Can I transfer balances from my personal Credit card to my business credit card? What are the implications?
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Transferring balances to a low interest credit card is a widely prevalent practice. But, is every available balance transfer credit card the same? A good look at the offers and you will find that some of them surely standout from the crowd. What makes them different and more lucrative? Here are 5 factors that will help you select a balance transfer credit card that will prove more beneficial than others.
1. Earlier it used to be 0% Intro APR on balance transfers for a specified period, but now it is gone. It is very rare to find a balance transfer credit card with 0 % Intro APR. So, the next best thign is a low APR for balance transfer. There are many credit card which offer balance transfer at APRs ranging from 4.5% to 7% for a limited period and a regular APR after that.
2. It is good to have a low APR balance transfer but if a credit card offers a low APRon balance transfer for a very short period of time, it is better to look for another. Low balance transfer APR for the life of balances is a good option to have.
3. Credit card companies do charge some fees for transfering the balance. This could be anything between 3-5% of the amount transfered. This balance transfer fees increase the cost of balance transfer. So, the ideal situation would be to have a credit card which doesn't take any balance transfer fees.
4. Any balance that has been transferred has to be repaid, now what happens is that if you have done a balance transfer and miss one payment all the goodness of low balance transfer APR vanish and an instant high regular APR sets in. This can prove fatal for all the goodies you expected with the balance transfer. So, wouldn't it be nice to have a balance transfer credit card which offers a grace period on repayment. Many credit card offer such facility and it's definitely good to have one. Read more from: http://www.credit-card-gallery.com/credi...
It is not good practice. Personal and business income and expenses have to be separate and maintained that way. Once you co-mingle them, the IRS will no longer look at your business as a business but as a hobby and subject to hobby rules which will cost you more in taxes.
Keep them separated.
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