As a first-year welcome bonus, you can earn $500 in cash back after spending $4,500 on the account owner’s card within the first 150 days of...

Best business balance transfer credit cards for 2022 #2

As a first-year welcome bonus, you can earn $500 in cash back after spending $4,500 on the account owner’s card within the first 150 days of account opening. This card also comes with no annual fee and an annual $100 statement credit for recurring software subscription expenses (like QuickBooks).

U.S. Bank Business Platinum Card: Best for a long 0% intro APR period 0 percent intro APR on purchases and balance transfers for the first 18 billing cycles, then a variable APR of 14.99 percent to 23.99 percent 3 percent balance transfer fee (minimum $5)

The U.S. Bank Business Platinum Card doesn’t offer any rewards, but it does have a notably lengthy promotional APR period for a business card. You’ll have 18 billing cycles to pay off your transferred balance before the regular APR kicks in (a variable APR between 14.99 percent to 23.99 percent).

There’s no ongoing rewards rate or first-year welcome bonus, but if securing as much time as possible to pay off your debt is a top priority, the U.S. Bank Business Platinum is one of the best options currently available. Additionally, note that the 3 percent balance transfer fee (minimum $5) is in line with fees charged by similar cards.

PNC Visa Business Credit Card*: Best for just a balance transfer offer 0 percent intro APR for the first 13 billing cycles on balance transfers made in the first 90 days, then a variable APR of 12.24 percent to 22.24 percent

3 percent balance transfer fee (minimum $5) If you’re worried about the temptations of receiving both a purchase and balance transfer introductory offer, the PNC Visa® Business Credit Card may be your best bet since there’s no intro APR period for new purchases.

As a cardholder, you’ll have 13 billing cycles to pay off debt interest-free, provided you transfer your balance within the first 90 days. After the introductory period, you’ll receive a variable APR between 12.24 percent and 22.24 percent.

This card also comes with no annual fee, no welcome bonus and no chance to earn rewards, which should further reduce the temptation to spend. Further, PNC Bank offers quite a few features that can help you track your business spending, including online account management with spending reports. Business owners can even download transactions into Excel, Quicken or QuickBooks for accounting and expense tracking.

How to choose a business balance transfer card

There are a few questions to ask yourself before applying for a business balance transfer card. We’ve highlighted three below to help make the selection process a tad easier.

How much high-interest debt do you need to pay down?

The first thing you need to do is take stock of your business’s financial needs. If you have a lot of high-interest debt — and credit card debt payoff is your top priority above all else — look for the longest 0 percent APR period available. You may not receive ongoing rewards or a welcome bonus on such cards, but the ability to knock out debt without additional interest should outweigh those drawbacks.

Do you need a promotional APR for larger purchases?

If you have any large purchases on the horizon for your business, such as new machinery or bulk office supply purchases, you should look for a business credit card that offers an intro APR on purchases (in addition to a balance transfer offer). That way, you’ll be able to pay these purchases off over time without accruing interest charges. Of course, be careful not to overspend with your new balance transfer card while you’re in the debt payoff process.

Do the balance transfer terms make sense for your needs?

No matter how much debt you have to pay down, you should pay attention to the terms of the balance transfer. For instance, you should know how much the balance transfer fee is. If the balance transfer fee is too high, it might not justify the savings on interest or make sense to go this route. For example, if you anticipate paying $300 in interest fees until you pay your balance off, but a balance transfer fee would work out to $400, transferring your balance wouldn’t make sense. If you need help crunching the numbers, you can analyze your balance transfer options using Bankrate’s credit card balance transfer calculator.

It’s also good to know how soon after opening your account you’d have to make your transfer to be eligible for the promotional offer, along with what happens to your promotional APR if you miss a payment during the introductory period. Many issuers will charge a penalty APR and end your introductory offer early if you miss any payments.