Balance Transfer Credit Cards for Bad Credit

No, there are no Credit One balance transfer options at this time. Credit One Bank currently offers 3 credit cards, and none of them allow balance transfers. But even if they did, Credit One credit cards have APRs ranging from 17.99% to 23.99% (V), which likely wouldn’t save you much interest on a transferred debt. For a balance transfer to be worth the trouble, you’ll need to find a card with low enough rates and fees for you to pay off your balance at a lower cost, compared to your current situation.

The Credit One Cash Back Rewards card requires at least fair credit for approval. The other two cards—the Credit One Platinum Visa card and the Credit One Official NASCAR card—are for people with bad credit. All three are unsecured credit cards, which is somewhat unique for the bad credit category and makes them an option for people who need an emergency loan. That said, all three Credit One cards have initial credit limits of only $300, paired with an annual fee of up to $99, depending on your credit standing. So they aren’t great loans.

If you have bad credit and are looking to transfer a balance, you’re likely out of luck until your credit standing improves. Unsecured credit cards for bad credit have low limits and high fees, and won’t allow balance transfers. Some secured credit cards do. But if you had the money for a secured credit card deposit (or the costly fees associated with unsecured cards for bad credit), you might as well just pay down your debt directly.

No, First Premier balance transfers are not allowed. The First Premier Bank Mastercard is this bank’s only credit card offering, and it’s for people with bad credit. Like most unsecured credit cards for bad credit, the First Premier credit card doesn’t allow balance transfers, its limits are low, and its fees are high.

The most expensive First Premier Bank Mastercard annual fee comes in the first year: $75-$125, depending on your credit limit. Every year after that costs $45-$49 in annual fees. The first year comes with no monthly fees, but you’ll pay $5.85-$10.40 per month after that. The card’s 36% APR is the highest rate on the market right now, and you’ll pay a program fee for opening the account.

If you have bad credit and you’re hoping to qualify for a balance transfer credit card, your options will be limited until your credit score improves. Credit card companies don’t want to risk giving a credit line to someone who hasn’t yet proven they can handle it responsibly. Some secured credit cards allow balance transfers, but only up to the amount of your credit limit, which equals the amount of the card’s required deposit. If you have the money to make a deposit on a secured card in the amount of your debt, you should probably pay the debt itself.

Applicants need a credit score of 700 or higher to have a good chance at being approved for a good balance transfer credit card. Most 0% balance transfer credit cards require at least “good credit” for approval. There are exceptions, though. If you’re a student, there is no minimum credit score needed for a balance transfer credit card. Some student credit cards offer great balance transfer deals and don’t require applicants to have any prior credit history. Other than that, however, the selection will be limited.

Credit card companies generally don’t want to take on a customer’s debt until they have proved themselves reliable to repay amounts owed. Good credit seems to be the proven threshold for major credit card companies. You’ll find cards with 0% balance transfer APR periods from all of the 10 biggest credit card companies right now. For example, the Chase Slate card requires “good” credit or better for approval and offers 0% for 15 months on balance transfers, with a $0 balance transfer fee. That makes the balance transfer free for 15 months, since there’s no annual fee either.

It’s much harder to get approved for a balance transfer card with below-average credit. People with limited or no credit history could be in luck, however, if they happen to be in school. Some student credit cards offer 0% APR periods on balance transfers, such as the Wells Fargo Cash Back College card (0% for 6 months) and the BankAmericard student card (0% for 15 months).

People with “fair” credit—640 to 699—who meet certain criteria, such as being in the military, could potentially qualify for a balance transfer deal as well. USAA offers several credit cards with 0% APR balance transfers to people with fair credit. But the cards are only open to applicants who are USAA members, meaning people who’ve been in the military or who have eligible military family members. For example, the Wounded Warriors USAA Rewards card only requires fair credit and USAA membership, and offers 0% for 12 months on balance transfers.

Aside from that, some credit unions also offer balance transfer credit cards for fair credit. Credit unions are membership-based nonprofit organizations, and usually have specific requirements for becoming a member. If you qualify for TDECU membership, the TDECU Classic Mastercard offers 0% for 12 months on balance transfers with a $0 balance transfer fee, which is a good deal. So, consider looking for credit unions in your area that offer balance transfer cards if you have below-average credit.

People with bad credit scores, or scores under 640, won’t have much luck finding a balance transfer credit card that will be of much help. Unsecured cards for bad credit do exist, but you’ll usually pay a steep price in fees for even having these cards, and they typically don’t allow balance transfers. If you have bad credit, you should start rebuilding your credit with a secured credit card. Use the card responsibly and steadily make on-time payments, and over time, you’ll have a score that will qualify you for a better credit card.

You can pay off credit card debt with bad credit in a few ways. But probably your best option is to enter a debt management program. In this way, a debt management company will work with your lender on your behalf to reduce your monthly payments and your debt's interest rate.

You could also ask a family member or friend to loan you money.

As a last resort you could take out a personal loan, but I strongly suggest against it. Personal loans have horrible terms for people with bad credit and you wouldn't want to add more to your existing debt.

Click here to learn more about the major debt management options and to compare them.