As a business owner you have every right to feel financially squeezed. Accessing capital may be easier than it was a few years ago, but small businesses in the US continue to pay dearly to get the financing they need.
This is where a balance transfer credit card for business can make a difference.
According to the Dun & Bradstreet and Pepperdine Private Capital Access (PCA) Index, businesses nationwide are paying the highest rates for business financing since the recession, in spite of the fact that in mid 2015 small business demand for capital had hit its highest levels since Q4 2012.
The average interest rate that US businesses pay for capital accessed through a credit card is 13% (National Small Business Association data) and 36% of small businesses used credit cards to finance operations at the end of 2014.
Credit cards provide an easy and convenient tool to get the financial flexibility you need to balance your books at the end of each month. But if your business is spending hundreds or even thousands of dollars per year on a 13% APR, you should seriously consider getting a balance transfer credit card.
GET.com's Best Business Balance Transfer Credit Cards
|Best For||Credit Card|
|No annual fee||U.S. Bank Business Edge™ Platinum|
A balance transfer credit card for business lets you transfer your balances from other business credit cards and enjoy a low introductory APR for a certain amount of time. Although you will pay a balance transfer fee (typically 3%) with most cards, transferring your balance to a card like this can put an immediate, albeit temporary, plug in the interest payment leak.
U.S. Bank Business Edge™ Platinum is another business card that gives you an introductory APR period. Benefit from 0% intro APR on purchases and balance transfers for 12 billing cycles followed by 10.49% - 18.49% variable APR. When you use this card for your business transactions, you will be protected with zero fraud liability for unauthorized transactions. You also get free employee credit cards and you can manage employee spending, get account alerts and select flexible automatic credit card payment options with FLEXCONTROL™. Although this card doesn't offer rewards on your purchases, the long intro APR period makes it a useful balance transfer credit card. It has no annual fee.
Read our U.S. Bank Business Edge™ Platinum review to find out more.
How We Rate Business Balance Transfer Credit Cards
Business credit cards for balance transfers are rated by GET.com's editorial staff based on the length of the introductory APR period for balance transfers and the standard APR after the intro period ends.
Cards that offer a 0% introductory APR period receive higher ratings than cards with other low balance transfer intro APR's that are higher than 0%. Purchase APR is also taken into account, as are rewards, business benefits, and employee credit cards.
We also look at the annual fee, ongoing APR, foreign transaction fees, overlimit fees, penalty fees and other card costs to give you a well-rounded picture of the value for money presented by each card.
Emma Fox is a staff writer at GET.com. Email: email@example.comEditorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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