0% Balance Transfer Business Credit Card UK: A Comprehensive Guide
Are you a business owner in the UK looking for a credit card that can help you manage your finances more efficiently? A 0% balance transfer business credit card might be just what you need. In this article, we'll explore the benefits, features, and top options for 0% balance transfer business credit cards in the UK.
What is a 0% Balance Transfer Business Credit Card?
A 0% balance transfer business credit card is a type of credit card that allows you to transfer your existing business credit card debt to a new card with a 0% interest rate for a promotional period. This can help you save money on interest charges and pay off your debt faster.
Benefits of a 0% Balance Transfer Business Credit Card
Save Money on Interest
With a 0% balance transfer business credit card, you can avoid paying interest on your existing debt for a promotional period, which can range from 6 to 24 months. This can help you save a significant amount of money on interest charges.
Pay Off Debt Faster
By avoiding interest charges, you can focus on paying off the principal amount of your debt, which can help you become debt-free faster.
Consolidate Debt
A 0% balance transfer business credit card can help you consolidate multiple debts into one, making it easier to manage your finances.
Improve Cash Flow
With lower or no interest charges, you can improve your business's cash flow, which can help you invest in growth opportunities or pay for essential expenses.
Top 0% Balance Transfer Business Credit Cards in the UK
American Express Business Platinum Card
- 0% interest on balance transfers for 12 months
- 1.5% balance transfer fee
- £195 annual fee
- Rewards program: earn 1.5 points per £1 spent
Capital on Tap Business Credit Card
- 0% interest on balance transfers for 6 months
- 2.5% balance transfer fee
- No annual fee
- Rewards program: earn 1% cashback on all purchases
** Barclaycard Business Credit Card**
- 0% interest on balance transfers for 12 months
- 2.5% balance transfer fee
- £30 annual fee
- Rewards program: earn 1% cashback on all purchases
Things to Consider
Balance Transfer Fee
Most 0% balance transfer business credit cards come with a balance transfer fee, which can range from 1.5% to 3% of the transferred amount.
Promotional Period
Make sure you understand the promotional period and the interest rate that will apply after it ends.
Annual Fee
Some 0% balance transfer business credit cards come with an annual fee, which can range from £30 to £195.
Credit Score
To be eligible for a 0% balance transfer business credit card, you'll need a good credit score.
Conclusion
A 0% balance transfer business credit card can be a great tool for managing your business's finances and paying off debt. By understanding the benefits, features, and top options available in the UK, you can make an informed decision that suits your business needs. Always remember to consider the balance transfer fee, promotional period, annual fee, and credit score before applying.
