How to Transfer Credit Card Balances with Bad Credit
What do you do when you have high-interest credit card balances and bad credit?
Sounds like a really bad combination, but it may not be as bad it appears. Many consumers with poor credit often look for outside help when trying to solve their credit woes.
Whether it’s trying to open a new credit card to transfer the balance, or enlisting a credit counseling company to assist you, the best offers are often found elsewhere.
The help you need can come from your current credit card providers and banks if you take the time to look at the offers available to you. Almost every credit card issuer and bank has a section on their website regarding credit card balance transfers.
Typically you’ll see the existing offers if you log-in to your account online. Even if you have bad credit, or were recently turned down for a credit card elsewhere, you can still use these offers from your existing card issuers and banks.
Sure it may not be 0% APR for 12 months, and it may carry a balance transfer fee of $100 or so. But if you’re paying 19.99% APR or higher currently, it makes a lot of sense to transfer those credit card balances.
Chances are your current credit card issuer will have an offer of 1.99% or something similar along with a balance transfer fee. If you’re lucky, you may even find a card issuer offering you 0% APR on balance transfers with no fee.
Citibank is notorious for such offers, and if you already have a credit card opened with them, you may still be able to get approved for a balance transfer if your credit recently turned ugly.
The same applies for credit cards tied to your bank account. Companies like Wells Fargo and Washington Mutual offer balance transfer deals at 4.99% APR or so for the life of the transfer. It may not be the best offer, but if you have bad credit, you should take what you can get until you get back on your toes.
Do the math and take the time to research the offers available to you with your current bank and card issuers. You’ll be surprised at the number of options you have, even with bad credit.