Can a balance on a sole trader business credit card be moved to a 0% offer personal credit card?

Jubudz

Hi. Can a balance on a sole trader business credit card be moved to a 0% offer personal credit card?  Many thanks.  J

Ebe_Scrooge

Usually yes - although you'd need to check the T&Cs of the card you're planning to transfer to.

What I don't know, however, is what impact this would have on your company accounts, P&L figures, tax implications etc. It might be worth checking with your accountant to see whether it would cause any issues from that point of view.

Sandtree

In practice you can normally transfer any CC debt via a BT irrespective as to the holder of the other card is... it can be against the T&Cs of the card to do so but never found a bank that enforces*

* note I have only done one cross person transfer since Open Banking came into being and so it is now easier for them to check. That said you are legally the account holder and even in the pre-Open Banking days the indicator it was a business card would already be there.

The only question for the accountant given you are a sole trader is if the BT fee could be an allowable business expense given its presumably been incurred to avoid interest being incurred which would have been higher... my assumption would be that it is but I am not an accountant.

If it had been from a company rather than sole trader than that would have effectively been a directors loan and would need different treatment.