Advanta Platinum Business Card

SUMMARY OF IMPORTANT ADVANTA BUSINESS CARD ACCOUNT TERMS
Annual Percentage Rate (APR) for Purchases and Balance Transfers	Prime plus 5.99% ; however, for Balance Transfers only, introductory 0% for the first twelve billing cycles from the date your account is opened.
Other APRs	Cash Advances: Prime plus 5.99% or Prime plus 15.99% . Default: The higher of the account APR plus 3%, or Prime plus a Default Margin of 17.99%.
Grace Period for New Purchases	25 days from statement closing date, if new balance is paid in full in the manner and by the time of day on its due date as shown on statement.
Annual Fee	None when you select any Cash Back reward program; $35 annual program fee when you select the Bonus Miles reward program.
Minimum Finance Charge	None when you select any Cash Back reward program; $35 annual program fee when you select the Bonus Miles reward program.
Transaction Fees for Cash Advances and Balance Transfers	Cash Advances other than Convenience Checks: 3% (minimum $5); Convenience Check Cash Advances: 3% (minimum $5; maximum $50). Balance Transfers processed during the introductory period: 3% (minimum $5; maximum $50).
Other Fees	Late Payment Fee: $15 to $39 based on balance. Overlimit Fee: $15 to $39 based on balance. Returned Payment Fee: $20. Dishonored Convenience Check Fee: $20.

Advanta Business Cards are issued by Advanta Bank Corp., Member FDIC, pursuant to an Advanta Business Card Agreement. The Platinum BusinessCard is a MasterCard Executive BusinessCard. While the rates, indexes, margins, fees, and other account terms described here are typical of those recently offered and in effect on Advanta Business Cards and are expected to apply to your account, your account terms will be in every instance determined by us and reflected in your Card Agreement. Your Card Agreement also contains an arbitration provision, which replaces the right to have claims heard in court by a jury and also precludes participation in class actions. The terms of your account, including APRs, are subject to change in accordance with your Card Agreement, which you should read carefully and retain.


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What is a balance transfer?
A balance transfer can be explained simply as a balance transfer! When a balance is transferred usually from a credit card, but possible from a bank account or loan to a credit card with a offer interest rate (usually 0%) for a set period. It does not have to be the entire amount. The card receiving the balance will an interest rate for a set term, normally 6 months, but can be 9 months or even a year. Take a look at the current balance transfer deals currently available. This will give you a flavour of the typical kind of deal available. Consider Chase Credit cards for balance transfers.

Should I apply for a balance transfer to a low apr credit card?
It is important to remember that a balance transfer does not mean that the debt has gone away. It just means you are not paying interest on it. You will still have to maintain payments.
This may seem obvious but many people do not get this straight in their mind.
The basic criteria for getting a balance transfer is when you regularly have an outstanding balance after making your monthly payments. This is the amount you should look to transfer to another card. This will mean that for the period of the offer you will pay no interest on the balance (provided you make the minimum payments).
You should be very wary of taking up a balance transfer, if your overall debt is increasing. A balance transfer is not a green light to spend more money. The money you save should be used to decrease your debt.