If you need a business credit card balance transfer then you are likely looking at a lot of debt with high interest rates and wondering how you are going to pay it. Business credit card balance transfers are less common than regular credit card balance transfers, but they do happen and you can usually find a balance transfer credit card that will save you money in interest so that you can manage the debt and eventually get it paid off. However, you’ll want to make sure that paying the debt is worth the interest you’ll save and we’ll go over how to figure that out here.
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First of all, what are balance transfer credit cards. These are cards that basically allow you to pay off your existing credit card with a brand new one, usually at a lower interest rate and sometimes an initial grace period so that you can save money over making payments on the other business credit cards that you have. You’ll want to check your existing credit card APR over the new one and find out how much that you’ll save in interest because it may cost you money to do a balance transfer, and if you haven’t read your credit card agreement carefully you may not yet know how much it will cost.
Credit card companies make money over the long term when you get in debt and can no longer afford to make the full payment, but instead must make the minimum payment, carrying over your debt to long term and paying interest on the amount over and over. This is how people get into debt problems and cannot seem to get out of them. Many declare bankruptcy, or simply don’t pay the debt at all, which gives them a poor credit score and makes them unable to get a loan for a car or home and makes all of their other debts higher interest.
Credit card companies don’t want you to pay off the debt completely because they will lose money if you do. This is why many times there will be a service charge to do a balance transfer and you will have to pay money to pay off your old card. You should be aware of this fact when you first apply for a credit card so that you can choose a card based upon whether or not you’ll ever want to do a balance transfer to a lower interest rate card. However, if you already have an existing credit card that you need to do a balance transfer on, and didn’t check the agreement then check it now to see if it will cost you anything to do a balance transfer.
For your business credit card, this is especially true because its likely that you’ll have a lot charged to your business credit card. In fact, you may even have many different business credit card that your employees use and your debt could be much higher than the average person with a personal credit card. Make sure that it isn’t going to cost you more than you are going to save by doing a balance transfer, and if it is, consider getting a debt consolidation loan instead so that you can pay off the credit card company with cash and not have to pay the balance transfer fees.