Writer: Eric Bank
Editor: Jon McDonald
Reviewer: Ashley Fricker
Disclosure: When you apply through links on our site, we may earn a referral fee from our partners. For more, see our ad disclosure and review policy.
Cards with balance transfer promotions can save you big bucks. You can use them to consolidate credit card balances and pay no (or reduced) interest for a set period. But a poor FICO score creates challenges when you apply for a balance transfer card, as most require a credit score of 600 or higher.
We’ve examined the credit card marketplace and found the best balance transfer cards for less-than-perfect credit. You may be able to use one of these cards to reduce your debt and boost your credit score efficiently.
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Best Balance Transfer Cards For 700+ Credit Score
Consumers with a FICO score of 700 have good credit. You should be eligible for the best credit cards, some providing balance transfer promotions.
- 0% Intro APR on balance transfers and purchases for 18 months from date of account opening. After that, the variable APR will be 17.49% – 28.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Late Fees, No Penalty Rate, and No Annual Fee… Ever
- $0 liability on unauthorized charges.
Additional Disclosure: The information related to Citi Simplicity® Card has been collected by CardRates.com and has not been reviewed or provided by the issuer or provider of this product or service.
The Citi Simplicity® Card offers an unbeatable 0% balance transfer promotion. Its promotional period is the longest currently available, and few credit cards can match it. Just know that credit cards can change their promotions without warning.
To qualify for the 0% APR, you must complete balance transfers within four months after opening the account. This card also offers low fees, free access to your FICO score, fraud protection, and a flexible due date for your monthly bill payments.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.49% – 27.24%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Additional Disclosure: Citi is a CardRates advertiser.
The Citi® Diamond Preferred® Card is similar to the bank’s Simplicity Card. They both offer the same 0% balance transfer promotion, although their regular APRs may differ.
The City Diamond Preferred Card charges a low balance transfer fee for each transaction. It is slightly higher than the Simplicity Card’s balance transfer fee for eligible transactions (i.e., transfers made in the first four months). After four months, both cards have the same fee.
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. You’ll still earn unlimited 1% cash back on all other purchases.
- Get a 0% intro APR for 18 months on balance transfers. Then 17.49% to 26.49% Standard Variable APR applies, based on credit worthiness.
- Redeem cash back for any amount
- No annual fee.
- Terms and conditions apply.
The 0% promotions from the Discover it® Chrome card don’t last quite as long as those from the Citi cards, but they still a generous amount of time. And unlike its Citi competitors, this is a cash rewards credit card that pays cash back on all eligible purchases.
This Discover card also offers a one-year Cashback Match™ period to new cardmembers on the cash rewards that the card posts during the first 12 months after account opening. Once the promotional period ends, the regular APR will apply.
- For a limited time, get a special 0% introductory APR on purchases and balance transfers for 24 billing cycles. After that, the APR is variable.
- Earn 4% cash back on prepaid air, hotel and car reservations booked directly in the Travel Center when you use your card
- Get up to $600 reimbursement if your cell phone is stolen or damaged when you pay your monthly cell phone with your card
- View your credit score anytime, anywhere in the mobile app or online banking. It’s easy to enroll, easy to use, and free to U.S. Bank customers.
- Get an opportunity to set up a 3-month $0 ExtendPay Plan offer each calendar year after the new account 0% introductory purchase APR offer has expired
- $0 Annual Fee
Additional Disclosure: The information related to this card has been collected by CardRates.com and has not been reviewed or provided by the issuer of this product.
The U.S. Bank Shield™ Visa® Card offers 0% intro APR promotions for balance transfers and purchases. The balance transfer deal applies only to transactions you submit within 60 days of account opening.
The card’s low transaction fee for balance transfers remains the same even after the promotional period ends. Occasionally, the bank might offer you one of its fixed payment programs, such as Extend Pay® Plans and Extend Pay® Loans, which let you pay off balances with fixed monthly payments over time.
Best Balance Transfers For 650+ Credit Score
A FICO score of 650 puts you in the upper tier of the fair credit range. The following balance transfer cards welcome applicants with fair credit.
- Earn unlimited 2% Cash Back on all eligible purchases – no rotating Spend Categories, no caps or limits
- Bonus Cash Back: Earn $200 Cash Back in the form of a statement credit when you spend $1,500 within the first 90 days after account opening
- Enjoy Visa security on purchases, plus protection against unauthorized charges
- 0% introductory APR balance transfers for the first 15 billing cycles after account opening, after which a variable APR will apply
- $0 Annual Fee
The TD Double Up℠ Credit Card is a product with a relatively short balance transfer promotion and a small signup bonus. But it offers a high cash back rate on all eligible purchases, a boon to consumers who want a straightforward cash rewards credit card.
