Chip Lupo, Credit Card Writer
@CLoop
Yes, it’s possible to get a balance transfer credit card with bad credit, though it’s more challenging and you’re likely to end up with a card with less-than-favorable terms. The best balance transfer credit cards are reserved for applicants with good-to-excellent credit (700+ credit score). Those offers often come with lengthy 0% introductory APRs on balance transfers and high credit limits, whereas most credit cards for bad credit will require a security deposit or have low unsecured credit limits, fees, and high interest rates.
If you are able to get approved for a card with bad credit that allows balance transfers, there are several good reasons why it’s a bad idea to do one. The costs are enormous, you won’t have much of a credit line to work with, and you’ll run the risk of accumulating more debt. Focus instead on using a credit card for bad credit to boost your credit score.
Best Credit Cards for Bad Credit
Your best bet is to open a secured credit card account and pay the bill on time, and preferably in full, every month. Once you’ve established a pattern of responsible use, your credit score will improve, and you will eventually be in a position to qualify for balance transfer credit cards with good terms. To monitor your progress, you can check your credit score for free here on WalletHub.
People also ask
What credit score do you need for a balance transfer card?
Balance transfer credit cards usually require a credit score of 700 or higher (good to excellent credit) for approval. Some student credit cards that accept applicants with limited credit offer attractive balance transfer deals from time to time, too, as do some cards for people with fair credit.
You’ll find cards with 0% balance transfer APR periods from all 10 of the biggest credit card companies right now. For example, the Citi Simplicity® Card card requires...
read full answer by Rodney Bennett, WalletHub AnalystWhat is the easiest balance transfer credit card to get?
The easiest balance transfer credit card to get approved for is the KeyPoint Classic Credit Card because you only need limited credit to qualify. The KeyPoint Classic Credit Card also offers an introductory balance transfer APR of 0% for 16 months.
The card has a regular APR of 20.24% - 22.24% (V) and a transfer fee of 4%. Easy approval balance transfer credit cards typically don’t measure up to the best balance transfer credit cards in terms of interest rates and fees, but this offer comes close thanks to its...
read full answer by Lisa Cahill, Credit Cards ModeratorAre there any credit cards for bad credit with a $3,000 limit?
The best credit card for bad credit with a $3,000 limit is the U.S. Bank Secured Visa® Card. With this card, it is possible to place a $3,000 deposit, which will serve as your credit limit. The minimum deposit is $300. The U.S. Bank Secured Visa® Card also comes with a $0 annual fee.
Things to Know About High Credit Limits for Bad Credit
- The only way to get a $3,000 limit with bad credit is to place a $3,000...
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