Business balance transfer cards: Best cards, what they offer and how to choose

A business credit card with a low-interest introductory rate can be a lifeline for small companies operating on tight budgets, as well those in industries where slow payment times can create cash flow issues.

Businesses that have some debt to consolidate can also benefit from these cards provided they choose one that offers an intro APR for both purchases and debt transferred from other cards and loans.

Add in the fact that some business cards with 0 percent APR offer rewards for spending, and it’s easy to see why they’re so popular. That said, you’ll want to read over the fine print to understand the intro APR offer and other credit card terms.

Best balance transfer business credit cards for 2022

But, which cards should you consider if you are hoping to avoid paying interest for a while? A range of business credit cards offer 0 percent APR for a limited time, including the following options:

U.S. Bank Triple Cash Rewards Visa Business Card: Best for bonus and cash back rewards

Pros: This U.S. Bank card gives cardholders a 15-billing-cycle 0 percent intro APR rate on purchases and balance transfers (then it’s 18.24 percent to 27.24 percent variable APR) plus the chance to earn a $500 bonus for spending $4,500 within 150 days of opening the card. Customers also earn 3 percent cash back on eligible purchases at gas and EV charging stations, office supply stores, cell phone service providers and restaurants, as well as 1 percent back on other spending.

Cons: If an extended 0 percent intro interest period is your priority, the U.S. Bank Business Platinum Card provides more flexibility.

Why we like it: The U.S. Bank Triple Cash Rewards Visa Business Card offers an exceptional rewards proposition and an intro APR offer that applies to both purchases and balance transfers for more than one year.

The bottom line: The U.S. Bank Triple Cash Rewards Visa Business Card is an excellent choice for business owners who want to save money on interest while earning rewards for their spending. The fact there’s no annual fee is just icing on the cake.

U.S. Bank Business Platinum Card: Best for long introductory APR period

Pros: The U.S. Bank Business Platinum Card comes with a 0 percent intro APR on purchases and balance transfers for 18 billing cycles when you open an account (then it’s 16.24 percent to 25.24 percent variable APR). That means you’ll have more than a year to pay down transferred debt interest-free, enabling your business to save money and manage debt over time. There’s no annual fee for the card, either.

Cons: Unlike other business cards, including other offers from U.S. Bank, the Business Platinum Card does not include cash back rewards or a sign-up bonus.

Why we like it: If you have significant debt that you’re looking to transfer, the U.S. Bank Business Platinum Card can be a great option. With 18 months of 0 percent intro APR on purchases and balance transfers, that gives you well over a year before you have to pay any interest. If you have a large amount of debt, you may be interested in stretching the payback period as long as possible.

The bottom line: This card is a great option if you’re looking for a long 0 percent intro APR period to pay down current debts.

Wells Fargo Business Platinum Credit Card: Honorable mention for cash back rewards

Pros: The Wells Fargo Business Platinum Credit Card includes a nine-month 0 percent APR introductory rate for purchases and balance transfers (then a variable APR between Wells Fargo Prime plus 7.99 percent and Wells Fargo Prime plus 17.99 percent,), while also allowing you to earn 1.5 percent cash back for every dollar charged.

You can also choose to earn points instead, which come as 1 point on every $1 spent and 1,000 bonus points every billing cycle you spend at least $1,000 on qualifying purchases. There’s also a bonus of $300 cash back or 30,000 points available when you spend at least $3,000 on purchases within three months of account opening.

Cons: The 0 percent intro APR period is substantially shorter than that of the U.S. Bank Business Platinum Card. This card’s cash back earnings are also much less competitive than you’ll find with some other companies.

Why we like it:The Wells Fargo Business Platinum Credit Card has no annual fee and a solid rewards rate for all purchases. While it has a shorter introductory 0 percent APR period, nine months may be sufficient for many business owners.

The bottom line: The Wells Fargo option is solid if you need some time to pay down existing balances and want to earn cash back in the process.

How do business balance transfers work?

A business balance transfer functions the same as a personal transfer. Once your new account is set up, you can initiate a transfer either online or by submitting a paper check. Be sure the transfer amount does not exceed your new credit line, and take the time to factor in any balance transfer fees you’re asked to pay.

After the transfer processes, the old account will be paid off if you had enough credit to cover the full balance. If there is still a remaining balance on the old account, pay it down as quickly as possible to minimize your interest costs.

The transfer amount will appear on your new account balance, and you can begin making payments toward that principal right away.

Does a balance transfer affect my company’s credit profile?

Although a balance transfer won’t lower your business credit score directly, it can affect your credit profile. When you open a new account, the age of your credit (amount of time your accounts have been open), decreases. That can negatively affect your credit score, since a higher account age counts favorably on your report.

On the other hand, if a balance transfer enables you to pay down debt faster, your credit utilization ratio (how much credit you have access to versus how much you’re using) will improve.

Also note that applying for new credit will improve your credit utilization rate automatically. This is due to the fact you now have more available credit but the same amount of debt. As your debt decreases, your credit can see even more improvement.

How do you choose the right business credit card?

If finding a business credit card with 0 percent APR is your primary concern, you should start there and narrow down cards based on other benefits they offer. For example, you’ll find business balance transfer cards that also offer rewards for spending, which can be incredibly attractive. This is especially true among business credit cards that come with generous welcome offers worth $500 or more within a few months of signing up.

That said, you’ll also want to compare factors such as the length of the introductory APR period, annual fee, cash back rewards, balance transfer fees and your APR after the initial rate ends. By looking at a range of options, you can get the optimal value for where you are right now.

Bottom line

The best business balance transfer cards let you transfer debts and save money on interest, but they come with other perks, too. Be sure to compare all the best business credit cards out there to find the right fit, and remember that a broader range of cards for small businesses also offer 0 percent APR for purchases only.