The Advantages Of Using A Balance Transfer Business Credit Card
A balance transfer business credit card can end up being a godsend for small business owners.
Businesses, like individual consumers, can benefit from switching from high interest rate charge cards.
The advantages are quite obvious and they include the following: 1) Take advantage of 0% APR introductory offers.
I know that at this time Advanta is offering 0% APR balance transfers for 15 months.
Most other issuers will fall in the 6-12 month range.
2) The convenience of consolidating debt from existing credit card accounts onto a single account.
From a purely administrative point this is a no-brainer.
It is much easier to track and pay one bill than it is to deal with several.
3) Accounting becomes much easier to manage.
You will want to look for a card that allows you to access your transactions 24/7 365 days a year.
Being able to order up a quarterly statement is also a must.
4) Having the ability to use your balance transfer business credit card to pay down existing debt.
Take full advantage of the 0% or low interest rate introductory offer to pay down some or all of your existing debt.
These are just a few, but certainly not all, of the business solutions that can be beneficial to businesses of all sizes.
Now let's take a look at what you should be looking for when you compare balance transfer offers from the likes of Chase, Citibank, American Express and Discover Card, to name a few.
1) Check to see what the introductory rate is and how long it lasts.
This is usually 6-12 months but they are all different.
2) Find out what the rates will be when the introductory period expires.
Don't get surprised with high rates.
Know what they will be going in.
3) Check to see if there are any balance transfer fees.
There usually are fees associated with the transfer.
4) See how much the fees are.
As long as the fees are not excessive in most cases it is usually still a sound move to transfer debt.
5) See what your credit limit will be.
You are running a business and therefore require a larger credit limit than individuals.
6) Make sure the limit is enough to cover the existing debt.
If it doesn't then maybe you may want to look at offers from other credit card issuers.
These are the main points you will want to consider when comparing balance transfer business credit cards.
This is not an exhaustive list by any means but it is an excellent place to start.
Go to a reputable credit card web site and take your time to read over the terms and conditions set forth on the credit card applications that interest you.
Businesses, like individual consumers, can benefit from switching from high interest rate charge cards.
The advantages are quite obvious and they include the following: 1) Take advantage of 0% APR introductory offers.
I know that at this time Advanta is offering 0% APR balance transfers for 15 months.
Most other issuers will fall in the 6-12 month range.
2) The convenience of consolidating debt from existing credit card accounts onto a single account.
From a purely administrative point this is a no-brainer.
It is much easier to track and pay one bill than it is to deal with several.
3) Accounting becomes much easier to manage.
You will want to look for a card that allows you to access your transactions 24/7 365 days a year.
Being able to order up a quarterly statement is also a must.
4) Having the ability to use your balance transfer business credit card to pay down existing debt.
Take full advantage of the 0% or low interest rate introductory offer to pay down some or all of your existing debt.
These are just a few, but certainly not all, of the business solutions that can be beneficial to businesses of all sizes.
Now let's take a look at what you should be looking for when you compare balance transfer offers from the likes of Chase, Citibank, American Express and Discover Card, to name a few.
1) Check to see what the introductory rate is and how long it lasts.
This is usually 6-12 months but they are all different.
2) Find out what the rates will be when the introductory period expires.
Don't get surprised with high rates.
Know what they will be going in.
3) Check to see if there are any balance transfer fees.
There usually are fees associated with the transfer.
4) See how much the fees are.
As long as the fees are not excessive in most cases it is usually still a sound move to transfer debt.
5) See what your credit limit will be.
You are running a business and therefore require a larger credit limit than individuals.
6) Make sure the limit is enough to cover the existing debt.
If it doesn't then maybe you may want to look at offers from other credit card issuers.
These are the main points you will want to consider when comparing balance transfer business credit cards.
This is not an exhaustive list by any means but it is an excellent place to start.
Go to a reputable credit card web site and take your time to read over the terms and conditions set forth on the credit card applications that interest you.
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