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In 2022, credit card debt is still at a high and the economy continues to be unstable. However, with so many finance-related businesses trying to entice consumers into spending their money on them rather than using cash or debit cards, it’s likely that balance transfers will do well in this year as well. Here are three of the best offers for businesses looking for new customers.
Debt transfers enable you to transfer a balance from one business credit card to another with little or no fees. Interest-free financing is available for up to 15 billing cycles with the finest alternatives. The quickest approach to pay off other high-interest credit card debt is to take advantage of these lengthy 0% introductory annual percentage rate (APR) periods.
The following are the greatest business credit card debt transfer offers:
Business Triple Cash Rewards World EliteTM Mastercard®
- Introducing the Mastercard® U.S. Bank Business Triple Cash Rewards World EliteTM the card that gives back on all your eligible business needs.
- Earn $500 in cash back for a limited time. Simply spend $4,500 on the Account Owner’s card during the first 150 days of your account being opened.
- Earn 3% cash back at petrol stations, office supply retailers, and telephone service providers on qualified purchases. as well as eateries
- All other qualified net purchases will earn you 1% cash back.
- There is no limit to the total amount of cash back that may be received.
- Reward points never run out.
- For regular software subscription fees like FreshBooks or QuickBooks, you may get a $100 statement credit per year.
- For 15 payment cycles, get a 0% intro APR on purchases and debt transfers. Then there’s a variable APR ranging from 13.99 percent to 22.99 percent.
- There is no yearly charge.
Pros
- On purchases and debt transfers, there is a 0% APR period.
- 3 percent cash back at petrol stations, office supply retailers, cellular service providers, and restaurants on qualified purchases
Cons
- MasterRental car rental collision damage waiver: When you rent a car using your U.S. Bank credit card, you’re covered in case of accident or theft on all rentals made worldwide. Coverage is primary, which means you won’t need to use your personal auto insurance or accept the insurance offered by the rental agency. Coverage is capped at $50,000.
- Purchase assurance: U.S. Bank may repair or reimburse for items purchased with your U.S. Bank business credit card that are damaged or stolen within 90 days of purchase. Coverage is limited to $1,000 per loss, up to $25,000 per year per account. Lost items and items left out of reach that others can see are not covered.
- Extended warranty protection: U.S. Bank will double the manufacturer’s warranty up to an additional 1 year from the expiration of warranties of 5 years or less. An item with a 6-month warranty would be backed for an additional 6 months, for example. The issuer will replace the item or reimburse you up to the amount charged on your U.S. Bank card up to $10,000.
Why we like it:
The Mastercard® U.S. Bank Business Triple Cash Rewards World EliteTM tops our list because of its 15-billing-cycle introductory 0% APR period and rewards program. You can earn 3% cash back at gas stations, office supply stores and cellphone service providers as well as bonus rewards each year. Our second pick has the same 0% APR offer. However, it does not offer introductory or ongoing rewards.
When you spend $4500 on the Account Owner’s card within the first 150 days after creating your account, you’ll get $500 in cash back. This small company credit card is a great option if you want to earn valuable rewards, and it also happens to be the best 0% APR business card.
Business Platinum Card from U.S. Bank: Best for Lowest Ongoing APR
- For the first 20 billing cycles, there is a 0% Intro APR on purchases and debt transfers. Then there’s the variable APR, which ranges from 11.99 percent to 17.99 percent right now.
- There is no yearly charge.
- Employee cards are available at no cost.
- You’re protected against illegal transactions with zero fraud liability.
Pros
- One of the longest 0% APR periods available.
- There is no yearly charge.
- For warranties of three years or less, U.S. Bank will double the original manufacturer’s warranty and provide an extra year of coverage. The amount of coverage is capped at $10,000 per item.
- Purchase protection: Within 90 days of purchase, U.S. Bank provides purchase protection for things that are damaged or stolen. The coverage is restricted to $500 per claim and $50,000 per year per cardholder.
Why we like it:
The Business Platinum Card from U.S. Bank falls short of our top pick for one reason: it doesn’t offer introductory or ongoing rewards. However, it does offer the same introductory 0% APR offer of no interest on purchases and balance transfers for 15 billing cycles. After the introductory period ends, you’ll have the lowest ongoing APR on this list.
