Before the credit crunch, a number of credit card companies offered business balance transfer deals lasting as long as 15 months. Today, the small handful of available small business credit card balance transfer offers only last 6 months. However, if your current business card has a high interest rate, a 0% APR balance transfer and a lower long term interest rate could go a long way in reducing your businesses credit card debt. Below you can compare current business balance transfer offers and apply online.
Business Credit Card Balance Transfer Options
Because business credit card debt is the responsibility of the business owner, using a consumer credit card that offers 0% APR balance transfers may be an effective way to cut down on interest expenses. However, when you transfer your business credit card debt to a personal credit card, it could have a negative impact on your credit score. The issue then becomes whether your balance sheet or your credit score is more important. In many cases, you may be better off dinging your credit score to save money on interest with a balance transfer.
As a small business owner, I can still remember the days when offers for 0% balance transfers flooded my mailbox on a daily basis. Unfortunately, I haven’t seen a business balance transfer offer in quite some time. One of the true tragedies of the credit crisis is that small business owners are being squeezed very hard by creditors. Whether its credit limit decreases or interest rate increases, the costs of doing business with credit cards are exponentially higher than they were a few years ago.
Hopefully, credit card companies will extend us a helping hand in the near future. But right now, many are biting the hands that feed them. Until then, I wish you all the best of luck and hope the drive that proppelled you to start your own business will help you find creative ways to get through this Greatest of Recessions.