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If you’ve ever used credit cards to help fund your business, you probably know how easy it is to rack up a large amount of debt quickly. A balance transfer credit card can provide a great opportunity to transfer high-interest debt to a card with a lower interest rate — helping you save money and pay off debt faster.
While there are a quite a few personal credit cards that offer 0% intro APRs on balance transfers for an extended period of time, there are just a handful of business credit cards that offer introductory APRs on balance transfers or that don’t charge balance transfer fees.
Based on our research of cards available through CompareCards, as well as top cards offered by major issuers, we compiled a list of the best business credit cards for balance transfers.
- What is a balance transfer?
- Business credit cards with no balance transfer fee
- Which balance transfer business credit card is right for you?
What is a balance transfer?
A balance transfer is the process of moving debt from one credit card to a credit card with a lower interest rate. Because a balance transfer card can offer a 0% intro APR for a year or longer, your monthly payment can be applied directly toward your principal balance, instead of interest charges and the principal. This can help you pay down debt faster, while also saving hundreds or even thousands of dollars in interest payments.
Balance transfer credit cards typically charge a fee ranging from 3% to 5% of the amount of each transfer and require you to complete the transfer within the first 60 days of opening your card account in order to take advantage of the introductory APR offer. However, in exchange for a shorter intro period, some balance transfer cards do not charge a fee. Depending on how much debt you need to transfer and how much time you need to pay it off will determine whether the fee is worth it or not.
Any remaining balance after the intro APR period expires will be subject to the go-to interest rate set by your card issuer.
Business credit cards with no balance transfer fee
A business credit card that offers a 0% intro APR on balance transfers for an extended period is ideal; however, because those cards are few and far between, you can still save in the long run if you transfer your balance to a card with a lower interest rate and no balance transfer fee.
Capital One® Spark® Miles Select for Business
While the Capital One® Spark® Miles Select for Business doesn’t offer a 0% intro APR on balance transfers, the card could still be worth your while if you qualify for the lower ongoing APR.
The Capital One® Spark® Miles Select for Business offers a regular APR on balance transfers of 13.99% - 23.99% (variable). Plus, the card does not charge balance transfer fees.
Additional Capital One® Spark® Miles Select for Business benefits:
- $0 annual fee
- 1.5 miles per $1 on every purchase
- One-time bonus of 20,000 miles once you spend $3,000 on purchases within 3 months from account opening
- Intro APR of 0% intro APR for 9 months, then 13.99% - 23.99% (variable) APR
What to look out for. Unless you are approved for an ongoing APR on balance transfers that’s lower than the interest rate you pay on your current credit card, it may not be beneficial to transfer your balance to the Capital One® Spark® Miles Select for Business.
Capital One Spark Cash Select for Business
Similar to the Capital One® Spark® Miles Select for Business, the Capital One Spark Cash Select for Business offers a $0 balance transfer fee. While the card offers an intro APR of 0% on purchases for 9 months, then 13.99% - 23.99% (variable) APR, it does not offer a 0% intro APR on balance transfers.
Additional Capital One Spark Cash Select for Business benefits:
- $0 annual fee
- 1.5% cash back on every purchase
- One-time $200 cash bonus once you spend $3,000 on purchases within 3 months from account opening
What to look out for. Again, because the Capital One Spark Cash Select for Business does not offer an introductory APR on balance transfers, it may not be worth your while unless you receive a considerably lower interest rate on balance transfers than the purchase APR on your current credit card.
Which balance transfer business credit card should you choose?
Transferring company card debt to a business credit card with a lower interest rate and a $0 balance transfer fee can save you money in the long run. But if you can find a business credit card with a 0% intro APR on balance transfers for a year or longer, you stand to save much more.
For example, let’s say you have $12,000 in credit card debt that you’re paying an interest rate of 18%. If you transfer that balance to a credit card with a 0% intro APR on balance transfers for 12 months, but charges a balance transfer fee of 3%, you’ll pay a balance transfer fee of $360. However, if you pay the balance in full within 12 months, you’ll end up saving $1,237 in interest charges — if you make equal monthly payments of $1,030 each month.
Use our Balance Transfer Calculator to see how long it may take you to pay off your business credit card debt.