Bad Credit Balance Transfers

Individuals are likely to have difficulty obtaining a bad credit 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 only one bad credit balance transfer credit card available.

On a positive note, many people turn to the bad credit balance transfers category just because a particular credit card company denied them. If that is the case, you may want to consider reviewing your credit scores. 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 and a balance transfer is necessary, you may also find these credit analysis tools useful to help you rebuild your credit so that you qualify for better rates.

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 seeking bad credit balance transfers visit the website of the National Foundation for Credit Counseling to find an honest, reliable counselor.

Lastly, while there are credit cards for bad credit that might offer balance transfers, the best way to utilize these offers is to help improve your credit so you can qualify for a better balance transfer card.

Historical Perspective on Bad Credit Balance Transfers

Before the credit crunch, bad credit balance transfers were available. Individuals with fair or average credit could easily obtain zero percent balance transfer rates for at least 6 months. 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 individuals with bad credit who could benefit from a balance transfer. 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 and that you may be able to qualify for a regular 0% APR balance transfer card.

*Important Disclaimer: See credit card applications for complete terms and conditions. While Smart Balance Transfers makes reasonable efforts to maintain accurate information, all credit card information is presented without warranty. When you click an “Apply” button, you can review the credit card terms and conditions on the issuing company’s website.