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A balance transfer card can be useful if you’re overwhelmed by high interest rates or need to consolidate debt. However, to get a good card, you usually need a good credit score as proof you can repay it.
Your credit score is one of the ways credit card companies determine your creditworthiness. If you have a fair credit score between 580 and 669, you might qualify for a balance transfer card, but you’ll likely pay more in fees.
Your options for balance transfer cards can be limited if you have fair credit. Fortunately, you still have a few good choices. Here’s a list of the best cards on the market.
If you’re new to credit, or working to get your credit back on track, you may find your score falls within the fair range of 580 and 669. You can still be approved for a credit card for fair credit, but it may have a high APR and low spending limit.
If your score is creeping up to the good range, work on building your score before making a big transfer. You could get better interest rates on loans, credit cards and even better insurance rates in some states.
Credit cards award good credit with offers of cash back, rewards, higher limits and low interest rates. Credit bureaus consider the following when determining your credit score:
If you have fair credit, you won’t qualify for the best balance transfer card and could see high APRs and transfer fees. Consider the following when applying for a card:
If you’re considering balance transfer credit cards for fair credit, you could be looking for financial fresh start. Consider a balance transfer card if:
When you’re comparing balance transfer credit cards you want to consider the following:
Whether you should wait to apply and improve your credit first depends on your individual situation. What type of limit, intro APR and fees are associated with the new card will determine whether it’s worth it.
For those with fair credit, those factors may not add up to something that can save a substantial amount of money. In which case, it would be better to avoid the hit to your credit and simply keep building until you can get a better deal.
Before you apply, be sure to compare your options. Look closely at the fees, revert rate and intro period before making a selection right for you.
To apply for a balance transfer card, you typically have to be at least 18 years old, or 19 in some states. While you’re applying, have the following information on hand:
If you’re denied, the credit card provider will likely include a note explaining why your application didn’t make the cut. From there, you can work on whatever factors were outlined.
There are a few steps you can take to improve your credit. Paying down your balances on time every month, not using your cards, not opening any more cards or applying for additional credit and not closing any accounts that you pay off will help boost that score.
Keep track of your score, and after a few months, you may want to apply again. If you can wait a little longer and boost your creditworthiness, you may be able to apply for an even better balance transfer card.
Getting a balance transfer card is a good place to start cleaning up your finances. Getting the best balance transfer rates — even for as little as six months — can save you hundreds of dollars to put towards debt. Consider your credit and financial situation before you decide on a balance transfer credit card.
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I am in over my head in debt and need help. I’m looking to get a balance transfer credit card. Due to many inquiries my score is only like a 580. Do you have any suggestions?
Hi Randy,
Thank you for your comment.
Having too many inquiries would mean a high risk. Anyway, having a 580 score will qualify you for a fair credit which means that you can apply for a credit card. We have listed the balance transfer cards for fair credit above for you to compare. After comparing the fees and benefits of the balance transfer card, please click View Details to see more information. To apply, please click the name of the credit card to be routed to the page where you can apply directly by clicking the Go to Site button.
Please make sure though to read the eligibility criteria, features and details of the card, as well as the relevant PDS/ T&Cs of the card before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn
Easiest card to get with out security deposit
Hi Robert,
Thank you for contacting Finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
If you are looking for a credit card that does not require and that you can use for balance transfer,
unsecured, easy-approval balance transfer credit cards can be a suitable option for you.
Please note that If you have poor or little credit history, your choices might be limited when it comes to qualifying for an unsecured balance transfer credit card. Before applying, check all the eligibility criteria and review your loan terms and conditions before making a decision on whether it is right for you.
I hope this helps.
Cheers,
Danielle
How do I get a Build master card or an offer invite?
Hi Mandi,
Thank you for your inquiry.
Our review page provides information on how to apply for The Build Card.
I hope this information has helped.
Cheers,
Harold