Friday, 26 April 2024
If you’re someone who struggles with credit card debt and high interest rates, a balance transfer might be a way to dig yourself out of indebtedness. There are various balance transfer credit cards that offer long 0% intro APR periods that provide you with ample time to pay off your balance. Depending on your credit score, you may qualify for some of the cards we list below.
Keep in mind that the credit score ranges listed below don’t guarantee that you will be approved for a card simply because you fall within the given credit range. Lenders consider numerous factors when determining eligibility.
If you’re someone with the excellent credit (a score above 740*), you may qualify for some of the best balance transfer cards. Great balance transfer credit cards offer a long 0% intro period and/or no intro balance transfer fee. Here are our picks for balance transfer cards if you have excellent credit.
A credit score of 670 – 739* falls into the good credit range. With good credit you can still qualify for decent balance transfer cards. Listed below are the offers for best credit cards for people with good credit.
Those who have a credit score of 580 – 669* are likely to find it harder to qualify for a balance transfer credit card. There is the chance you may qualify for offers that are just OK, providing less time to pay off your balance. If you don’t qualify for a credit card, we recommend you look into personal loans. They are a good alternative to a credit card, and may represent a better option if you have fair credit.
We recommend using LendingTree to shop for the best personal loan. With a single online form, you can see results from dozens of lenders and shop around for the best deal. By using LendingTree to look for a personal loan, a soft credit pull is performed, which means your credit score will not be negatively impacted. Here are options for fair credit:
When you have a score below 579* you fall into the bad credit category. Your best option is to work on improving your credit through such things as secured cards. With proper credit behavior, you can be on your way to a fair or good credit score and more options. Just remember to be patient. Once your credit improves, check out the balance transfer cards above.
*The credit score ranges listed above are for FICO Scores and obtained from Experian.
The amount of time your have to complete your transfer will vary by credit card. Many cards require you to complete your transfer between 30 to 60 days from account opening, but check your specific card agreement for specifics. A good rule of thumb is to complete your transfer as soon as possible; the 0% intro APR period often starts from the day your account is opened.
Many cards charge a balance transfer fee ranging from 3 to 5 percent of the amount you transfer. So if you transfer $1,000 to a card with a 3 percent fee, you will accrue a $30 fee and owe $1,030. But be advised: There are cards that have $0 intro transfer fees.
Any remaining balances will accrue interest. The rate depends on your card agreement.
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Source: https://www.magnifymoney.com/blog/balance-transfer/credit-score-balance-transfer824575760/
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