Looking for a business credit card 0 APR balance transfer option? We put together a list of our top 5 picks to help you quickly and easily find the best option for your business.
What Are the Best Business Credit Card 0 APR Balance Transfer Options?
It’s important to note that 0% balance transfers are often promotional or introductory. Things change, and we work hard to keep this information up to date, but be sure to check with each of these business credit card 0 APR balance transfer options specifically to ensure you have the most current information. For now, here are our top picks.
Mechanics Bank Visa
The Mechanics Bank Visa Business Card has no annual fee. The 0 APR on balance transfers is for the first 20 billing cycles. Then it increases to 11.99 to 20.00% based on creditworthiness. There is a 3% balance transfer fee or $5, whichever is more.
PNC Visa Business Credit Card
With PNC Visa Business Credit Card, you earn 5 points per $1 spent on qualifying purchase. The 0% APR on balance transfers is for the first 9 billing cycles when the balance is transferred in the first 90 days. There is no annual fee.
Synovus Business Travel Rewards
This card boasts a 0% APR for the first 6 months and the same for purchases. There is no annual fee.
Busey Bank Platinum Card
This platinum card also has no annual fee. The 0% introductory APR on balance transfers and purchase lasts for the first 20 billing cycles. After that, the rate increases from 13.49% to 23.49%, based on creditworthiness at the time the account is opened. It will vary with the market based on Prime Rate.
Bremer Bank Platinum Card
The Bremer Bank Platinum Card offers similar benefits to Busey. The 0% introductory APR for purchases and balance transfers is good for the first 20 billing cycles. Then, it increases to 13.49% to 23.49% depending on your creditworthiness when you open the account. Of course, it will vary with the market based on the Prime Rate.
How Business Credit Card 0 APR Balance Transfer Options Can Help You Manage Your Business Finances
If you have a high interest balance, you can transfer that balance to a 0% interest rate card and save a lot of money. Not only that, but you can also pay the balance off more quickly. There are a few things to remember about this however.
First, be aware that there is typically a balance transfer fee, and it can be steep. If there is a 3% transfer fee and you transfer $5,000, you will actually have an initial balance of $5,150. That may not seem like a lot, but if you do not pay off the balance before the 0% APR ends, and you end up transferring the balance to yet another card, those fees can add up. Watch the dates and be aware of fees.
Another thing to consider is that many cards will not let you transfer a balance that meets your limit. They will have a separate limit for balance transfers. For example, if your credit limit is $2,000, your balance transfer limit may only be $1,800.
A 0 APR balance transfer card can be a powerful business finance tool, but it must be wielded carefully. If not, it can actually do more harm than good. For more info on business credit cards and other financing options for your business, contact us today.