If you are stuck in paying a high balance with high-interest charges then getting a balance transfer card is the viable option. Balance transfer credit cards are considered as an excellent tool for saving money on the interest charges for a longer duration of time. If the important question is popping in your mind that “Can you Get A Balance Transfer Card with Bad Credit?” Then only few balance transfer cards are available for limited credit Although they are not marketed as the balance transfer card for bad credit.
Generally, balance transfer cards are regarded as the suitable option for all those who have FICO credit score greater than 630 but fewer options are available for credit score lesser than 580. Although there are other viable options for bad credit cardholders to pay off debt. There are indirect approaches to build your credit score with the passage of time and then opting for balance transfer credit cards. In this way, you can eventually qualify for balance transfer credit cards.
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How to Get A Balance Transfer Card with Bad Credit? – Key Takeaways
- If you have bad credit score then you might qualify for the secured card options for balance transfers cards, But for the secured cards you have to put money aside for the security deposit.
- If you have a good to excellent credit score than you can easily qualify for the unsecured credit card options with minimal balance transfer fee
- Even with great credit history you can avail the best balance transfer credit cards with introductory APR on qualifying balance transfers
- The bad credit cards decreases the approval chances of the top balance transfer cards with introductory APR but it do have some other options to avail a balance transfer card with bad credit
Am I eligible to do balance transfer with Bad Credit?
Yes, you are. But with bad credit its not a viable option to go for balance transfer. As balance transfer may seem a quick refix but unfortunately for people with poor credit it is not the case. Balance transfer cards are for people with fair to excellent credit score so that they can qualify for the introductory 0 APR for a longer duration of time. The key goal is to reduce the interest rates so you can save the additional money for the other expenses. Many of the credit issuers lend balance transfer cards to the people who have FICO score ranging from 630- 850.
Best Balance Transfer Credit Cards
Do you currently have a pile of credit and debt that can put you in a financial crisis soon? If yes, you are not alone. Millions of Americans are struggling to keep their credit utilization low and get out of debt faster. One viable approach to tackle credit card debt is by getting 0 APR balance transfer credit cards. These cards will give you the opportunity to avail no interest payments for 15-21 months.
Best Balance Transfer Card with Bad Credit
A credit score that is below the bracket of 580 is regarded as bad. It is possible to secure balance transfer cards but the low APR period is shorter than the other cards. If you want to get a balance transfer card with bad credit, discover it Secured Credit Card is the best option. Lets deep dive into the details of this card.
Discover it® Secured Credit Card
If you want to get a balance transfer card with bad credit, go for the Discover it® Secured Credit Card. This card offers 10.99% introductory APR for the duration of 6 months and afterwards, variable APR of 28.24% is applicable. For all individuals who have poor to limited credit, this card with $0 annual fee deserves a special place in their wallet. The perks of this card are not limited as it charges no fee for individuals who pay late for the first time. After that the late payment fee of $41 is applicable.
Card Details of the available Balance Transfer Card with Bad Credit
- The greatest benefit is that there is no specified limit of credit required to apply for this card
- With no annual fee, you can also earn cashbacks and build your credit history with on time payments
- Being a secured card, it requires a security deposit to get a balance transfer card with bad credit. The security deposit starts at $200 and ends at $2500 which further serves as your credit line.
- The card is automatically reviewed after the duration of 7 months to check if the card holder is eligible for the unsecured card with higher credit line.
- Even being the balance transfer card with bad credit score holders this can earn you 2% cash back on gas stations and restaurants with a combined spending cap of $1,000 in each quarter
- Other than that, being the balance transfer card with bad credit score, you can earn unlimited 1% cash back on all the other purchases
- Discover considers the security of the user as the top priority and therefore reduce the risk of personal information online by removing the sensitive information from the malicious site. This feature is free to activate using the mobile application.
| Pros | Cons |
| Comes with $0 annual fees | Comes with no welcome bonus |
| Opportunity to get an unsecured card with higher credit limit | Requires a security deposit |
| Being the balance transfer card with bad credit it offers generous reward program |
Pros and Cons of Getting A Balance Transfer Card with Bad Credit
Most of the credit cards that are for bad credit score holders don’t offer preferential interest rates on new purchases, so it is important to avoid purchases via the balance transfer card with bad credit. Also one of the drawbacks of this card is that you have to pay the balance transfer fee that will further put a strain on the wallet.
Therefore even with balance transfer card you should have a solid repayment plan that could help you in the longer run. Unless you are serious about debt repayment, transferring the balance won’t help you much. Moreover, if you get 0APR for the duration of 15-21 months on balance transfers and purchases then you can leverage the card to pay the debt.
Alternatives to balance transfer card
There are other alternatives to balance transfer card with bad credit that can help you get out of debt faster.
Debt Consolidation loans
There are multiple approaches to consolidating high-interest debt. One such approach is personal loans that is offered on fixed interest rates along with fixed repayment period. Having the set payment with fixed interest charges can make the debt repayment schedule easier.
Best ways to consolidate credit card debt
If you are buried under the weight of debt, then there are ways to consolidate credit card debt effectively. The best ways are those that can help you regain control on your finances in a shorter duration of time.
Get a co-signer
If you have poor credit and are not even eligible for the personal loan , then its viable option to consider applying for the co-signer. in this way any one is your close family or friends lends you the good credit for you to qualify . Although there is a risk involved in it as both of them are equally responsible for paying the debt.
Negotiate APR
One way to get balance transfer card with bad credit is to negotiate the card issuer to lower the APR so that you would be able to pay the debt sooner. If the issuer agrees to lower the APR than you can save money on the interest rates.
Work on your credit score
Instead of solely focusing on the balance transfer credit cards , it is important to build good credit score to avail the best possible credit cards. You can work on improving the credit score by making timely payments , hard inquiry on new cards and avoid taking new debts .
10 Ways to Build and Improve Your Credit Score
If you want to take hold of your financial journey today, learn about the 10 effective ways to build your credit scores. These are actionable tips to strengthen the credit score with obvious results in a short time frame.
Frequently Asked Questions
What is balance transfer?
Balance transfer is an approach that is used to move debt from one or more credit cards to the other. As balance transfer cards offer an introductory APR period so I can save save incurring interest charges for a specific time frame. This way more payment goes in paying the debt rather than the principal interest rates. But it’s important to note that balance transfer cards charge balance transfer fee in the range of 3-5%.
What is the ideal credit score for the balance transfer card?
Ideally, the best balance transfer card requires a credit score that is greater than 670.
Are there any balance transfer card options for bad credit?
Yes, there are quite a few balance transfer credit cards that offer lower APR if not 0 APR for a small duration of time.
