How do you get approved for a balance transfer?

To get approved for a balance transfer, apply for a credit card that accepts this type of transaction. You can see if a credit card accepts balance transfers in its rates and fees. Cards that accept them will list a balance transfer APR, and they usually also list a balance transfer fee. If you want to get a balance transfer credit card with a low introductory APR, you'll most likely need good credit. There are a few balance transfer cards you can get with a low credit score, but the best credit card options typically require a credit score of at least 670.

When is a balance transfer a good idea?

A balance transfer is a good idea if you have credit card debt and a credit score of 670 or higher. A credit score in that range is high enough to qualify you for credit cards that offer a 0% intro APR on balance transfers. That type of offer can help you save on interest as you pay off debt.

What credit score do you need for a balance transfer card?

You can get a balance transfer card with any credit score, but you need a score of 670 or more for the best balance transfer cards. Those cards have a 0% intro APR on balance transfers. Although there are balance transfer cards for bad credit, they don't have such low introductory rates.

Best Balance Transfer Cards for Bad Credit

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If you have bad credit, it can be challenging to find credit cards that you qualify for. But if you're looking to transfer high-interest balances to a new card with a lower rate, you may have options.

Balance transfer offers are a popular way to pay off credit card debt. With this type of offer, you transfer your debt to a new credit card with a lower interest rate. You can save quite a bit of money this way, but the tricky part is finding balance transfer cards for bad credit.

It takes a high credit score to qualify for most balance transfer credit cards. If you're working on your credit, you've probably found there aren't many offers you can get. You're not entirely out of luck, though, as there are a few card options open to applicants with low credit scores.

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Best balance transfer cards for bad credit
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Introductory balance transfer rate: Discover it® Secured Credit Card
Cash rewards: Bank of America® Customized Cash Rewards Secured credit card
Lower APR: Citi® Secured Mastercard®

Ratings Methodology

Compare This Card

Discover it® Secured Credit Card

Great for: Introductory balance transfer rate

Apply Now for Discover it® Secured Credit Card

On Discover's Secure Website.

Rates & Fees

Rating image, 5.00 out of 5 stars.

5.00/5

Rating image, 5.00 out of 5 stars.

5.00/5

Credit Score:

Recommended Credit Score required for this offer is: New/Rebuilding Under(579)

Apply Now for Discover it® Secured Credit Card

On Discover's Secure Website.

Rates & Fees

Credit Score

New/Rebuilding Under(579)

Intro APR

Purchases: n/a

Balance Transfers: 10.99%, 6 months

Regular APR

27.49% Variable APR *Rates as of December 12, 2024.

Rewards

1% - 2% Cashback

Annual Fee

Welcome Offer

Discover will match all the cash back you’ve earned at the end of your first year.

We think this card has among the highest cash back potential for a secured card with no annual fee. The key is the Unlimited Cashback Match — Discover automatically matches the cash back new cardholders earn at the end of the first year. This card could be perfect for you if you're new to credit, or rebuilding after past troubles. Read Full Review
- Cash back rewards
- Great sign-up bonus offer
- No annual fee
- Can graduate to an unsecured card
- Minimum deposit amount
- No credit score required to apply. No Annual Fee.
- Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Bank information must be provided when submitting your deposit.
- Raise your credit score by 30+ points.
- Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites. Activate for free.
- Terms and conditions apply.

Compare This Card

Bank of America® Customized Cash Rewards Secured credit card

Great for: Cash rewards

Read Review

Bank of America® Customized Cash Rewards Secured credit card

Rating image, 4.50 out of 5 stars.

4.50/5

Rating image, 4.50 out of 5 stars.

4.50/5

Credit Score:

Recommended Credit Score required for this offer is: Fair/New to Credit Under(669)

Read Review

Credit Score

Fair/New to Credit Under(669)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

29.24% (Variable)

Rewards

1% - 3% cash back

Annual Fee

Welcome Offer

N/A

One of the most competitive secured credit cards we've come across. The rewards program and $0 annual fee are standout features that beat many similar offers.
- Cash back rewards
- No minimum credit score required
- No annual fee
- Can qualify to have security deposit returned
- Minimum deposit amount
- Foreign transaction fee
- A minimum security deposit of $200 (maximum of $5,000) is required to open this account.
- Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
- No annual fee and no expiration on rewards.
- Contactless Cards - The security of a chip card, with the convenience of a tap.

Compare This Card

Citi® Secured Mastercard®

Great for: Lower APR

Read Review

Rating image, 3.75 out of 5 stars.

3.75/5

Rating image, 3.75 out of 5 stars.

