Starting a business is already risky. A mix of high-interest credit card debt increases your financial risk. Despite your best intentions as a business owner, your credit card balance can grow, resulting in interest eroding your required cash flow.
Luckily, there are financial tools like specially designed balance transfer credit cards. business. These cards help you sort out your high interest debt. And as a bonus, many of them also offer 0% annual promotions on new purchases.
The Business Balance Transfer Card works just like a regular credit card, but the main advantage is that there is a limited interest-free period on transferred balances or new purchases. After opening an account, there is usually a short window of time to transfer the balance, and in most cases there is a balance transfer fee for the transfer. These types of cards typically have little or no credit card perks or perks. This is because the “net income” will be in line with the interest savings.
If you are a business owner and looking for a business credit card that will make it easier for you to consolidate and pay off your credit card debt, then some of the best cards in this niche and a card to choose from Here's how to compare them, along with tips on how to:
- 1 Wells Fargo Business Platinum Credit Card*: Best Rewards Flexibility
- 2 U.S. Bank Triple Cash Rewards Visa Business Card*: Cash Great for Back Potential
- 3 PNC Visa Business Credit Card*: Balance Transfer Offer Best for
- 4 How to choose a corporate bank transfer card
- 5 Conclusion
Wells Fargo Business Platinum Credit Card*: Best Rewards Flexibility
With the Wells Fargo Business Platinum Credit Card, you not only save on interest on the balance you send, but you can also choose the type of rewards you want to earn on your future spending (cash back or points). With the cashback option, he gets 1.5% cashback for every dollar spent. As for reward points, not only can you get 1x points for every dollar spent, but you also get a bonus of 1,000 points when the company spends $1,000 or more of his during the monthly billing period.
In addition to earning cash back on regular spend, new cardholders can earn $300 or 30,000 points (if you choose You are eligible to receive a welcome bonus of Wells Fargo Business Platinum also has no annual fee and no additional card fees for up to 99 employees.
U.S. Bank Triple Cash Rewards Visa Business Card*: Cash Great for Back Potential
- 15 Billing Cycle Purchases and Balance Transfers Introduced 0% Annual Rate then 18.24% – 27.24% Variable Annual Rate
- 3% balance transfer fee (minimum $5)
The U.S. Bank Triple Cash Rewards Visa® Business Card is the perfect business balance transfer option for those looking to improve their cash back game. Not only does this card come with 15 billing cycles (then variable APR from 18.24% to 27.24%) interest-free period for purchases and balance transfers, you can also earn significant cash back . Earn 5% cash back on prepaid hotel and car rentals booked directly through the U.S. Bank Travel Rewards Center. 3% cash back on qualifying purchases at gas and electric vehicle charging stations, office supply stores, cell phone service providers and restaurants. 1% cash back on all other purchases.
As a first year welcome bonus, you can earn $500 in cash back after spending $4,500 on the account holder's card within the first 150 days of opening the account. The card has no annual fee and also comes with a $100 annual statement credit that can be used for recurring software subscription costs (such as QuickBooks).
US Bank Business Platinum Card*: APR 0% best for long introductory periods
- 0% introductory annual rate for purchases and balance transfers for the first 18 billing cycles, then 16.24-25.24% variable annual rate
- 3% balance transfer fee (minimum $5)
The U.S. Bank Business Platinum Card has no perks, but it features a very long promotional APR period for business cards. The transferred balance must be paid off in 18 billing cycles before his normal APR (variable APR from 16.24% to 25.24%) begins.
There is no recurring reward rate or first-year welcome bonus, but if your top priority is giving yourself as much time as possible to pay off your debt, U.S. Bank Business Platinum is currently available. One of the best options available. Additionally, note that the 3% balance transfer fee (minimum $5) is consistent with fees charged by similar cards. This card has no annual fee.
PNC Visa Business Credit Card*: Balance Transfer Offer Best for
- 0% initial annual rate for the first 13 billing cycles of balance transfers made in the first 90 days, then variable annual rate from 13.74% to 23.74%
- 3% balance transfer fee (minimum $5)
If you are concerned about the temptation to receive referral offers for both purchases and balance transfers, the PNC Visa® Business Credit Card may be your best bet as there is no introductory APR period for new purchases. The cardholder can pay off the debt interest-free in 13 billing cycles if the balance is transferred within his first 90 days. After the introductory period, you will receive a variable APR between 13.74% and 23.74%.
This card also has no annual fee, welcome bonus or chance to win rewards. In addition, PNC Bank offers many features to help you track your business spending, including online account management with spending reports. Business owners can also download transactions into Excel, Quicken, or QuickBooks to track accounting and expenses.
How to choose a corporate bank transfer card
Before I apply for a corporate direct debit card, I have a few questions. To make the selection process a little easier, I've highlighted three:
How much high-interest debt do you need to pay off?
The first thing you need to do is figure out the financial needs of your business. If you have a lot of high-interest debt and paying off your credit card debt is your top priority, look for the longest 0% APR period available. You won't receive ongoing rewards or welcome bonuses with such cards, but the ability to write off your debt without additional interest should make up for those shortcomings.
Do I need a promotional APR for large purchases?
If you have a major upcoming purchase for your business, such as buying new equipment or a large amount of office supplies, you should look for a business credit card that offers a first year APR at the time of purchase (in addition to offering a balance transfer). ). That way, you can pay off those purchases over time without accruing interest.
Do the balance transfer terms meet your needs?
No matter how much debt you have to pay off, you should pay attention to the balance transfer terms. . For example, you need to know what the balance transfer fee is. If the direct debit fees are too high, it may not justify the interest savings or it may not make sense to choose this method. For example, if you expect to pay $300 in interest by the time you pay off your balance, but the balance transfer fee will be $400, it doesn't make sense to transfer your balance. If you need help calculating the numbers, you can use Bankrate's Credit Card Balance Transfer Calculator to analyze your balance transfer options.
Also, it would be good to know how long it takes to send money after opening an account. You will be eligible for promotional offers along with what happens to your promotional APR if you miss a payment during the referral period. Many issuers will charge APR a penalty and terminate the referral offer early if you fail to pay.
If you want to consolidate your debt and save money in the process, a business balance transfer credit card is worth considering.The best option in this area. offers an introductory 0% annual rate for 9 months or more, but you must pay an upfront balance transfer fee to take advantage of the lower interest rate offer.
When deciding which card to apply for, even the best small business credit cards can add debt, unless you focus on making as many repayments as possible during the card's introductory period. Remember that you can't get out of the . Before you transfer your balance to a new card, compare the options currently available and make sure you have a plan in place to pay off your debt.
*Information about Wells Fargo Business Platinum Credit Card, U.S. Bank Triple Cash Rewards Visa® Business Card and PNC Visa® Business Credit Card are independently collected by warnow.biz. Card details are not verified or approved by the card issuer.