The card’s balance transfer promotion does not impose an early deadline on eligible transactions. This Visa Signature card provides cellphone protection, purchase security, identity theft prevention, and extended warranties.
What Are the Different FICO Scoring Ranges?
FICO originated consumer credit scoring and remains the standard in the market. FICO scores range from 300 to 850. Lenders use your credit score, among other factors, to assess your creditworthiness.
FICO Scores
Here are the FICO score ranges and what they signify:
- Very Poor (300-579): When your score is in this range, you will find it challenging to get an unsecured credit card, especially one with a balance transfer promotion.
- Fair (580-669): While issuers may approve you for certain unsecured credit cards, you will face higher interest rates. The cards in the 650-plus group are appropriate choices for fair-credit consumers looking to consolidate credit through a balance transfer card.
- Good (670-739): This score range encompasses the average US consumer. Most lenders will approve your applications for loans and credit cards at this range, but perhaps not with the very best terms. Feel free to apply to any credit card offering a 0% APR on balance transfers.
- Very Good (740-799): A score in this range is above the US average. Creditors consider you a low-risk borrower and will typically offer you favorable terms for loans and credit cards.
- Excellent (800-850): This is the top score range and shows that you are an exceptional steward of your credit. When you want the best credit cards and loans, the world is your oyster. The only downside is how jealous your friends may be if they discover your score.
Did you know you actually have three different scores? That’s right—one from each of the major credit bureaus: Equifax, TransUnion, and Experian. Each bureau collects your credit info and calculates a new score every month.
FICO Score Factors
FICO scores rely on a range of credit data it groups into five major categories. The scoring model weights each category differently when calculating the total score.
Here are the five major FICO factors, along with their approximate weights in the scoring model:
- Payment history (35%): This category records your payments to credit accounts, including credit cards, installment loans, retail accounts, and mortgage loans. Overdue payments, bankruptcies, and other negative items will impact this part of your score. Conversely, timely payments can boost your score.
- Amounts Owed (30%): This factor considers the amount of money you owe to creditors and how that compares to your income (including your debt-to-income ratio, or DTI) and the total available credit you have, or your credit utilization ratio (CUR). A high utilization rate means you’re using a large percentage of your available credit, which can hurt your credit score by identifying you as a high-risk borrower. FICO views 1% as the target CUR you should try to achieve.
- Length of Credit History (15%): This factor considers how long your credit accounts have been active. Creditors believe an extended credit history of seven or more years is favorable because it is substantial evidence of your spending habits and payment behavior.
- Types of Credit in Use (10%): This category deals with your credit mix, including credit cards, retail accounts, installment loans, mortgage loans, etc. Having a broad mix of credit types is favorable because it indicates your experience managing different credit products.
- New Credit (10%): This includes the number of credit accounts you’ve opened recently and the number of recent hard inquiries on your credit report. Creditors may consider opening many new accounts in a short period to be desperate behavior, particularly for people who don’t have a long credit history. Only hard inquiries impact your credit, and they originate from creditors when you apply for a new credit card or loan. They remain on your credit report for two years but impact your score for only one year.
Understanding these factors can help you take steps to boost your credit score over time. It’s crucial to focus primarily on the first two factors since they make up 65% of your FICO score. While credit scores are important, other financial aspects like income, employment history, and current debts are also considered.
Reporting mistakes can result in inaccurate scores, but you can challenge questionable items on your report by lodging disputes with the credit bureaus. Alternatively, you can hire a credit repair company to help remove inaccuracies from your reports.
FICO competes with other credit score providers, including VantageScore, that use unique scoring models and/or ranges. Always check the free credit scores that credit cards offer. If it isn’t your actual FICO score, it still may be a good indication of your credit standing.
What Is a Balance Transfer Credit Card?
Balance transfer credit cards allow you to transfer balances from one or more credit cards to a new card, often through an introductory 0% APR promotion. Your credit limit determines how much you can transfer. Balance transfers save money on interest and can help you pay off existing credit card debt faster.
The typical balance transfer promotion runs six to 21 months from account opening. In most cases, you will not pay interest on the transferred balances during the promotion, although each transaction will trigger a fee — typically 3% to 5% of the amount you move. Some promotions offer reduced interest rates rather than a 0% APR.
Keep up with the minimum payments on your old credit cards until you’re sure the transfer is complete. If you happen to overpay, don’t stress! You can request the credit card issuer to return any extra payment, which might be sent back as a credit statement, a check, or even a bank deposit.
