Balance Transfer Credit Cards for Bad Credit

Balance transfer credit cards for bad credit would, in theory, allow you to reduce the cost of existing debt by providing a low introductory interest rate. Reality is a bit different, though. No major issuers currently offer worthwhile balance transfer credit cards to people with bad credit. Most bad-credit credit cards are either fully secured or have very small unsecured credit lines (some are from WalletHub partners). That’s because issuers want people with poor credit to prove themselves before taking on a significant amount of their debt.

Neither type of card will do you much good. With a secured card, you won’t be able to transfer more than you can afford to put down as a security deposit. And if you have the money, why not pay down your debt directly? It’s a similar story with a low-limit unsecured card, just not to the same degree. Plus, such cards’ fees are so high that you’re unlikely to save much, no matter how low of an APR you receive. That’s why even the “best” available balance transfer card for someone with bad credit usually isn’t very good at the task. Just consider WalletHub’s picks for the top offers in the category.
 

Here are the best balance transfer credit cards for bad credit:

• Discover it® Secured Card - No Annual Fee
• Capital One® Secured Mastercard®
• OneUnited Bank Unity Secured Credit Card
• BrightStar Credit Union Visa Platinum Secured
• Provident Credit Union Share Secured Credit Card

Again, we don’t recommend using a secured card for a balance transfer. And offers from credit unions are not available to all applicants. Given the lack of attractive options, the cards listed below don’t necessarily have any transfer appeal. But they are available to people with bad credit history. We recommend opting for a secured card, paying its bill on time every single month and routinely adding to your security deposit in order to expedite your credit building efforts. Eventually, you will reach good credit, which is where balance transfer credit card offers start to get interesting.