Balance Transfer Cards for People with Poor Credit Ratings

Introductory interest rates of zero percent are the finest balance transfer cards. Once the debt is transferred to a new account, you won’t have to worry about further interest costs. More of your monthly payments will be used to pay down the main debt if you pay less interest.

However, these cards are only available to those with high to exceptional credit who want to use them for balance transfers. Credit cards for persons with acceptable credit are plentiful, but possibilities for balance transfer cards are restricted. The greatest balance transfer cards for those with fair credit, as well as recommendations on how to improve your credit, may be found in the following sections.

Low-Credit Balance Transfer Cards

Your credit score determines which credit card is the simplest to transfer balances to. To qualify for most balance transfer credit cards, a borrower must have a credit score of at least 700 to 800. If you have fair credit, there are few options available to you, yet they exist. Here are some of the finest cards for those with fair credit to use for balance transfers.

A Platinum credit card from the Navy Federal Credit Union.

On balance transfers, the Navy Federal Credit Union Platinum Credit Card offers a 0% APR intro period of 12 months for the first year. This credit card has a variable APR of 5.99 percent to 18 percent once the first promotional period finishes. The Navy Federal card does not charge balance transfer fees, unlike many other balance transfer cards.

With no annual cost, no rental vehicle collision damage waiver, mobile phone protection, and travel and emergency help, Navy Federal’s balance transfer card is an excellent option.

The card is open to everyone with a credit score of at least 700. To be eligible for the card, you must be a member of the Navy Federal Credit Union. Only members of the military services, their families, and a small group of civilians are eligible to join.

It is a credit union called Keypoint. The Visa Classic Credit Card.

Keypoint Credit Union’s Visa Classic Credit Card is a debt transfer credit card for those with acceptable credit scores. For the first 16 months, there is a 0% introductory APR on any qualified debt transfers.

The Keypoint Classic card does not carry an annual fee. However, it does impose a 2% fee on any balance transfers. Depending on your creditworthiness, the annual percentage rate (APR) will range from 15.99 percent to 17.99 percent.

To be eligible for the Classic credit card, you must be a member of Keypoint Credit Union. The membership is restricted to employees, family members, and students in certain Bay Area cities who work, reside or attend a school or religious institution that is a member company.

Classic credit card from TDECU

On balance transfers, the TDECU Classic Mastercard provides a 0% APR initial period of 12 months. The yearly charge is waived, and the APR ranges from 7.99% to 17.99%, depending on the cardholder’s creditworthiness.

TDECU is Houston, Texas’ biggest credit union. Individuals from the Greater Houston, Victoria, Dallas-Fort Worth, and Gulf Coast regions are eligible to join. Only TDECU members are eligible to apply for the TDECU Classic Mastercard.

Credit Card for Students from Bank of America® with Personalized Cash Rewards

Bank of America provides a special student credit card with a longer introductory APR. For the first 15 billing cycles, cardholders may transfer their existing balances or make new purchases for a 0% intro APR. No annual fees are charged, and after spending $1,000 within the first 90 days of account establishment, a $200 cash incentive is yours.

Ongoing variable APR is depending on creditworthiness and ranges from 13.99% to 23.99 PERCENT. In addition, this BOA card charges a 3 percent balance transfer fee ($10 minimum).

In addition, the Bank of America Student Customized Cash Rewards Credit Card offers rebates. In order to get 3% cash back, you must spend your money in one of the following categories: petrol; online shopping; eating; travel; pharmacy shops; or home improvement/furniture. Purchases made at a grocery store or wholesale club give you 2 percent cash back, while all other purchases earn you just 1 percent.

Cash Back Visa® Card from Wells Fargo

Another student credit card offers a 0% intro APR on debt transfers and new purchases for the first six months after the account is set up with the Wells Fargo Cash Back College Visa Card. After the promotional period has expired, the continued variable APR ranges from 11.15 percent to 21.15 percent depending on creditworthiness.

The Wells Fargo Cash Back College Visa Card, like the other cards on our list, does not have an annual fee. During the card’s launch period, balance transfer costs are $5 or 3% of the balance transfer amount, whichever is larger.

3% cash back on the first $2,500 spent on petrol, supermarket, and pharmacy purchases during the first six months of the Wells Fargo card. 1% cash back on all other transactions. Additionally,

Benefits such as mobile phone protection and free access to your credit score are included as part of the deal.

How to Pick a Credit Card for Balance Transfers

There are a variety of balance transfer cards out there, and not all of them are made equal. Balance transfer cards often provide more than simply interest-free financing for a long time period. Choosing a debt transfer credit card might be complicated, so here are some things to keep in mind.

Credit requirements: The credit criterion for a debt transfer card should be the first thing you look at, whether your credit is fair. You need to keep an eye out for credit cards for fair credit since you won’t qualify for most balance transfer cards.

Intro offer: Compare the durations of introductory offers in order to pay off your card amount before the promotion expires. It’s possible to get a six-month or even a 24-month intro APR deal.

Balance transfer fees: A 3% to 5% fee is charged by the majority of balance transfer credit cards, although certain cards do not charge any fees at all. High fees for transferring balances might result in you spending more in interest than you would have on the original card.

Credit limit: Before applying for a credit card, you may or may not know what type of credit limit is accessible, but it’s a crucial consideration to keep in mind. If you’re trying to transfer a debt that exceeds your credit limit, you won’t be able to do so.

Should You Avoid Making a Balance Transfer?

Your credit score is unaffected by a balance transfer. Only the current balance is transferred to a new card with a balance transfer. While a debt transfer might save you money, it has no effect on your credit score.

To get a credit card, a hard credit inquiry is made by the credit card provider, which may damage your credit score for a short period of time. In order to transfer your old debt, you must apply for a new credit card that requires a credit check. Your credit won’t be impacted by the debt transfer itself.

A debt transfer may also help you enhance your credit rating. Your efforts will be bolstered if you pay your bills on time. Reducing your credit usage ratio, which is a key aspect of determining your credit score, is another way to improve your credit score.

Ways to Boost Your Credit Score

In order to get a credit card or a loan, lenders utilise credit ratings as a guideline. You may be able to take advantage of cheaper interest rates, more credit limits, and more card approvals by improving your credit score. The following are some quick and easy steps you can do right now to raise your credit score.

Be Consistent with Your Financial Obligations

35 percent of your FICO credit score is derived from your payment history. Aim to maintain a spotless credit record by making all of your bill payments on schedule. Automatic monthly payments are a great method to guarantee that your bills are always paid on time.

Get a handle on your finances

The ratio of your outstanding debt to your available credit is another important factor in calculating your credit score. To improve your credit, focus on paying off your debt, especially credit card debt.

Restrict Credit Checks

A rigorous credit check is required for the majority of substantial transactions, such as a vehicle or a home. If you’re applying for a loan or a credit card, you’ll have the same problem. Inquiries to your credit may lower your score by a few points, so minimise them while you’re working to improve your credit.

Obtain a Copy of Your Credit Report.

Inaccurate information on your credit report might have a negative impact on your credit score. AnnualCreditReport.com provides free credit reports from each of the three major credit reporting agencies once a year. Look through your credit reports for any errors or omissions that might have a negative impact on your score. If you discover any inaccuracies, you should dispute them with your lender or credit bureau.

Summary

Even though most of the top balance transfer credit cards are only accessible to people with excellent or very good credit, those with average credit may still find a few options. Balance transfers may make financial sense for certain people, but it’s important to weigh the costs and benefits before making a decision.

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