Can you get a balance transfer card with bad credit?
Editor's Note
A balance transfer is an excellent way to consolidate debt across one or several credit cards onto one card with a promotional annual percentage rate. Balance transfer offers regularly appear for those with good credit, but what about those with bad credit?
Unfortunately, balance transfer offers for bad credit are typically much harder to come by — a low FICO score indicates risky spending and payment habits, resulting in missed payments, high credit utilization and other negative factors.
Subsequently, balance transfer options are scant for individuals with bad credit, whether they're looking to open a new card to take advantage of a publicly available 0% annual percentage rate (APR) or hoping to receive a balance transfer option on cards they already hold.
Here are some things to keep in mind when looking for a balance transfer when you've got bad credit.
Can you balance transfer with bad credit?
A FICO score lower than 630 is considered "bad credit" and is a key barrier to those looking for balance transfer opportunities or the chance to consolidate credit card debt. The purpose of a balance transfer is to have a reduced or 0% interest rate, which can help borrowers save on interest and pay off debt quickly.
Balance transfer cards for bad credit may be approved for some individuals, but based on credit history and factors affecting FICO scores, you may receive a low credit limit, which may not be useful if you're looking to move over a large amount of debt or consolidate numerous cards.
Keep in mind that balance transfers are not free; they usually have a 3% to 5% fee associated with them, so a $5,000 transfer could result in fees of as much as $250.
Applying for a new card may further lower your FICO score temporarily because it results in a hard inquiry on your credit report. In the long term, it may also affect your credit score if you are maxing out your credit limit, thus negatively affecting your credit utilization ratio.
Related: How to do a balance transfer
Are there balance transfer credit cards for bad credit?
Within the world of credit cards, no credit cards specifically offer balance transfers for bad credit.
Most issuers will approve new credit cards to those with fair to excellent credit, and issuers such as Chase or Discover may have 0% APR offers available. However, they tend to be reserved for those with at least good credit scores of over 670.
An alternative to looking for balance transfer credit cards for bad credit is to look in your wallet to see if you already hold a credit card that may have a balance transfer offer.
Cards such as the Chase Slate Edge℠ occasionally offer low introductory APRs and 0% APRs. So, if you have a card you aren't using, it may be better to log in to your online account and check for any offers before applying for a new credit card.
The information for the Chase Slate Edge has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Related: What is a balance transfer?
Alternatives to balance transfers
Looking for balance transfer credit cards with bad credit can take time and effort. However, if you find yourself limited, there are some alternatives.
Payoff strategy
If you aren't having any luck with balance transfers due to bad credit, draft a plan to pay off the debt. If you carry debt across several credit cards, consider paying off the card with the lowest balance first, as this can help reduce your overall credit utilization and increase your credit score.
Consolidate debt
Another alternative to balance transfers is a debt consolidation loan. These personal loans combine debt from multiple cards into one overall debt, and interest rates are usually lower than those on credit cards.
Although those with bad credit may not receive the best interest rate, this method allows you to combine all your debt into one place and not worry about multiple payments, due dates or late fees.
Negotiate APR
It's worth calling your credit card issuer to see if your APR can be lowered. Although not a guarantee, some issuers may lower your APR, which can help you save on monthly interest charges.
Managing expenses
If balance transfers and debt loan consolidation aren't options for you, a passive alternative is to better manage expenses. Charting your expenses, budgeting and reducing them in areas can increase your purchasing power, enabling you to pay off larger portions of the debt.
Some techniques I have used to manage my expenses include creating a list of monthly expenses and using budgeting apps to see where additional costs can be removed.
Related: The pros and cons of balance transfer credit cards
Bottom line
Balance transfer cards for bad credit are not readily available. It's also important to remember that balance transfers incur fees, further adding to debt.
If you cannot apply for a balance transfer credit card with bad credit, explore alternatives such as checking balance transfer offers on existing credit cards, drafting a payoff strategy or applying for a debt consolidation loan to pay off your balances more quickly.
Related reading:
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- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
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| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
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You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.