When deciding which credit card is the best for a balance transfer, it is important to compare the different features and rates offered by different companies. It is also important to consider how the new card will affect your budget. You can do this by adding up your total debt across all of your credit cards and calculating how much you can afford to pay off before the 0% interest period ends.
Citi Diamond Preferred Card
The Citi Diamond Preferred Card offers a low intro APR, so if you need to make a balance transfer, this card might be the best choice. Additionally, it doesn’t charge an annual fee. This is a plus for those who are looking for a card that has a low annual fee, but if you want to earn rewards, there are better options.
The Citi Diamond Preferred Card offers an introductory APR of 0% for 12 to 21 months. This intro period is beneficial for balance transfers, but you must transfer your balance within the first four months of account opening. Otherwise, you’ll be charged a balance transfer fee of $5% of the transferred balance.
Capital One Quicksilver
If you are in the market for a balance transfer credit card for bad credit, you might want to consider the Capital One QuicksilverOne card. These cards offer a free balance transfer service, but you must meet certain requirements. Before you apply, you should make sure you can pay the minimum balance transfer amount. Also, you cannot transfer a balance from another card issued by the same issuer.
The Capital One Quicksilver card stands out from the rest, offering unlimited 1.5% cash back on purchases. You can also use it as a regular rewards card instead of a balance transfer card. The Capital One Quicksilver card also offers a higher bonus rewards rate on some types of spending.
Capital One Secured
When you have bad credit and want to transfer a balance from another card to Capital One, you can do so with ease. Capital One offers balance transfer offers on all of its cards. All you have to do is provide the bank with your personal information and payment address, and the company will initiate the transfer on your behalf. Once you’ve transferred your balance, you will need to make payments on time. Otherwise, late payments can have negative effects on your credit. Late fees and other penalties can also affect your creditworthiness.
The Capital One Secured credit card has a low annual fee and no foreign transaction fees. You can use this card for purchases online or in stores. You can also get up to a 3% cash advance fee. However, if you don’t pay the balance in full on time, you may be assessed a $40 late fee.
Discover
If you’ve had trouble paying your bills, you might be interested in getting a credit card with a balance transfer feature. These cards allow you to transfer your existing balances to a new one, and may offer perks or rewards. While many credit cards for bad credit don’t offer balance transfers, the Discover card does. It has a lower interest rate, and is an excellent choice if you have trouble paying your bills.
One of the main benefits of this card is its 0% intro purchase APR. It might sound attractive to take advantage of a low introductory rate, but if you don’t have the funds to pay off the entire balance before the end of the introductory period, you may find yourself stuck with high interest debt for a long time. Additionally, most balance transfer credit cards will charge you foreign transaction fees. You won’t have to worry about that with the Discover card, which doesn’t charge foreign transaction fees.
American Express
Applicants with bad credit may be able to receive an American Express credit card for balance transfer if they meet certain criteria. The process of transferring the balance from one card to another takes approximately five to seven days. It can take longer if the creditor requires payment by check. Additionally, applicants may be required to keep their old account open while transferring the balance. If they fail to do so, they may experience late fees and damage to their credit.
Applicants may be able to transfer the balance from one card to another if they are currently in a debt management program or are applying for a personal loan. In the meantime, applicants may be eligible for a 0% APR balance transfer on other American Express credit cards.
