Best Balance Transfer Cards for Fair Credit 2023
5,0
Forbes Advisor has created additional star ratings so you can see the best card for your specific needs. This card excels for this use, but overall star ratings may vary compared to other cards.
On the Citi website
Reward rate up to 2%.
First, you earn 1% unlimited cash back on every purchase you make. Then, as you pay for those purchases, youread more
welcome bonus
N.v.t
Annual contribution
$ 0
Regular April
19.24% - 29.24% (variable)
creditworthiness
Excellent, good, honest
Why we chose it
The Citi Double Cash Card's simple cash back structure and long-term balance transfer APR offer make Citi Double Cash a firm favorite. It offers a solid cashback rate on all purchases and a 0% introductory APR on balance transfers, all with no annual fees.
I am proactive
- Earn up to 2% cashback: 1% when a purchase is made and 1% when a deposit is made to your account
- No Cashback Limit: There is no limit to the amount you can earn
- There is no annual fee
- Introductory APR Period for Balance Transfers
- Foreign transaction costs
- Balance transfer costs
- The lack of benefits seen on other cards with no annual fee
- No 0% introductory APR on purchases
Card information
- Earn 2% on every purchase with unlimited 1% cashback on purchase, plus an extra 1% when you pay for those purchases.
- To make money, you must pay at least the minimum debt on time.
- Balance transfer only offer: 0% intro GPR on balance transfers for 18 months. After that, the variable APR is 19.24% – 29.24%, based on your credit rating.
- Balance transfers do not earn cash. Intro APR does not apply to purchases.
- If you transfer a balance, you will be charged interest on your purchases unless you pay the full balance (including balance transfers) each month before the due date.
- There is an introductory fee for the balance transfer of 3% of any transfer (minimum $5) made within the first four months of account opening. After that, your fee will be 5% of each transfer ($5 minimum).
N.v.t
Credit score ranges are based on FICO® credit scores. This is only one scoring method and the credit card company may use a different method when reviewing your application. These are provided as a guideline only and approval is not guaranteed.
4.9
Forbes Advisor has created additional star ratings so you can see the best card for your specific needs. This card excels for this use, but overall star ratings may vary compared to other cards.
On the Citi website
Reward rate up to 5%.
Each billing cycle, you get 5% cash back on up to $500 in purchases in your most eligible spending category. All the restread more
welcome bonus
200 dollar
Annual contribution
$ 0
Regular April
19.24% - 29.24% (variable)
creditworthiness
Excellent, good, honest
Why we chose it
Citi Custom Cash is a great option for people who want to maximize cashback without having to worry about activating or choosing bonus categories.
I am proactive
- No registration is required to receive bonus rewards
- Cashback categories are unique categories that other cards may not offer bonus rewards for
- Introductory APR on purchases and balance transfers
- There is no annual fee
- High balance transfer fees
- High costs for foreign transactions
- Some daily reward categories have been overlooked
Card information
- Earn $200 cashback after you spend $1,500 on purchases in the first six months of opening your account. This bonus offer is redeemed as 20,000 ThankYou® points redeemable for $200 cash.
- 0% introductory APR on balance transfers and purchases for 15 months. After that, the variable APR is 19.24% – 29.24%, based on your credit rating.
- Each billing cycle, earn 5% cashback on purchases in the most eligible spending category, up to the first €500 spent, then 1% cashback. Also earn unlimited 1% cashback on all other purchases.
- No rotating signup bonus categories. Because your expenses change every billing cycle, your earnings automatically adjust when you spend in one of the eligible categories.
- There is no annual fee
- Citi issues only one Citi Custom Cash® Card account per person.
Earn $200 in cash after you spend $1,500 on purchases within the first six months of opening your account. This bonus offer is redeemed as 20,000 ThankYou® points redeemable for $200 cash.
Credit score ranges are based on FICO® credit scores. This is only one scoring method and the credit card company may use a different method when reviewing your application. These are provided as a guideline only and approval is not guaranteed.
Best for students with reasonable credit
Bank of America® Custom Cash Rewards Student Credit Card*
4.9
Forbes Advisor has created additional star ratings so you can see the best card for your specific needs. This card excels for this use, but overall star ratings may vary compared to other cards.
