0 APR Business Credit Cards for Balance Transfer: A Smart Financial Move
Are you tired of paying high interest rates on your business credit card debt? Do you want to consolidate your debt and save money on interest charges? If so, consider applying for a 0 APR business credit card that offers a balance transfer promotion. In this article, we'll explore the benefits of 0 APR business credit cards for balance transfer and provide you with some top options to consider.
What is a 0 APR Business Credit Card?
A 0 APR business credit card is a type of credit card that offers a 0% introductory annual percentage rate (APR) for a specific period, typically ranging from 6 to 21 months. During this promotional period, you won't be charged any interest on your purchases or balance transfers. This can be a huge advantage for businesses that need to make large purchases or consolidate debt.
How Does a Balance Transfer Work?
A balance transfer allows you to move your existing credit card debt to a new credit card with a lower or 0% APR. This can save you money on interest charges and help you pay off your debt faster. Here's how it works:
- Apply for a 0 APR business credit card that offers a balance transfer promotion.
- Receive approval and request a balance transfer from your existing credit card to your new 0 APR credit card.
- The new credit card issuer will pay off your existing credit card debt and transfer the balance to your new account.
- During the promotional period, you won't be charged any interest on your transferred balance.
Top 0 APR Business Credit Cards for Balance Transfer
Here are some top 0 APR business credit cards that offer a balance transfer promotion:
American Express Blue Business Plus
- 0% intro APR for 12 months on purchases and balance transfers
- No annual fee
- 2x points on everyday business purchases up to $50,000 per year
Citi Simplify for Business
- 0% intro APR for 12 months on purchases and balance transfers
- No annual fee
- 12-month 0% intro APR on balance transfers made within 4 months of account opening
Bank of America Cash Rewards for Business
- 0% intro APR for 9 months on purchases and balance transfers
- No annual fee
- 3% cash back on gas and 2% cash back on dining
Wells Fargo Business Platinum
- 0% intro APR for 9 months on purchases and balance transfers
- $195 annual fee waived for the first year
- 1.5% cash back on all purchases
Things to Consider Before Applying
Before applying for a 0 APR business credit card for balance transfer, consider the following:
- Fees: Look for cards with no annual fee or a waived annual fee for the first year.
- Balance transfer fee: Check if the card charges a balance transfer fee, which can range from 3% to 5% of the transferred amount.
- Introductory period: Make sure you can pay off your debt within the promotional period to avoid interest charges.
- Credit score: A good credit score can increase your chances of approval and a lower interest rate.
Conclusion
A 0 APR business credit card for balance transfer can be a smart financial move for businesses looking to consolidate debt and save money on interest charges. By considering the top options and factors mentioned above, you can choose the best credit card for your business needs and start saving money today.