3.75/5

Credit Score:

Recommended Credit Score required for this offer is: New to Credit Under(579)

Read Review

Credit Score

New to Credit Under(579)

Intro APR

Purchases: N/A

Balance Transfers: N/A

Regular APR

27.74% (Variable)

Rewards

N/A

Annual Fee

Welcome Offer

N/A

Makes for a great starter card, particularly with no annual fee and the ability to graduate to an unsecured credit card with good credit hygiene.
- No minimum credit score required
- No annual fee
- Can graduate to an unsecured card
- Free credit score monitoring
- Flexible credit limit
- Foreign transaction fee
- Minimum deposit amount
- The Citi® Secured Mastercard® is a no annual fee credit card that helps you build your credit when used responsibly.
- Unlike a debit card, it helps build your credit history with monthly reporting to all 3 major credit bureaus. Once available, you will also have free access to your FICO score online.
- Use your card anywhere Mastercard® is accepted — worldwide.
- A security deposit is required. Once approved, your credit limit will be equal to your security deposit (minimum of $200).
- Get help staying on track with Auto Pay and account alerts.
- With Flexible Payment Due Dates, you can choose any available due date in the beginning, middle or end of the month.
- Manage your account 24/7 online, by phone, or in our mobile app.

How balance transfers work

A balance transfer is when you move existing debt onto a credit card. It's usually done with credit card debt by transferring one or more high interest balances to another card. There are also some balance transfer cards that accept other types of balances, such as loan debt. Most cards charge a small balance transfer fee (normally 3% to 5%) for receiving a balance transfer.

The point of doing a balance transfer is to get a lower interest rate. Let's say you have a $5,000 balance on a card with a 29.99% APR (annual percentage rate, or the annual interest rate the card charges). If you transfer that to a balance transfer credit card with a 14.99% APR, you're paying about half as much interest going forward.

Card To Transfer

Current Balance

Interest Rate

Monthly Payment

New Balance Transfer Card

Balance Transfer Fee %

0% Intro Apr Length

Regular APR

Credit Card Balance Transfer Payoff Options

Save ${{ computedData.btSameMonthlyPayment.savings | withCommas }} using a balance transfer card. You'll keep your current monthly payment (${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}).

Take full advantage of a Balance Transfer Card and save ${{ computedData.btMaxSavings.savings | withCommas }} by increasingdecreasing your monthly payment by ${{ computedData.btMaxSavings.monthlyChange | withCommas }}.

You would actually pay more overall by using a Balance Transfer Card.

Your Current Plan

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Total Principal

Interest To Be Paid

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Interest Rate

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Monthly Payment

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Payoff Timeframe

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Total Principal

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${{ computedData.current.interestPaid | withCommas }}

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Interest Rate

Monthly Payment

Payoff Timeframe

{{ formData.interestRate }}%

${{ formData.monthlyPayment | withCommas }}

{{computedData.current.payoffTime}} Months

Adjusted Plan With Balance Transfer Card

Amount Saved

${{ computedData.btSameMonthlyPayment.savings | withCommas }}

Monthly Payment

${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}

Increase Of

Payoff Timeframe

{{ computedData.btSameMonthlyPayment.payoffTime }} Months

Change

{{ computedData.btSameMonthlyPayment.payoffChange }} LessMore Months

Principal

${{ computedBalanceOwed | withCommas }}

Interest

${{ computedData.btSameMonthlyPayment.interestPaid | withCommas }}

Estimated Fees

${{ computedData.btSameMonthlyPayment.totalFees | withCommas }}

Total Amount To Be Paid

${{ computedData.btSameMonthlyPayment.totalAmountPaid | withCommas }}

Save ${{ computedData.btSameMonthlyPayment.savings | withCommas }}

Adjusted Plan With Balance Transfer Card

Amount Saved

${{ computedData.btMaxSavings.savings | withCommas }}

Monthly Payment

${{ computedData.btMaxSavings.monthlyPayment | withCommas }}

IncreaseDecrease Of

${{ computedData.btMaxSavings.monthlyChange | withCommas }}

Payoff Timeframe

{{ computedData.btMaxSavings.payoffTime }} Months

Change

{{ computedData.btMaxSavings.payoffChange }} LessMore Months

Principal

${{ computedBalanceOwed | withCommas }}

Estimated Fees

${{ computedData.btMaxSavings.totalFees | withCommas }}

Total Amount To Be Paid

${{ computedData.btMaxSavings.totalAmountPaid | withCommas }}

Save ${{ computedData.btMaxSavings.savings | withCommas }}

If you pay the same amount (${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}) each month, it will take you {{ computedData.btSameMonthlyPayment.payoffTime }} total months (* {{ computedData.btSameMonthlyPayment.payoffChange }} months less) (* {{ computedData.btSameMonthlyPayment.payoffChange }} months more) (* same as current plan) to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btSameMonthlyPayment.interestPaid | withCommas }}, and you will still save ${{ computedData.btSameMonthlyPayment.savings | withCommas }}. This assumes you do not make any additional charges during this period.

If you increase the amount you pay to decrease the amount you pay to keep the amount you pay as ${{ computedData.btMaxSavings.monthlyPayment | withCommas }} each month, it will take you {{ computedBtIntroPeriod }} months to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btMaxSavings.interestPaid | withCommas }}. This assumes you do not make any additional charges during this period.