Choose your 3% category.
Earn 3% cashback in the category of your choice (6 categories available)*; Earn 2% cashback in storesread more
welcome bonus
$ 200 bonus
Annual contribution
$ 0
Regular April
18.24% - 28.24% Variable APR on purchases and balance transfers
creditworthiness
Excellent/Good (750 - 850)
Why we chose it
This card scores an "A+" for students who need an introductory APR offering and no annual fee, while still earning impressive cash rewards.
I am proactive
- Free access to your FICO score
- Generous term introductory APR offer
- Competitive cashback rates
- A welcome bonus that is easy to earn
- 3% foreign transaction fee
- High penalty APR and late fees
- High to very high standard APR, depending on your credit rating
Card information
- Earn a $200 online cashback bonus after you spend $1,000 or more on purchases in the first 90 days of opening your account
- Earn 3% cash back in the category of your choice, 2% cash back at supermarkets and wholesale clubs, 1% cash back on all other purchases Bonus earnings are limited to the first $2,500 in the 3% and 2% categories combined each quarter
- There are no annual fees and no expiration date for rewards
- Access your FICO® Score for free in the mobile banking app and online
- Chip card protection, contactless and practical
Earn a $200 Online Cash Rewards Bonus after you spend $1,000 on purchases within the first 90 days of opening your account
Credit score ranges are based on FICO® credit scores. This is only one scoring method and the credit card company may use a different method when reviewing your application. These are provided as a guideline only and approval is not guaranteed.
Best balance transfer cards for fair credit
Citi® Dual Cash Card
[go to details]
OfCiti® Dual Cash Cardis a solid option for those who need a balance transfer card, but also want a card that earns rewards and is worth keeping afterwards – even with just fair credit.
Balance transfer offer:0% introduction APR on balance transfers for 18 months. Thereafter, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. There is an introductory balance transfer fee of $5 or 3%, whichever is greater, for transfers made within the first four months of account opening. After that, the fee is 5% of each transfer ($5 minimum)
Balance transfer costs:5% of any balance transfer; Minimum $5 after 4 months of account opening
Annual contribution:$ 0
Other pros and cons:The Citi® Double Cash Card doesn't offer many extra benefits, but the card is already a good deal for people with good credit. This card charges a foreign transaction fee, so it's not a good choice for overseas purchases.
Citi Custom Cash®-kaart
[go to details]
OfCiti Custom Cash®-kaartis another great card with balance transfer offers and rewards for those with good credit. Instead of offering fixed rewards, this card earns multiple rewards with a maximum of 5% cash back on purchases in the highest eligible spending tier per billing cycle, up to the first $500 in spend per month, and 1% cash back on all other purchases .
Balance transfer offer:0% introductory APR for 15 months from account opening date for purchases and from first transfer date for balance transfers completed within 4 months of account opening. Thereafter, the variable APR will be 19.24% - 29.24%, based on creditworthiness. There is also a balance transfer fee of 5% of each balance transfer; $5 minimum
Balance transfer costs:5% of any balance transfer; $5 minimum.
Annual contribution:$ 0
Other pros and cons:The Citi Custom Cash® Card also offers an introductory interest rate of 0% per annum on purchases and a welcome bonus: $200 cash back after you spend $1,500 on purchases within the first 6 months of account opening. Bonus points come in the form of 20,000 ThankYou® points redeemable for $200 in cash. Foreign transaction fees are charged, so it is not a good choice to buy from abroad.
Bank of America® Custom Cash Rewards Student Credit Card*
[go to details]
OfBank of America® Custom Cash Rewards Student Credit Card*is a solid student card that rewards with a balance transfer offer.
Balance transfer offer:0% introductory APR for 15 billing cycles on purchases and balance transfers, then a variable APR of 18.24% - 28.24% applies. Balance transfers must be made within 60 days of account opening. All balance transfers are subject to a surcharge of 3%
Balance transfer costs:3% of the amount of each transaction
Annual contribution:$ 0
Other pros and cons:The Bank of America® Cash Rewards custom credit card for students*also offers an introductory 0% annual interest on purchases and a welcome bonus: $200 cash reward bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Foreign transaction fees are charged, so it is not a good choice for students who want to study or travel abroad.
