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Business owners with high interest debt have several options that can help accelerate debt payoff.

You may choose to pay off your business debt using a tried-and-true method like snowball or avalanche, or even consolidate your debt with a small business loan offering a lower APR.

Another option is one many business owners may not even know about — using a business credit card that allows balance transfers. While very few credit cards for business actually offer this option, the ones that do extend zero percent introductory APRs on transferred balances for a limited time. Some even offer rewards that may entice you to use your new business credit card for the long haul.

If you’re ready to consolidate high interest debt your business has racked up, make sure to consider all your options.

Bankrate’s picks for the best business balance transfer cards for 2020:

• Best for everyday spending: American Express Blue Business Cash™ Card
• Best for flexible rewards: The Blue Business® Plus Credit Card from American Express
• Longest zero percent APR offer: U.S. Bank Business Platinum

American Express Blue Business Cash™ Card

• Earn 2 percent back on eligible purchases up to $50,000 per year, then 1 percent
• No annual fee
• Zero percent APR on purchases and balance transfers for 12 months, followed by a variable APR of 13.24 to 19.24 percent
• 3 percent balance transfer fee (minimum $5) applies

Why it’s the best for everyday spending

The American Express Blue Business Cash™ Card is ideal for everyday business spending if your goal is earning cash back that is automatically credited to your account. This card earns 2 percent back on the first $50,000 on purchases each year, and you’ll earn 1 percent back on all your purchases after that.

You won’t pay an annual fee, and you’ll qualify for cardholder benefits like purchase protection against damage or theft and extended warranties on eligible items that come with a manufacturer’s warranty.

You’ll also get zero percent APR on any balances transferred from other cards or loans for 12 months, followed by a regular variable APR of 13.24 to 19.24 percent. You’ll need to pay a 3 percent balance transfer fee (minimum $5) upfront, but you can still save a considerable sum on interest, since all your payments will go directly toward your principal balance for a full year.

Blue Business® Plus Credit Card from American Express

• Earn 2X Membership Rewards points on your first $50,000 spent each year, then 1X points
• No annual fee
• Zero percent APR on purchases and balance transfers for the first 12 months, followed by a variable APR of 13.24 to 19.24 percent
• 3 percent balance transfer fee (minimum $5) applies

Why it’s the best for flexible rewards

The Blue Business® Plus Credit Card from American Express is similar to Amex’s Blue Business Cash, but this is the better option if you want more say in how you redeem your rewards.

That’s because this card lets you rack up 2X American Express Membership Rewards points on the first $50,000 you spend on purchases each year, then 1 point per dollar spent. With this rewards currency, you can book travel directly through AmexTravel.com, redeem rewards for gift cards or merchandise or transfer points to partners such as Delta Air Lines, Air France / Flying Blue or the Hilton Honors program.

This card offers the same zero percent APR on purchases and balance transfers for the first 12 months, followed by a variable APR of 13.24 to 19.24 percent. You’ll also pay the same 3% balance transfer fee (minimum $5) for high interest debt you transfer from other cards or loans. This business credit card doesn’t charge an annual fee, either.

U.S. Bank Business Platinum

• Zero percent APR on purchases and balance transfers for 20 billing cycles, followed by a variable APR of 9.99 to 17.99 percent
• 3 percent balance transfer fee (minimum $5) applies
• No annual fee

Why it’s the best for those who want a long zero percent APR offer

If you’re not interested in earning rewards because your main goal is paying off high interest debt, then the U.S. Bank Business Platinum could be just what you need. Once you sign up for this card, you’ll earn zero percent APR on purchases and balance transfers for a full 20 billing cycles. This is the longest zero percent APR offer from a business credit card available on the market right now.

You will need to pay a 3 percent balance transfer fee (minimum $5) to transfer over your high interest debt, but the potential savings make that cost well worth it, since you’ll have more than a year and a half to pay down your balances without accruing interest payments. This card also comes with no annual fee, and even the regular variable APR is on the lower end compared to other business credit cards.

The information about the U.S. Bank Business Platinum has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

When is transferring a balance a good idea?

Transferring a balance makes sense for business owners who have high interest debt they want to consolidate and pay down. Because some business credit cards offer a balance transfer option with zero percent APR for an introductory period, those who take steps to consolidate their debt in this way can save considerable sums of money on interest over time.

Consolidating debt with a business credit card can help you reduce the number of bills you pay each month. And for future business purchases, you’ll have secured a new business credit card that lets you earn rewards on your spending or access important consumer protections and cardholder perks.

Conducting a balance transfer to eliminate business debts can be a smart savings move and have the added benefit of earning rewards and valuable perks. Just remember that, for a balance transfer to be a major benefit, you need to get serious about paying down as much of your total balance as possible during the introductory period. It’s also important to refrain from racking up new balances that might make getting out of debt even harder over time.

Keep in mind that applying for a business credit card will result in a hard inquiry on your personal credit report, which can temporarily impact your credit score in a negative way.

Transferring balances between business credit cards may or may not affect your personal credit score, but any impact should not be long-lasting provided you pay your bills in full and on time, and never let your accounts fall into default.

Source: Bankrate