Many promotions impose a short deadline (i.e., two to four months) on balance transfers eligible for the special rate. For example, a card may offer a 0% APR for 21 months but only for transfers you complete during the first four months. The deadline usually isn’t a problem, as you have plenty of time to submit your transfer requests after opening the account.
Once the promotional period wraps up, you’ll start paying the card’s regular APR on any leftover balances. To sidestep interest charges, ensure you clear your balances in full before the promo ends.
It’s essential to pay at least the minimum amount due on your credit card each month and ensure you do so on time. Missing a payment can cancel an active balance transfer offer, which means the card will start charging interest on any leftover balance.
How to Get a Balance Transfer Card
Applying for a balance transfer card is not very different from the process you’d follow to get a regular credit card. Many issuers will prequalify you for a credit card if you submit contact information and data about your income, employment, and housing costs.
Prequalifying doesn’t require a hard credit check and won’t impact your credit score. Although prequalification doesn’t guarantee final acceptance, it reveals whether the issuer is likely to approve your formal application.
If you prequalify for a credit card, you may need to enter additional information and permit a hard credit check. If you skip the prequalification step, you can apply for a card by entering your personal information. In either case, expect a quick decision.
Some issuers may allow you to specify an initial set of transfers when you apply for a balance transfer card. Otherwise, you can request transfers after approval.
Expect your new credit card to arrive three to 10 days after you sign the cardmember agreement. If the issuer rejects your application, it will send you a written Adverse Action Notice explaining the reasons behind the denial.
How To Arrange Balance Transfers
Most balance transfers are arranged online, but some issuers also allow you to handle them over the phone or through a mobile app. As noted, a few issuers even let you set up balance transfers during the application process.
No matter how you apply, you’ll need the credit card account numbers and the amounts you wish to transfer. You’ll also need the account number of the card that will receive the transferred balances.
The exact transfer procedure varies by issuer. For example, Chase online banking customers can click the “Transfer Balance” option next to the “Available Credit” heading on their card summary page.
Discover cardholders can find a balance transfer dialog in the “Credit Options” menu.
The total you can transfer depends on your credit limit and the currently available amount. For example, if you have a $10,000 credit limit and a $4,000 balance from purchases, you can transfer up to $6,000 from other credit cards.
Submit your transfer request online after providing the necessary information for each transfer. The card issuer takes care of the rest in the background. Occasionally, your other credit card issuers might reach out to confirm your balance transfer request (and perhaps try to dissuade you). Completing each balance transfer can take several weeks.
How Do Balance Transfers Affect My FICO Score?
Balance transfers may impact your FICO score, and the effect may be positive, negative, or neutral.
The most crucial factor is how your balance transfers affect your credit utilization ratio. Your overall CUR will be basically unchanged immediately after the transfers but should steadily decline as you pay down your consolidated debt.
To keep your credit utilization ratio (CUR) low, it’s crucial to avoid piling up balances on your old credit cards. Your CUR could easily spike if you start accumulating new balances. Here’s an example calculation for a cardholder with three credit cards and a total limit of $10,000:
| Card A | Card B | Card C | Overall | |
|---|---|---|---|---|
| Balance | $500 | $0 | $2,150 | $2,650 |
| Credit Limit | $2,000 | $3,000 | $5,000 | $10,000 |
| Utilization Ratio | 25% | 0% | 43% | 26.50% |
You may decide to close a credit account after you’ve transferred away its balance. We advise you first to read our article “Is it Bad to Cancel a Credit Card?” to identify the advantages and disadvantages of closing a credit account. It’s often beneficial to keep old credit cards open and use them periodically. Doing so will help you maintain a low CUR and a longer average account age.
Applying for a balance transfer card might slightly affect your credit score because of the hard credit check. However, this is a minor effect and shouldn’t disrupt your overall transfer plans.
What Is the Minimum Credit Score to Qualify For a Balance Transfer Credit Card?
You typically need a fair credit score (580 to 669) to get a balance transfer credit card, although you may qualify for a secured card despite a bad credit score. To be safe, you want to have a FICO score of at least 600 for an unsecured balance transfer card.
Secured card issuers typically don’t rely on credit scores when evaluating applicants. A secured credit card is your best bet if you can’t qualify for an unsecured balance transfer card.
How Do I Go From a 600 to a 700 Credit Score Fast?
It usually takes months or years to improve your credit score significantly. But here are three suggestions for a quicker result.
- Pay off your credit card debts. Doing so will dramatically decrease your credit utilization ratio and increase your credit score. You should start seeing results in a month or two.