Methodology
Forbes Advisor rates cards both as standalone products (the rating of a card in a review) and compared to others in a specific use case (the rating of a card you see on a specific "Best of" list). The rating for each card varies on different "Best of" lists, based on how a card seeker in that category might rate certain features of the card.
For example, a card that is considered mediocre on the reward card list might be the first card on the reward card list with no annual fees. That's because the card may offer limited features compared to other rewards cards, but once we remove the cards that charge an annual fee, this is the best card left.
Forbes Advisor uses data from multiple government agencies to determine how much a typical cardholder would spend. We use the same numbers for cards in the same category to ensure that we compare cards in the same way. The bonus spending categories included with each card are factored into our determination of how many rewards a cardholder can expect to earn if they use the card as a normal consumer would.
For more information on our rating and review methodology and editorial process, see our guide atHow Forbes Advisers Rate Credit Cards.
How does balance transfer work?
The premise of a balance transfer is simple: transfer the balance or debt you have on your credit card to a new card that offers a lower interest rate, or better yet,0% introductory APR. This step can save you money because you won't be paying interest on that debt for the life of the promotional offer. But there are a few caveats to this transaction.
Most balance transfer cards also charge a balance transfer fee, which typically ranges from 3% to 5% of the amount being transferred. For example, if you transfer a balance of $5,000 to a card that charges a 3% balance transfer fee, the balance transfer alone will cost you $150. transfer fees ultimately cost you less than you would pay in interest on a card you already have.
Also keep in mind that you usually cannot transfer the balance on a card issued by one bank from another card issued by the same bank. So if you have debt on a Chase-issued card, you can't transfer that balance to another Chase-issued card.
Find the best balance transfer credit cards in 2023
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A personal loan may then be your best choice
The choices are quite limited when it comes to fair credit balance transfer cards. But there is an alternative option that might make more financial sense:personal loan. These flat-rate loans often have lower interest rates than credit cards, and your minimum payment will be the same every month.
Like most financial products, there are moretypes of personal loanson the market so it's worth looking around to findpersonal loan for debt consolidationthat suits your specific circumstances.
The point
Making a plan to pay off your credit card debt with high interest is a great money move. But if you have reasonable credit, it can be challenging to get approved for a balance transfer card that offers a lower interest rate than your current card. In this scenario, a personal loan may be the best option to pay off your debt at a lower rate.
Frequently Asked Questions (FAQ)
Will a balance transfer affect my credit score?
Completing a balance transfer can affect your credit score. A credit score consists of several areas, including: payment history, credit utilization, length of credit history, new credit, and credit mix. Applying for a new credit card to transfer the balance may apply to more than one credit card.
● You get a new card, which may affect your new balance and the length of your credit history. The new card may also add to the total amount of credit you're approved for, reducing your overall credit usage until you add the balance due on your card(s).
● When you complete a balance transfer, the credit usage on your individual credit cards changes.
Whether your credit score goes up or down depends on all of these factors.
What credit score is fair credit?
Fair Credit means you have a FICO score between 580 and 669 or a VantageScore between 601 and 660.
Is the 3% transfer fee worth it?
Most credit cards charge a 3% to 5% fee to complete a balance transfer, often with a minimum of $5. Whether it's worth paying this fee depends on the balance you need to transfer, the duration of the balance transfer, what the APR is on the card you want to transfer from and what the APR is on the card you want. to transfer.
Other credit cards to consider
- Balance always bad for your credit score
- The best student credit cards
- The best credit cards for fair credit
- The best credit cards for millennials
- Capital One secure credit card review
- Discover it® secured credit card
- Is no credit better than bad credit?
The information on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be appropriate for your circumstances. We do not provide financial advice, advisory or brokerage services, nor advise or advise any person on the purchase or sale of any stock or security. Performance data may have changed since the time of publication. Past performance is not an indicator of future results.
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