When it comes to finding the best credit cards for balance transfers with bad credit, there are a few different options. You can opt for an unsecured card or a secured card. Secured cards do not allow balance transfers and their spending limits are equal to the amount you put down as a security deposit. Using a credit card responsibly will help improve your credit rating, which is the ultimate goal.
Discover it Secured card
The Discover It Secured credit card is a great choice for people with bad credit who want to rebuild their credit history. The Discover card is a secured card that comes with no annual fee. You can transfer your balance to an unsecured card after 7 months. It is a good choice if you want to establish a clean credit history and build a positive payment history.
Another good reason to get a secured credit card is the 0% intro APR. If you have a credit score below 580, most balance transfer credit cards do not offer 0% intro APR or waive balance transfer fees. A secured card requires a security deposit that protects the issuer if you default on the balance. This is a great option for people with poor credit who want to repair their credit and build a better financial future.
BankAmericard Secured card
If you have poor credit and are looking for a credit card that doesn’t have any annual fees or a high interest rate, the BankAmericard Secured card may be the right choice. The card is not only designed to help you rebuild your credit, it also offers overdraft protection, so if you ever have an overdraft, you’ll be protected.
The BankAmericard Secured credit card offers no-frills rewards, which makes it an ideal balance transfer candidate. It competes with popular no-frills credit cards like Chase Slate and Citi Simplicity, and is comparable to entry-level cash-back rewards credit cards with introductory APR promotions.
Capital One Secured card
If you’re looking for a credit card that can help you with balance transfers, consider a Capital One Secured card. This card was created with people with low or poor credit in mind. As long as you have a checking account and a savings account, you shouldn’t have any problems getting approved. This card also offers rewards and no foreign transaction fees, which is an added bonus.
You can transfer your balance to a Capital One credit card online or by mail. The process can take three to 14 days. However, you must continue making payments toward your old account until the balance transfer process is complete. Also, you can’t transfer more than a certain amount to a Capital One card. The balance transfer fee can add up quickly, so it’s important to know the amount of money you can afford to pay off before transferring.
Discover it
The Discover it is one of the best credit cards to use for balance transfers if you have bad credit. This card has a low introductory APR and lower fees. However, it does require you to have a credit score of at least 670. For those with a less-than-perfect credit score, it may not be the right choice.
The Discover it balance transfer card lets you transfer your balance up to the available limit. However, it is important to note that you must pay balance transfer fees. The transfer process takes approximately four days after the transfer request is made. If you don’t want to pay late fees, it’s important to pay off the transferred amount as soon as possible to avoid paying penalties.
Discover it Student card
When considering the benefits of a balance transfer card, it’s essential to look for the best balance transfer card for your situation. Your goal should be to find a balance transfer card that will allow you to pay off your debt the fastest and most inexpensively. Earning rewards should be an added bonus, not a primary focus. Keeping this in mind, the following chart shows how much rewards you can expect to accrue over five years based on an average American debt and budget.
Balance transfer cards with 0% intro APR are best for people with good, fair, or excellent credit. The 0% intro APR offers you an interest-free period while you pay off your debt. However, these cards require an initial payment, which is usually 3% of the amount transferred.