Because it lacks continuous benefits and appealing initial incentives that other cards give, this card isn’t worth much beyond the first financing offer. As a result, you should only use this card to fund costs and pay off debt as fast and inexpensively as feasible.
Business Platinum Credit Card: Best for Cash Back or Points Rewards
- When you enlist in the Business Card Rewards Program and spend $3,000 within the first three months of account opening, you’ll get a one-time $500 cash back incentive or 50,000 bonus points; there’s no annual rewards charge.
- Get 1.5 percent cash back on every dollar you spend.
- Earn 1 point for every $1 spent, plus 1,000 additional points for each monthly billing period in which your firm spends $1,000 or more.
- There is no annual card cost, and you may have up to 99 employee cards (no additional fee)
- Online spending reports are accessible.
- Options for online banking and bill payment
Pros
- A fantastic welcome bonus package is available.
- Period of no interest funding
- Bonuses are given out on a regular basis if you fulfill your monthly spending goals.
Cons
- Low long-term incentives
- Fees for reclaiming airline tickets
- Points have a time limit.
- Purchase protection: Wells Fargo provides coverage for products bought that are damaged or stolen within 90 days of the date of purchase. The things may be repaired, replaced, or reimbursed. The amount of coverage is capped at $10,000 per item and $50,000 per year.
- Wells Fargo’s design studio lets you personalize your card by uploading a picture that reflects your business. The picture may be your company’s emblem or a shop, for example.
Why we like it
The Business Platinum Credit Card from Wells Fargo is a great fit for growing businesses that haven’t yet hit more than $2 million in annual sales. Although this card only offers a nine-month 0% APR period, business owners can still consolidate high-interest debt easily.
In addition, this card offers more benefits for business owners who’ve already taken advantage of the period of no interest funding. You’ll get the opportunity to select how you want to earn rewards, either as cash back or points. It pays 1.5% cash back or one point on every $1 spent. If you choose points-based rewards, you’ll also earn 1,000 bonus points when you spend at least $1,000 in any month.
Benefits of Business Credit Cards with Balance Transfer
- Balance transfers may let you shift balances from credit cards with higher interest rates to credit cards with lower interest rates, which can help you save money on interest.
- Consolidate credit card payments: By combining numerous credit card balances, you can concentrate on just one credit card payment every month.
- Transfer your debt to a more suitable business credit card: Beyond the debt transfer offer, choosing a credit card with a robust rewards system might bring extra value.
Advantages and disadvantages of balance transfer business credit cards
- Personal credit ratings must be excellent: You’ll almost certainly need a personal credit score of at least 670 to qualify for a balance transfer business credit card. If your credit score is less than 670, you may be eligible for a business credit card with a fair credit rating. These cards, however, do not provide interest-free financing periods.
- Low balance transfer interest rates don’t stay forever: If you’re using a balance transfer card to help you pay off debt, be sure you pay it off before the promotional period ends to avoid interest penalties.
- Fee for transferring funds payments: Most business credit cards charge a small balance fee between 3% to 5% of the transfer amount, with a minimum fee of $5 to $10.
How Did We Pick the Best Business Balance Transfer Deals?
To determine the best balance transfer offers, we only considered business credit cards that offer an introductory 0% APR period on balance transfers. When ranking cards with those offers, we took into account the length of the introductory period, Fee for transferring fundss, ongoing APRs, and potential rewards opportunities.
Most Commonly Asked Questions (FAQs)
Is it possible to transfer a debt from a company credit card to a personal credit card?
Depending on the card issuer, you may be able to transfer a business credit card balance to a personal credit card. It’s crucial to know, however, that using a personal credit card will not help you create company credit. It’s advisable to utilize a business credit card if you want to develop your company credit.
Conclusion
A balance transfer is a great option for company owners to shift their credit card debt to a card with a 0% APR. You may get introductory 0% APR durations of up to 15 payment cycles with the finest selections. While taking advantage of a deal like this isn’t the only method to pay off debt, it does make it a lot simpler.
