | N/A |
| U.S. Bank Business Platinum Card | Longest introductory term | 0% Intro APR on purchases and balance transfers for 18 billing cycles | 30 days | 17.24% – 26.24% (Variable) | 2.1 |
| PNC Visa® Business Credit Card | Longest time for transferring a balance | 0% for first 13 billing cycles | 90 days | 15.24%-25.24% | N/A |
| Chase Freedom Unlimited® | Sole proprietors | 0% Intro APR on Balance Transfers for 15 months | 60 days | 19.99% – 28.74% Variable | 5.0 |
Top business balance transfer credit cards
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This card earns cash back for ongoing business spending while having an intro APR for 15 billing cycles on balance transfers made in the first 30 days (3 percent fee, minimum $5) and purchases (then a variable APR of 19.24 percent to 28.24 percent).
You’ll earn 5 percent back on prepaid hotels and car rentals booked through the U.S. Bank Travel Rewards Center; 3 percent back at gas and EV charging stations, office supply stores, cell phone service providers and restaurants; and 1 percent back on all other purchases. On top of that, you can earn a welcome bonus of $500 in cash back after spending $4,500 within 150 days and an annual $100 statement credit for recurring software subscription expenses.
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Pros
- This card is a great all-around choice, offering a generous intro offer on purchases and balance transfers, a good sign-up bonus and competitive bonus categories.
- You can consolidate your business debt while making necessary purchases with this card, using the sign-up bonus and cash back towards your balance.
Cons
- You’ll need good to excellent credit to get approved for this card, which could be a barrier for people needing balance transfer options.
- You need twelve months of recurring software subscription expenses to trigger the annual credit, which may prove unnecessary for some.
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If you want as much time as possible to pay off your business debt, this is one of the best options. You’ll get a lengthy 18-billing cycle intro APR for balance transfers (3 percent fee, minimum $5, then a variable APR of 17.24 to 26.24 percent afterward). While you also get that intro rate on purchases, you may not want to use this card for spending since it doesn’t earn rewards or have a welcome offer.
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Pros
- This card has the longest introductory APR period available for balance transfers on a business card, giving the most flexibility possible.
- There is no annual fee or additional fee for employee cards.
Cons
- You won’t earn any rewards for spending, so you might need to pair with a rewards business card.
- This card has no long-term benefits or sign-up bonuses, making it only useful for balance transfers.
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This card gives you the longest period to make balance transfers and take advantage of the lengthy offer. You’ll have 13 billing cycles for balance transfers (3 percent fee, minimum $5) in the first 90 days (then a variable APR of 15.24 percent to 25.24 percent). The intro APR doesn’t apply to purchases, so you can’t use it to save interest on new spending. Unfortunately, the card also has no rewards or welcome offers to incentivize using this card for large expenses.
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Pros
- This card gives the longest time frame to transfer balances, which can help consolidate debt.
- The variable APR after the introductory period is lower than other cards, which can help pay down debt in the long term.
Cons
- No rewards are offered, so additional spending isn’t the best use of the card.
- Because this card features little to no perks and no rewards, its value is mainly short-term.
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While this isn’t a business card, it’s well-suited for sole proprietors with smaller business expenses. An intro APR of 15 months on purchases and balance transfers is a great way to consolidate your debt while earning rewards and a welcome offer on your necessary expenses. The bonus categories may not be business-related, but it’s one of the best all-around cards available for any situation, including travel. Utilizing the intro APR features is no exception.
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Pros
- With a decent base rewards rate and elevated rates for dining and drugstores, this is a great card for earning rewards from everyday use.
- The intro APR for purchases and balance transfers is highly competitive and great for consolidating debt.
Cons
- Other cards may have better rewards rates, more versatile bonus categories or more flexible introductory terms.
- You could get a penalty APR for a late payment, which could last indefinitely.
How to choose a business balance transfer credit card
Assess your business needs when considering business balance transfer cards. You’ll want to find the right tools to consolidate your debt with the most favorable terms based on your creditworthiness.
Prioritize consolidating high-interest debt
Examine how much high-interest debt you want to consolidate. You’ll want to make credit card debt payoff your top priority, so look for the longest 0 percent APR period available for a balance transfer, and try to pay your balance by the end of your intro APR term. You may not receive ongoing rewards or a welcome bonus, but the ability to knock out debt without additional interest should outweigh that. Also, consider the variable APR after your introductory term expires if you won’t be able to pay the entire balance fully.
Find terms that work for you
No matter how much debt you have to pay down, pay attention to the balance transfer terms, including balance transfer fees, the window to transfer balances and the term of repayment.
If the balance transfer fee is too high, it might not justify the savings on interest. For help in crunching the numbers, use Bankrate’s credit card balance transfer calculator when comparing options.
Once you know how much debt you want to transfer, consider the length of the introductory offer to determine how much you’ll need to pay monthly to pay it off without additional interest. For example, if you transfer $10,000 of debt for a 15-month intro period and a 3 percent balance transfer fee, you’ll need to pay $687 a month to pay the balance in full before interest charges apply.
Check your eligibility
Find the minimum credit score needed to qualify for a card, and check your credit score to see where you stand. While a business credit card may not impact your personal credit, issuers may consider your personal credit score when you apply.
Maximizing business balance transfer credit cards
Find the ideal terms for transferring balances that work for your business and utilize what they offer to the fullest extent. Only a few cards offer intro APR rates that include balance transfers, so consider the following as you decide.
Consider an intro purchase APR instead
If you have large upcoming purchases for your business in addition to your existing debt, you might look for a credit card offering an intro APR on purchases instead of a balance transfer offer. Intro purchase APR offers are more widely available, giving you more business cards to choose from while earning rewards or a sign-up bonus to assist with paying down debt.
You may choose to pay down your debt by making all your upcoming purchases on your intro purchase APR while paying down more of your existing debt. You won’t accrue interest charges on your purchases and can make smaller payments during the intro purchase term while paying off more of your high-interest debt.
However, be careful not to overspend. If you don’t pay the balance by the end of the intro offer term, you’ll be on the hook for interest charges. If done wisely, you can pay less overall interest if you strike the right balance of payments and purchases.
Pay your balance in full
Make sure you pay your balance in full by the end of the balance transfer term to avoid expensive penalty fees or interest charges. If your card has a high APR, then you might be adding to your debt significantly.
Build your credit
If your credit is less-than-ideal or if you are just starting out, consider how these cards could help you build your credit and improve your credit score. With responsible card use, you can gain access to better card opportunities.
Frequently asked questions
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Any type of business structure is eligible to open a business credit card. This includes corporations, limited liability companies, partnerships and sole proprietorships.
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Business credit card activity isn’t typically reported on your personal credit report, but exceptions exist. Issuers might report your credit card to consumer credit bureaus if your account becomes delinquent.
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Using your business credit card for personal expenses technically isn’t illegal. However, it could violate the terms and conditions of your card agreement, which can come with severe consequences, such as account closure or forfeiting rewards. It also makes it more challenging to track your business expenses and can have tax implications. It’s good practice not to make a habit of putting personal expenses on a business card.
What’s next?
Get the resources and products you need to grow your business.
The bottom line
A business balance transfer credit card offer is worth considering for consolidating debt. The best balance transfer options offer lengthy introductory 0 percent APR rates, although you’ll usually pay a balance transfer fee.
As you consider your options, remember that even the best small-business credit cards won’t help unless you pay off as much as possible during your card’s introductory period. Evaluate your budget and have a plan to pay down debt before you transfer balances to a new card.
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