- Dispute derogatory items on your credit reports. This strategy only works if you have derogatory items that are inaccurate, obsolete, or unverifiable. The fastest method is to hire a credit repair service and subscribe to its most aggressive package. It may cost you up to $150 per month, but you can cancel once your credit reports are cleaner.
- Sign up for Experian Boost or similar programs. These can expand the universe of items that creditors report to the major credit bureaus. You typically connect your bank account to the program and select the bills you want to include (such as utilities and rent). You could see an instant, albeit modest, increase in your credit score.
To boost your credit score over time, make it a habit to pay your credit card bills promptly and keep your debt levels in check.
What Are the Pros and Cons of Balance Transfers?
Consider these pros and cons before you start transferring your balances.
Pros
Here are some compelling reasons to transfer balances:
Save money: 0% balance transfer promotions can save you hundreds or thousands in interest. The average credit card interest rate is 15.13% as of the Q2 2023, according to the Federal Reserve. If you have below-average credit, you face APRs as high as 36%. You can save money with a balance transfer card if you obtain a 0% introductory APR and pay down your debt within the promotional period.
Lower your debt: A 0% intro APR on a balance transfer card can accelerate your debt repayment. All of your money goes to pay down your principal balance and none to interest, even if you make the same monthly payments. But be sure to repay the entire balance before the promotion ends.
Consolidate debt: A balance transfer card lets you consolidate several credit card balances into a single new account. Doing so reduces the monthly payments you must remember, making your budget more manageable. A single monthly credit card payment is easier to remember than several payments throughout the month.
Build credit: A new balance transfer card may help you build credit, but only if you don’t close your old credit card accounts. Getting a new credit card will increase your total credit limit and, in turn, reduce your credit utilization ratio. This strategy is effective only if you don’t go on a shopping spree and increase your other credit balances. Reducing your debt-to-income (DTI) ratio can also help you build credit.
These benefits only come into play if you remain disciplined after transferring your balances. To truly benefit from a 0% balance transfer card, focus on paying down your debt quickly and avoid accumulating new debt.
Cons
Before proceeding, you may want to consider these potential disadvantages of balance transfer cards.
Balance transfer fees: These are usually 3% or 5% of your transfer amount. For example, a 5% fee on a $8,000 transfer will cost you $400. The fee usually isn’t a big deal because your potential savings are so considerable. Use a balance transfer calculator to ensure the numbers work to your advantage.
Credit requirements: The balance transfer cards with the longest promotional periods require you to have a good credit rating. An issuer may reject your application if you have fair or bad credit.
Overdue payments: Cardholder agreements explain the penalties for delinquent payments. Many cards will terminate your balance transfer promotion if you miss a payment, and you will abruptly start paying interest on your remaining balance. Consider setting up automatic payments to avoid this scenario.
Resumption of regular APRs: Any balance remaining after the balance transfer promotion ends will accrue interest at the card’s regular APR. You may spend more than you save if you fail to eliminate your debt before the promotion expires.
The temptation to overspend: Paying on time and paying your entire monthly balance is the most cost-effective way to manage a credit card. It’s counterproductive to get a new balance transfer card, move all your balances to it, and then build new debts on your initial accounts. This behavior can consume your savings and damage your credit score.
Prudence dictates that you only apply for a new balance transfer credit card if you can stick with the program.
How Do Balance Transfers Compare to Consolidation Loans?
An alternative to balance transfers is a personal loan to consolidate your debt. Personal loans allow you to borrow a lump sum and repay your outstanding credit card debts without the need for a new card.
You can arrange for the lender to pay your balances directly to your credit cards, leaving you responsible for a single monthly payment at a fixed interest rate. You may save a significant amount because personal loans typically charge lower interest rates than credit cards.
Credit card consolidation through a personal loan can help you manage your budget because one monthly payment is easier to remember than multiple due dates. A consolidation loan also means you won’t have to apply for or manage a new credit card.
After consolidating your debt, it could be a smart move to keep your credit cards tucked away until you’ve paid off the loan. Meanwhile, consider using your debit card for everyday purchases and bill payments.
Get the Best Balance Transfer Card For Your FICO Score
A low FICO score might limit your chances of getting a balance transfer card. However, as this article highlights, you can still find a great card even if your credit is only fair—or worse.
Choose a balance transfer card based on its credit score requirements, promotional period, annual fee, the credit limit you’ll receive, and post-promotion APRs. Balance transfer credit cards can help you improve your credit, but you must practice discipline to obtain the best results.
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