TIP

Take full advantage of a balance transfer card and save ${{ computedData.btMaxSavings.savings | withCommas }} by increasingdecreasing your monthly payment by ${{ computedData.btMaxSavings.monthlyChange | withCommas }}.

Adjusted Plan With Balance Transfer Card

Based on the information entered, a balance transfer credit card would cost you more money in the long run. You may want to consider a personal loan instead.

View Our Best Balance Transfer Cards

View Our Best Personal Loans

Many credit cards accept balance transfers, but that alone doesn't make them good balance transfer cards. For a balance transfer to be worth it, the new card needs to have a lower interest rate than the old one.

It's easy to find this when you have good credit or excellent credit, because the best balance transfer cards offer an intro 0% APR for an intro period after account opening. With a lower credit score, your options are much more limited.

Is a balance transfer card for bad credit right for you?

In most cases, a balance transfer card for bad credit isn't worth it. There aren't many of them available to begin with, and hardly any have a low intro APR offer.

That also brings us to another problem -- balance transfer cards for bad credit are typically secured credit cards. To get a secured card, you need to pay a security deposit upfront. The deposit amount is usually equal to the card's starting credit limit.

So, if you want a balance transfer card for bad credit, you're probably going to need to pay a deposit. But if you have the money for a security deposit, it'd make more sense to put that money toward your debt.

Balance transfers are great for consumers with credit card debt and high credit scores, meaning a FICO® Score of 670 or above. For those with poor credit or lower credit scores, it won't work nearly as well because there are so few balance transfer options.

How can a secured balance transfer card help your credit?

For those looking to build or establish credit, a secured card can be a helpful tool. However, not all secured cards are created equal. When searching for the right one, it's important to look for a card that reports your activity to all three major credit bureaus on a monthly basis.

Some cards only report to one, which may hinder your progress in building a solid credit history. By choosing a secured card with monthly reporting to all three bureaus, you can take a proactive step towards reaching your credit goals and improving your overall financial health.

While balance transfer cards for bad credit may come with certain limitations, strategically using these cards can help you get your finances back on track.

Compare the best balance transfer cards for bad credit

The Picks
Card	Rating	Great For
Discover it® Secured Credit Card	Rating image, 5.00 out of 5 stars. 5.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Great For: Introductory balance transfer rate
Bank of America® Customized Cash Rewards Secured credit card	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Great For: Cash rewards
Citi® Secured Mastercard®	Rating image, 3.75 out of 5 stars. 3.75/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Great For: Lower APR

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

Our highest-rated credit cards have:

A rewards rate above 2% (or 2x points or miles) with average spending, or competitive 0% intro APR balance transfer and purchase offers
Attainable welcome bonuses that make up for any annual fees
Low annual fees or a balance transfer fee of 3%
Top perks such as purchase and travel protections, no foreign transaction fees, travel credits, and status upgrades

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

To get approved for a balance transfer, apply for a credit card that accepts this type of transaction. You can see if a credit card accepts balance transfers in its rates and fees. Cards that accept them will list a balance transfer APR, and they usually also list a balance transfer fee.
If you want to get a balance transfer credit card with a low introductory APR, you'll most likely need good credit. There are a few balance transfer cards you can get with a low credit score, but the best credit card options typically require a credit score of at least 670.
A balance transfer is a good idea if you have credit card debt and a credit score of 670 or higher. A credit score in that range is high enough to qualify you for credit cards that offer a 0% intro APR on balance transfers. That type of offer can help you save on interest as you pay off debt.
You can get a balance transfer card with any credit score, but you need a score of 670 or more for the best balance transfer cards. Those cards have a 0% intro APR on balance transfers. Although there are balance transfer cards for bad credit, they don't have such low introductory rates.

This device is too small

Best Balance Transfer Cards for Bad Credit for 2024

Best balance transfer cards for bad credit
Show The List [+] Hide The List [-]

Discover it® Secured Credit Card

Bank of America® Customized Cash Rewards Secured credit card

Citi® Secured Mastercard®

How balance transfers work

Credit Card Balance Transfer Payoff Options

Is a balance transfer card for bad credit right for you?

How can a secured balance transfer card help your credit?

Compare the best balance transfer cards for bad credit

Our credit card methodology

FAQs

This device is too small

Best Balance Transfer Cards for Bad Credit for 2024

Best balance transfer cards for bad credit Show The List [+] Hide The List [-]

Discover it® Secured Credit Card

Bank of America® Customized Cash Rewards Secured credit card

Citi® Secured Mastercard®

How balance transfers work

Credit Card Balance Transfer Payoff Options

Is a balance transfer card for bad credit right for you?

How can a secured balance transfer card help your credit?

Compare the best balance transfer cards for bad credit

Our credit card methodology

FAQs

Best balance transfer cards for bad credit
Show The List [+] Hide The List [-]