Best 0 Balance Transfer Business Credit Cards
A business credit card with a 0% balance transfer offer can be a valuable tool for businesses looking to save money on interest charges. This type of card allows you to transfer existing balances from other credit cards to the new card, and you won't have to pay any interest on the transferred balance for a certain period. This can give you time to pay off the balance without incurring additional interest charges.
Here are some things to consider when choosing a 0% balance transfer business credit card:
Factors to Consider When Choosing a Business Credit Card with 0% Balance Transfer
- Balance Transfer Fee: Most cards charge a fee for transferring a balance. This fee can be a percentage of the balance transferred or a flat fee. It's important to compare fees from different cards to find the best deal.
- Introductory APR Period: The length of the 0% APR period varies from card to card. Some cards offer a 0% APR for as short as 6 months, while others offer it for up to 18 months.
- Regular APR: After the introductory period ends, you'll be charged the card's regular APR. Make sure to check the regular APR and make sure it's a rate you're comfortable with.
- Credit Limit: Consider the amount of credit you'll need to transfer your existing balances. Choose a card with a credit limit high enough to cover your existing balances and any future purchases.
- Other Perks: Some business credit cards offer other perks, such as rewards points, travel benefits, or purchase protection. If you're looking for additional benefits, consider cards that offer these features.
Tips for Using a 0% Balance Transfer Business Credit Card
- Transfer your balance as soon as possible: Once you've chosen a card, transfer your balance as soon as possible to start taking advantage of the 0% APR period.
- Make more than the minimum payment: Make payments that are more than the minimum amount due to pay down the balance faster and save money on interest charges.
- Set a budget: Create a budget and stick to it. This will help you manage your spending and avoid accumulating more debt.
- Don't use the card for new purchases: Use the card for balance transfers only. This will help you avoid accruing new debt at the regular APR.
- Keep track of the introductory period: Set a reminder so that you can start paying down the balance before the introductory period ends.
Conclusion
A 0% balance transfer business credit card can be a valuable tool for businesses looking to save money on interest charges. By carefully considering the factors listed above and following the tips, businesses can utilize this type of card to their advantage and help them achieve their financial goals.
