Bad Credit Balance Transfer Credit Card
Much 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 bad credit or not so good 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. 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.
Chase Visa® Platinum - If you have stellar credit, you may get a 12 month 0% APR deal. If not, you are more likely to get approved for a 0% 3 month deal.
Chase Free Cash Rewards Visa. This is a basic 1% cash back credit card from Chase. The 0% teaser deal is for both purchases and balance transfers for six billing cycles.
Chase BP Visa® Rewards Card - This card gives you 5% rebates at BP gas stations. It is also one of the rare credit cards that pay 2% rebates on travel and dining expenses. You also get a 0% APR deal for six months.
Chase Disney Visa® Card - For those that travel often to disney resorts or retail outlets, this may be a good card to consider. You also get to transfer a balance at 0% rate for 6 months.
Alright, there is our list of credit cards that offer a zero percent balance transfer deal for six months. If you do not have fantastic credit, forget about applying for cards with 0% 12 month deals. Instead, you’d probably have a better shot at getting approved with these cards.
August 30th, 2007 at 6:10 pm
[...] 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 3:42 pm
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.
August 17th, 2008 at 3:26 pm
Thank you for the post, this is a very good suggestion, I was in such trouble in ……