Best Business Card for balance transfer

[Bees18]

Hi,

Looking for the best business card for a balance transfer and 0% interest promo. If one even exits I can't seem to find one. Somethign that won't start out with a small limit. We do have a business card with Amex with a large limit but a very high interest rate. We are expanding, starting a new website and selling new products and will need to carry a balance for a few months. 

[Bees18]

I did do the GM business prequal...and it said I could start out with 1.5k lol. So that was a no go. This might be because of new accounts opened on the personal side recently though. So should also add looking for a bank or credit union that won't mind two new cards in the personal side.

[GZG]

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@Bees18 wrote:

Hi,

Looking for the best business card for a balance transfer and 0% interest promo. If one even exits I can't seem to find one. Somethign that won't start out with a small limit. We do have a business card with Amex with a large limit but a very high interest rate. We are expanding, starting a new website and selling new products and will need to carry a balance for a few months. 

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somebody else should chime in on this, but Amex doesn't limit the 0% intro APR period to the original CL of the card right? 

if you just got a second Amex business card, BBP or BBC or something, transfer most of your current limit over to the new card which will have 12 months 0% apr you can use that entire limit at 0% apr right? 

[JoeRockhead]

Unfortunately there aren't many options for BT cards when it comes to Business cards, US Bank triple cash is one and I believe Citi has one as well, and that may be about it, and both of those can be finicky where criteria/approvals are concerned.

Neither Amex, or GM will allow balance transfers from another card including one of their own, such as adding another Amex. If it's becoming that much of a financial burden with the high interest, you may want to consider one of the many personal cards currently out there offering 15, 18 and even 21 months at 0%. Or, getting something like a new Amex Business card with 0% for 12 months and putting your spend and new expansion expenses there while concentrating on getting the high interest Amex balance down. Also, wouldn't hurt to call Amex to see about getting a rate reduction on that card. 

[ocheosa]

@Bees18 I would recommend the Elan Business Visa Card. Intro APR for Purchases and Balance Transfers: 0% introductory APR for the first 18 billing cycles.

Elan Financial is partnered with US Bank. There is a ton of info on the forum if you do a search. I have three cards with Elan: The first was a personal card that I opened without having a relationship, across the country, and the opening SL was $5k. The second was also a personal card. Opened a checking/savings account with a bank nearby first, starting line was 20k. Third card was a business card, opened a personal checking account same day, SL was 22.5k.

Just google "elan business card" and "your city and state" to find the banks near you that offer elan cards. And later you may decide on one of the rewards cards (business or personal) and it's nice to have the option of having rewards deposited into a bank account vs statement credit. Of course, generally speaking, doesnt much matter either way.

Elan Visa Business Card (terms and conditions)
https://online1.elancard.com/pdap/terms?step=display&offerId=6H7R5G41WM&locationCode=25405

Hope this helps!

BTW, if you prefer mastercard over visa, two mastercard version links can be found in my post-
https://ficoforums.myfico.com/t5/Business-Credit/Elan-Smart-Business-Rewards-Mastercard-Approval/m-p...

071623-1071623-2

[Bees18]

@ocheosa thank you. Applied and got the 5-7 day message. I think that may have to do with the fact as a sole proprietor ...I put the business name instead of my name. I just read that your supposed to put your name as the business name as a SP. We do have a DBA for our new online shop, but that paper work won't be ready untill the end of the week. Maybe I should have waited. I might have messed this up.

My spouse last night did chase. Since they already Bank and have a card with chase. Both us us have recently opened cards on the personal side though...2 each...and they only gave 4K. Can you recon with chase? Would sending them a secure message or calling work? Or can you move money from your personal chase card to your business card? That's probably the lowest limit they've ever been offered in anything since the time they got their first credit card. Because both our scores are high, I am guessing it's the new accounts which all now show up on our reports. Probably should have waited six months....

[ocheosa]

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@Bees18 wrote:

@ocheosa thank you. Applied and got the 5-7 day message. I think that may have to do with the fact as a sole proprietor ...I put the business name instead of my name. I just read that your supposed to put your name as the business name as a SP. We do have a DBA for our new online shop, but that paper work won't be ready untill the end of the week. Maybe I should have waited. I might have messed this up.

My spouse last night did chase. Since they already Bank and have a card with chase. Both us us have recently opened cards on the personal side though...2 each...and they only gave 4K. Can you recon with chase? Would sending them a secure message or calling work? Or can you move money from your personal chase card to your business card? That's probably the lowest limit they've ever been offered in anything since the time they got their first credit card. Because both our scores are high, I am guessing it's the new accounts which all now show up on our reports. Probably should have waited six months....

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@Bees18 I am also a SP. In the first two boxes-

business name: used my name and for business name on card: i used dba

Further down when you are entering business details it will ask for the business structure with a drop down box. If you chose sole prop, just under that line there is a check box to click if doing business as a dba will reveal another box to fill in the company dba name.

I got the 7-10 day message. Not sure about what 5-7 stands for but give them a call in the morning so they can pull your application and make any adjustments needed. I've found them to be super responsive and quite friendly.

ELAN BUSINESS CREDIT CARD
Elan Financial Services: 800-685-7680 (Underwriting)
US Bank: 800-947-1444 (status), 800-685-7680 (Underwriting)

[triplej0718]

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@Bees18 wrote:

Hi,

Looking for the best business card for a balance transfer and 0% interest promo. If one even exits I can't seem to find one. Somethign that won't start out with a small limit. We do have a business card with Amex with a large limit but a very high interest rate. We are expanding, starting a new website and selling new products and will need to carry a balance for a few months. 

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Yes there are a few balance transfer 0% interest promo business cards.

PNC Business card has a 0% balance transfers for 13 billing cycles (Experian Pull)

Wells Fargo Business card has a balance transfer promo for 9 months IIRC (Experian pull)

Any Elan Business cards has 18 month balance transfers (Tranunion only at the moment)

Fifth Third Bank has 12 month balance transfer Promo (Experian Pull but Geo restricted)

Fairwinds Credit Union has a 12 month balance transfer Promo (Equifax Pull but only for Florida Businesses)

First Citizens Bank has a 12 month balance transfer Promo (Experian/and or Equifax Pull but its Geo restriced)

BHG Business Credit Card offers 12 month balance transfer Prom (Transunion Pull at the moment)

I'm sure there are a few others as well. Check your state of business by googling top SBA Lenders in your state and research those banks and browse through their website and see if they offer any 0% balance transfer business cards. Good luck with your search.

[Bees18]

Thank you, and I must of missed the DBA part. I just did business name as business name, also the business name for the card.

then chose SP. And after that just the personal info.

[Bees18]

@ocheosa also what docs do I need to have ready when they call, or was the 5-7 day message just to verify your ID or something like that. Is that standard for apps with them?