Bad Credit Balance Transfer Credit Cards

Individuals with bad credit are likely to have difficulty obtaining a balance transfer credit card these days as even people with good credit are struggling to get approved. Due to current market conditions, we currently have no balance transfer credit cards available to consumers with bad credit.

On a positive note, many people turn to the bad credit category just because a particular credit card company denied them. If that is the case, you may want to consider reviewing your credit report and credit scores (you can do so for free here). Your credit may be fine, but just not good enough to qualify for a particular company's credit card. If you actually have bad credit, you may also find these credit analysis tools useful to help you rebuild your credit so that you qualify for better rates. You can learn about these products in the free credit report section of this website.

If it turns out that you do in fact have bad credit and cannot qualify for a credit card with a low balance transfer rate, you may want to consider a consumer credit counseling company. Many companies advertise as credit counselors and promote the fact they can reduce your debt by as much as 50%. Be wary of these deals, as they can end up costing you a lot of money and leaving you with more problems than you started with.

Consequently, we recommend that consumers with bad credit who need help getting out of credit card debt visit the website of the National Foundation for Credit Counseling at www.nfcc.org to find an honest, reliable counselor.

Lastly, while there are credit cards for bad credit that do not offer balance transfers, we choose not to promote these offers here, as they charge astronomical fees and offer consumers little value. You can find these offers at other websites, but we choose not to provide links to them here.

Balance Transfers and Bad Credit

Before the credit crunch, balance transfers were widely available. Individuals with fair or average credit could easily obtain 0% interest rates for up to 1 year. Unfortunately, credit card companies have been tightening approval standards on most credit cards, and individuals who may have fallen into the average credit category are being pushed into the bad credit category.

This policy change has had huge ramifications for indiviuals with bad credit who seek a balance transfer credit card. Not only are these consumers being slapped with higher interest rates, but also, they are left with few options to expedite the process of getting out of credit card debt.

Presently, most credit cards available to consumers with bad credit also come with annual fees. These fees vary from consumer to consumer based on their credit profile, but can be quite substantial.

Consequently, if you apply for a bad credit balance transfer, you should wait until you get your credit card in the mail before completing the balance transfer. This way, you can make sure the offered rates are acceptable.

Lastly, if you think you have bad credit just because one credit card company denied your application, you may want to try another credit card company or check your credit score before applying for a balance transfer to a "bad credit" credit card. You may be pleasantly surprised when you find out your credit isn't as bad as you were led to believe.

Related Balance Transfer Articles

Balance Transfers 101: This article discusses the basics of balance transfers as well as a few tips to help separate good balance transfer offers from bad balance transfer offers.

Balance Transfers Blog: Our blog features regularly updated information on Citibank, as well as all other major credit card issuers. Learn more about current offers as well as feedback from other consumers.

Credit Card Complaints: This blog posting has gotten a lot of attention from angry consumers. Learn more about which credit card companies are angering customers so you can avoid their credit products.