Bad Credit Balance Transfer Credit Card
by Mr Credit CardMuch has been written about the balance transfer game in credit card, whether it is to reduce your interest payment or simply to play the arbitrage game. Those with good credit can often get cards with 12 or even 15 months with a 0% teaser deal.
But what if you have just average or fair credit? If that is the case, then you are unlikely to get a 12 month 0% deal. But still, it may be possible to get a balance transfer credit card if you have bad credit. I’ve seen a few friends who have gotten deals. (By bad credit, I mean you have a credit score still in the 600s. Credit card issuers consider scores below 620 to be subprime). But these deals are normally 6 months or even 3 months. But hey, it is better than nothing.
Due to the credit crisis, most major issuers like Chase and HSBC have drastically scaled back on their credit card approvals, decrease existing customers limits and not approving a whole lot of cards in general. Truth is there are very few cards that offer balance transfer deals if your credit is not excellent. However, below is a list of credit cards that offer balance transfer deals for 3 to 6 months. If you have not so good credit and are looking for a balance transfer credit card, then perhaps you might want to check these out.
If you have bad credit, it is very difficult to get any credit card these days to do a balance transfer. To be safe, it is better not to go for 0% deals for 12 months because only people with really good credit are going to be able to get these cards. Instead go for a low rate balance transfer card. At present, I would suggest trying these American Express credit cards. They do not offer 0% deals, but the good thing about them is that they cap their balance transfer fees to $99.
| Card | Balance Transfer Offers | Editor’s Comments |
| Blue Cash from American Express® | 2.99% APR for 12 months 0% APR on purchases for 12 months |
One of the best cash back credit cards on our Editor’s Choice List – Earn 5% cash back on gasoline, supermarkets and drugstores |
| Blue from American Express® | 2.99% APR for 12 months 0% APR on purchases for 12 months |
One of the best rewards card with Membership Rewards |
| True Earnings® Card from Costco and American Express® | 1.99% APR for 6 months | One of the best cash back credit cards – Earn 5% on gasoline, 3% on restaurants and dining, and 2% on travel |
| Starwood Preferred Guest Credit Card | 1.99% APR for 6 months | One of the best affinity and reward card – a favorite with frequent flyers |
Update – 12/10/2008 – This list was much longer just months ago. But due to banks financial situation, either offers have been pulled or banks are simply not accepting cards anymore. Try this one and see how it goes.
August 30th, 2007 at 18:10
[...] Mr Credit Card presents Bad Credit Balance Transfer Credit Card (Ask Mr Credit Card’s Blog) posted at Ask Mr Credit Card’s Blog, saying, “Unless you have very good credit, do not expect to get approved for 12 month 0% balance transfer credit card. If your credit is bad (but still in the 600s), then perhaps you have to settle for a 6 month 0% deal instead.” [...]
July 18th, 2008 at 15:42
I see a lot of people who have sub 600 scores buried high interest rates. If you are below 600, it is very difficult to find a credit card that will allow you to transfer a balance. My advice is to make a list of yoru credit cards and find out which is hitting you the most with interest. Once that is decided, pay that card down as much as you can each month.
March 13th, 2009 at 02:49
I am a small self employed person.My credit score has dropped due to a couple dr. biis,I have a 20,000 balance I want to transferr.I am paying 18.99%My fico score went from in the 800 th 600sdue to Dr. bills which I am paying on,other than that there is only one other,simply wireless which was a mistake on their part,I never activated or used the phone 18 years ago.Do you think it would be worth trying to transfer?If so who do you reccomend?Thanks Sheri
March 31st, 2009 at 20:59
It’s interesting and ironic that credit card companies are charging those with the lowest scores, who can least afford it, the highest interest rates. My card company raised my rate to 27%. It’s criminal.
April 6th, 2009 at 17:54
Please help. I have poor credit due to being homeless a few years ago. I made the mistake of getting a Premier Bank credit card last year due to an emergency. Due to the fees that built up on this card over the year this card just is snowballing me with payments I can no longer make. I want to transfer my balance. I know this is a bad time with the economy but I have 2 choices, find out how to transfer this balance or let it go into collections because there is no way I can pay this card off. Plus, every time I make a payment they charge my card, so my balance never goes down with the interest rate. Now I can’t afford the minimum payments which are over 170 dollars a month. I don’t want to go to orchard bank. How do I get rid of this card? I can’t afford to pay the whole balance or I would.
April 15th, 2009 at 14:00
I have a credit score in the 700s and just had my rates hiked to 22%!!!! It is indeed criminal, and I would love to find a credit account that would allow me to transfer 20k at a better rate.