Transferring a balance from a Business Credit card to a Personal Credit card

moneysmart_2

Hi,
I curious to know if a balance on a business credit card can be transferred to a personal credit card?
I'm not sure if there would be any red tape to prevent this?
Kind regards
Nick

funkycredit

Yes you can.

Sandtree

Depends on the "business"... ie is it a sole trader or a Ltd?

If the former no problem, if the later it may be a problem as some lenders only allow you to transfer debts that are in your name. This isnt all and you can all ways get a money transfer offer and therefore use the cash to pay it off.

funkycredit

Business cards come in your name. All my business bank and credit cards show my name - others show my staff name and some show my accountants name. 

Hence its "cardholder" and not "account holder" which is asked on BT's. You can also BT someone else's balance if you're an additional cardholder; such as your partners! 

Edit to add - our TSB debit card shows my name then below it the business name. Barclays & Clydesdale debit and business Amex & Barclaycard both show my name only. 

moneysmart_2

Thanks for the replies, this will help hopefully as I'm going to need to use my business card to pay for my self assessment tax bill (including their card fee) and then BT it across to a personal card at 0%.
I didn't include all of the information at the time as it is a very long winded story and circumstances will change dramatically for me financially later this year so need to ride the storm in the meantime and then play catch up from October.  This allows me the breathing space until October as the initial repayments will be low and is better than the 12 month term that HMRC will offer.

Sandtree

moneysmart_2 said:

Thanks for the replies, this will help hopefully as I'm going to need to use my business card to pay for my self assessment tax bill (including their card fee) and then BT it across to a personal card at 0%.

Remember that HMRC charge for use of business credit cards (and for those that will jump in, dont allow payment on personal credit cards where additional fees are not allowed).

The ability to transfer it will still depend on if the account holder is you or Moneysmart_2 Limited... some will still allow it as they dont care who the debt is in the name of but others will only allow it if the recipient is an account in your name (and it is normally account not card)

moneysmart_2

Would I be best to contact my personal card provider and ask the question as to whether they would permit a balance transfer from the business card?

Sandtree

moneysmart_2 said:

Would I be best to contact my personal card provider and ask the question as to whether they would permit a balance transfer from the business card?

Its up to you... historically some said "can only transfer balances that are in your name" but in practice if you put your wife's, adult child's, companies card number in etc it allowed the transfer to go through anyway. Now, with the whole OpenBanking thing there is more data shared between institutes and so more check who the accountholder is systematically.

Asking obviously opens up the information of what you are intending to do but does give you more certainty (but may stop you being able to breach the rules if they say no). If the card is on an account in your name and you are a sole trader I think the risks are low because legally it is your debt. If the card account is in a company name then there is much more risk but there are card issuers who dont give a hoot whos debt it was originally as long as you know it becomes purely your problem if the transfer goes through.

funkycredit

Who is your business / personal provider. That'd help