Sometimes youâll need to transfer a previous credit card balance when getting a new card. However, not every card is made equal when it comes to transferring in an old balance. Some add on extra transfer fees or put a cap on how much you can transfer. Others may even tack APR onto balance transfers. Unfortunately, itâs not always easy to figure out the best credit card options when it comes to transferring a balance.
Thatâs why weâve picked out some of the top balance transfer credit card offers for business owners. Read on through to find out which card could be best for you.
Top Business Credit Cards For Balance Transfers
Best Overall Pick: American Express Blue Business Plus
American Express Blue Business Plus
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Annual Fee: $0
Purchase APR: 12.99% – 20.99%, Variable |
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With a 0% intro APR for the first 15 months on purchases and balance transfers, this card from American Express offers the longest introductory period currently available. That means you’ll have plenty of time to pay your balance without racking up interest charges. For rewards, it provides two points per $1 up to $50,000 spent, and then one point per $1 after you hit that cap. Those points are usually worth $0.01 but may wind up higher or lower depending on how they are redeemed. Keep in mind that the balance transfer fee sits at 3% (with a minimum fee of $5) although thatâs relatively normal.
For an in-depth look, spend some time with Merchant Maverickâs complete review.
Best For Those With Fair Credit: Capital One Spark Classic for Business
Capital One Spark Classic For Business
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Annual Fee: $0
Purchase APR: 24.74%, Variable |
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Because Capital One markets this card towards average credit applicants while packaging it with unlimited 1% cash back on all purchases, Spark Classic is a solid choice for those with fair credit. As long as you manage your account responsibly, youâll help build up your credit score. Increasing your credit score could potentially allow you to switch to a card with better rewards. The Spark Classic for Business also comes with no balance transfer fee, no annual fee, and no foreign transaction fee.
Read our ultimate guide to learn more about improving your business credit score.
Best No Balance Transfer Fee: Capital One Spark Cash for Business
Capital One Spark Cash For Business
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Annual Fee: $95 ($0 the first year)
Purchase APR: 18.74%, Variable |
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With its unlimited 2% cash back on all purchases and no balance transfer fee, this card certainly appeals to those looking to transfer debt. Capital One also includes a welcome offer of $500 cash if you spend at least $4,500 in the first 3 months of opening your account. However, there is a $95 annual fee, although it is waived the first year. To qualify for this card, youâll need to have excellent credit; youâre required to have had a loan or credit card for three-plus years with a credit limit in excess of $5,000 before getting a Spark Cash for Business card.
For a deep dive on Capital Oneâs card, take a look at Merchant Maverickâs full review.
Best Introductory APR Offer: American Express Blue Business Plus
American Express Blue Business Plus
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Annual Fee: $0
Purchase APR: 12.99% – 20.99%, Variable |
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While this card also made the list at best overall, its 0% APR for 15 months is hard to beat when looking at introductory APRs. Because that 0% intro APR is applicable to both purchases and balance transfers, this card is especially attractive for those with balance transfers. Do note, however, that American Express does attach a pretty normal balance transfer fee of 3% or $5âwhichever is higher.
Get the full rundown on the American Express Blue Business Plus with our in-depth review.
Best For Cash Back: Chase Ink Business Cash
Chase Ink Business Cash
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Annual Fee: $0
Purchase APR: 14.99% – 20.99%, Variable |
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The Ink Business Cash card offers a 0% intro APR on both purchases and balance transfers for the first 12 months. On top of that, Chase really packs some hefty rewards into their Ink Business Cash credit card. These rewards include 5% back on purchases at office supply stores and on internet, cable, and phone purchases up to a combined $25,000 each account anniversary year. You can also earn 2% back at gas stations and restaurants up to a combined $25,000 each account anniversary year. For everything else, youâll get 1% cash back.
Head on over to Merchant Maverickâs in-depth review for more details on Chaseâs card.
Why Would I Need To Do A Balance Transfer?
The most obvious reason for doing a business credit card balance transfer is if youâve found a card with a lower APR or better rewards. You may also only want to transfer a certain amount of your debt in order to lower your per-card utilization ratioâpotentially increasing your credit score.
Can I Use A Personal Card For A Balance Transfer?
As we mentioned in our guide to using personal credit cards for business expenses, youâll want to separate personal and business expenses when possible. However, if youâve already accrued some business debt on a personal card, you can transfer that debt onto your new business card. Doing this will help completely separate your personal and business expenses.
What Do I Need To Qualify & Be Approved?
Approval is dependant on the card and the issuer. Each issuer has their own requirements, but theyâll primarily look at your debt service coverage ratio (DSCR) andâmost importantlyâcredit score. Every financial institution has their own standards, but for the most part, a credit score of 600 â 670 is considered âfairâ, 671 â 750 is considered âgoodâ to âvery goodâ, and a score of 751 â 850 is considered âexcellentâ.
Donât know your credit score? Visit a comparison of our favorite sites to check your credit score for free. Unsure how to calculate your DSCR? Check out our calculation guide.
What If I Don’t Meet The Necessary Qualifications?
If youâre struggling with your credit score, visit the Merchant Maverick guide to improving your business credit score. Or head over to our doâs and donâts of business credit cards if you still need to learn the basics. You may also be able to consolidate your debt with a short-term loan; read up on the merchantâs guide to short-term loans for more information.
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