Balance transfer credit cards are extremely popular among finance experts. They are often touted as one of the smartest financial tools and tricks to pay off debt quickly. But unfortunately, many business owners do not take similar advantage of these finance secrets. Surely if you are a business owner, you have some debt. It would be wise to consider working the balance transfer APR game in your own favor to benefit your business’s financial security without having to define outsource operations. Find out all about balance transfer credit cards and how balance transfer APR tricks can help you improve your business financial standing in this post.
What Is A Balance Transfer Credit Card?
First, you need to know what balance transfer credit cards are in order to benefit from them. A balance transfer credit card is one that offers an introductory 0% interest rate on balance transfers. These types of zero interest credit cards are not interest free forever. However, they allow you a nice window of time to pay back your existing credit card debt without the burden of a 20% interest rate. Usually, 0% balance transfer APR cards offer this benefit for anywhere from three months to a year. After that, you may find variable balance transfer APR rates depending on which balance transfer credit card you choose. Now that you know what balance transfer cards are, you can definitely begin to see its advantages.
What About Fees?
There may be balance transfer fees hidden in some of these so-called 0% balance transfer interest. Some balance transfer credit cards pull one over on business owner credit seekers by touting the benefits of 0% balance transfer APR. They fail to mention that there is often a balance transfer fee assessed for each balance you transfer. This amount could be as much as $500 additional dollars you will have to owe creditors! However, this is not true for all cards. You want to be sure to look for balance transfer cards that have no hidden balance transfer fees. This way, you can experience all the business benefits of 0% APR, without incurring further debt from balance transfer fees to do so.
Lower Costs For Business Capital
One of the biggest benefits of using 0% balance transfer APR cards is the lower capital costs. It costs a business much less money to source working capital when they save money using business credit cards with 0% balance transfer interest promotions. That means that ultimately, you are getting business capital infusions at the cheapest possible rates for your business. In the end, you will wind up paying much less money to finance business startup or expansion costs. This will lead to a better financial status for business. You will be better able to quickly pay off business debts and continue to earn profits from your business. If you want to find the cheapest way to fund business operations, you may want to consider transferring debts from existing business credit cards to those that are offering zero percent introductory interest rates on all balance transfers for business.
Rack Up Rewards
You can also use balance transfer business credit cards to rack up rewards. This is a nice perk in addition to the existing balance transfer APR benefits. While paying off existing debts with no interest, you will also be accruing credit card rewards, miles or points. This, of course, depends on what types of balance transfer business credit cards you have. For the most part however, you will be able to transfer and pay off your existing debts for free and then benefit from the credit card rewards those introductory offers award. It is like you will be getting paid in point and rewards just to benefit your own business finances from zero percent interest rates. This is a benefit of balance transfer APR cards for business that cannot be understated.
It Is Easier To Consolidate
Balance transfer business credit cards allow you to consolidate your debts. Obviously, it is easier to consolidate business debts whenever possible. It allows busy business owners a single space to track financial health and pay back existing business debts. This makes it easier to keep track of your debts and your payments. It also makes it easier to pay them on time on top of offering payment protection. Debt consolidation solutions afforded by zero balance transfer APR offers are certainly an advantage that any business owner would be wise to capitalize on. Your business bank account will thank you.
Balance transfer APR offers from credit card companies are one of the most promising finance and debt management tools business owners have at their disposal. There are a ton of advantages to using 0% percent balance transfer APR introductory offers to your business’ benefit. You can experience them all by applying for a credit card for business that offers zero percent interest on all balance transfers without any hidden balance transfer fees. Then, your business financial status is sure to flourish once you pay off your debts and save some money on accrued interest.