Running a small business can be both challenging and rewarding, but one of the most important aspects of maintaining a successful operation is managing your finances effectively. One way to achieve this is by utilizing small business credit cards for balance transfers. These specialized cards offer some lifesaving advantages for businesses looking to consolidate and manage their debt more efficiently. In this article, we will explore the best small business credit cards for balance transfers, and help you better understand how these cards can benefit your business.
Best Small Business Credit Cards For Balance Transfers Table of Contents
Why use Balance Transfer Credit Cards for Small Businesses?
There are various reasons why you should consider a balance transfer credit card for your small business, including:
- Lower Interest Rates: Balance transfer credit cards often come with lower interest rates or even interest-free introductory periods, allowing you to save money and pay off debt faster.
- Consolidation: Transfer multiple credit card balances onto a single card, making it easier to manage your expenses and avoid late fees.
- Bonus Rewards: Some cards offer rich rewards, such as cashback or travel points, which you can use to further your business growth.
- Improved Credit Score: Consolidating your debt onto one card and making timely payments can help you improve your credit score over time.
Best Small Business Credit Cards for Balance Transfers
We've researched a variety of options and narrowed down the top balance transfer credit cards for small business owners:
1. American Express Blue Business Cash Card
This card offers a 0% introductory APR for 12 months on balance transfers made within the first 60 days. Plus, you'll earn a flat 2% cashback on all eligible purchases up to $50,000 per calendar year.
2. Chase Ink Business Unlimited Credit Card
Receive a 0% introductory APR for the first 12 months on both purchases and balance transfers. Additionally, this card has unlimited 1.5% cashback on all purchases and a generous sign-up bonus.
3. Bank of America Business Advantage Customized Cash Rewards Mastercard
Get a 0% introductory APR for the first 9 months on balance transfers and purchases. Earn up to 3% cashback in the category of your choice and 1% on all other purchases with no annual fee.
4. U.S. Bank Business Platinum Card
This card includes a 0% introductory APR for the first 20 billing cycles on balance transfers and purchases, allowing you to pay down your debt over a longer period without accruing interest.
5. Capital One Spark Cash Select for Business
Offering a 0% introductory APR for 9 months on balance transfers and purchases, this card also provides 1.5% cashback on all purchases, along with a sign-up bonus if you meet the spending requirement.
Best Small Business Credit Cards For Balance Transfers Example:
Let's say your small business currently has a credit card with a $15,000 balance at a 20% APR. By transferring this balance to the American Express Blue Business Cash Card, you will benefit from a 0% APR for the first 12 months, saving you a significant amount in interest payments.
Additionally, as the card also offers 2% cashback, for every $10,000 of eligible purchases made, you'll earn $200 in cashback rewards, which can be reinvested into your business or used to pay off existing debt even faster. Taking advantage of a balance transfer card can make managing your small business debt easier and more efficient, ultimately helping your business grow.
Maximizing cash flow and minimizing debt expenses are essential factors for running a successful small business. Balance transfer credit cards can provide these benefits, allowing you to better manage your company's finances.
Explore the options mentioned in this article and weigh the pros and cons of each card to find the best one for your business's specific needs. And, as always, consult with a financial advisor for personalized recommendations.
If you found this guide helpful, don't forget to share it with your friends, family, and fellow small business owners. Be sure to check out other informative articles and guides on Flik Eco to stay updated on personal finance and investing tips, which can further support your business ventures.
