Those with poor credit histories may find it challenging to be approved for a standard balance transfer credit card. Most debt transfer credit card issuers have minimum credit score requirements of 670 on the 850-point FICO scale, which is considered Good to Excellent.

However, if you are trying to eliminate credit card debt, you may reduce your interest rate in several ways. You can look at secured credit cards that enable balance transfers, develop excellent credit habits to boost your score or use payback methods that do not involve a transfer to settle your debt.

Thinking about balance transfers to reduce your debt load is a wise move. Consider the following choices.

Is It Possible to Get a Balance Transfer Card with Bad Credit?

If you are approved for a classic unsecured balance transfer credit card, you will typically be offered an annual percentage rate (APR) of 0% for a set amount of time. This will enable you to repay your existing credit card debt without accruing further interest charges. However, there is normally an upfront cost of about 3% of the total money transferred.

The reason credit card issuers provide incentives such as this one is because they seek your business. Credit card issuers use balance transfers to attract new users, as customers can only sometimes transfer their balances across cards issued by the same financial institution. However, it is in their best interest if they have a track record of making payments on time and are likely to repay the loan as promised.

Therefore, you'll need a good to excellent credit score if you want a balance transfer card. You probably will only get approved if your credit score is 669 or below (and particularly if this is 579 or lower).

Options for People Who Are Rejected for a Balance Transfer Credit Card

If a balance transfer credit card isn't a good fit for you, there are other options to consider.

• Consider applying for a secured credit card that provides a low introductory rate on balance transfers. You should be prepared to pay cash in advance because the amount you deposit will usually serve as your credit limit. If so, you could qualify for a balance transfer offer with interest rates that are more favorable than your current ones. On top of that, using a secured credit card responsibly might help in building or repairing credit. If you use your card responsibly and make all of your payments on time, you can upgrade to an unsecured version.
• Move a balance to a card you already have that has a reduced interest rate. With this choice, you may protect your credit from the temporary drop resulting from a hard inquiry while applying for new credit. You should instead check with your existing card issuers about any balance transfer deals they may be offering. Be careful to inquire about when the promotional period will come to an end, as well as the APR that will be applied after that time. You should pay off your bills before your interest rate increases since this might make it more challenging to eliminate your debt.
• Your best bet for getting an unsecured balance transfer card is to raise your credit score first. Get your free credit reports once a year from the three major bureaus. The debt ratio to your available credit will decrease as you pay off existing debt and resist incurring any new debt. A lower credit usage ratio is one strategy for raising your credit score to the excellent or decent category. After that, you might be able to get an offer of 0% APR on the remaining debt.

Better balance transfer card with bad credit

Even if you have low credit, a balance transfer credit card might help you save money. Check out the balance transfer calculator before you submit your application to get an idea of how much money you may potentially save by going this route.

But remember that every card has its advantages and disadvantages. We examined the best credit cards that allow customers with bad credit to transfer balances, and these are our top picks.

Discover it Secured Credit Card

For the first six months after opening an account, the Discover it® Secured Credit Card offers a promotional annual percentage rate (APR) of 10.99 percent on balance transfers (followed by a variable APR of 25.99 percent). There is no yearly charge, and you may receive rewards at no extra cost, including 2% cash back on up to $1,000 in total quarterly spending at petrol stations and restaurants and 1% on all other purchases.

Additionally, Discover will double your first year's cash-back returns.

In order to acquire the card, you must first submit a security deposit (equivalent to the amount of your authorized credit limit, up to $2,500), which will be returned to you upon account closure assuming you did so in good standing. There is a 3% charge for the first balance transfer and a 5% cost for all further transfers.

Capital One Platinum Secured Credit Card

If you have low credit, you may want to look into the Capital One Platinum Secured Credit Card as an alternative. In order to secure your line of credit, you will be required to make a cash deposit. You can check your prequalification status for this card online without affecting your credit score, so it's worth looking into.

There's no yearly charge and simply a $49, $99, or $200 security deposit to get started. There is no balance transfer charge; however, the variable APR of 28.49 percent does apply to transfers.

In Conclusion

You shouldn't let a low credit score prevent you from working toward financial independence. In reality, your credit score may benefit from reduced amounts and regular payments toward debt. If you want to enhance your credit score, you should be more determined to pay down your credit card debt.

If you can't make a standard balance transfer work, don't close the door on additional possibilities. If you are stuck and don't know what to do, it's best to go to an expert, such as a credit counselor. You may eliminate debt with or without a balance transfer if you are motivated, organized, and stick to your strategy.