Are you struggling to pay off your credit card balance? If so, you might have to pay exorbitant interest on credit card debt. Simultaneously, another victim of the problem is that your credit score will be in the fair range as well.
If you face such a situation, it makes perfect sense to opt for a balance transfer card. The question which arises is, can you do so with fair credit?
The answer is yes! We have compiled a detailed list of the best balance transfer cards for fair credit. Once you go through the list, you can reduce your interest burden and get a new credit card. Let’s look at the five best credit cards you can opt for without any more delay.
- Top 5 Best Balance Transfer Cards For Fair Credit
- How To Choose The Best Balance Transfer Cards For Fair Credit
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Top 5 Best Balance Transfer Cards For Fair Credit
1. Aspire Platinum Mastercard
The advantage of Aspire Platinum MasterCard is that you can qualify for it even if you have a good or fair credit score. Not only that, you get 0% APR for up to 6 billing cycles on balance transfers as well as purchases. Consequently, you can quickly pay off your debt.
You need to, however, keep in mind that there is a 2% balance transfer fee. The minimum for the same is $5. Another advantage of this credit card is that it does not have an annual fee. Consequently, it becomes easier for you to use this credit card in the long run as well.
The APR is also variable. It is between 8.15% to 18%. It means that even after six billing cycles if you’re carrying forward the payment, you need not pay an exorbitant amount of interest. However, if you wish to use this card overseas, there is a 1% foreign transaction fee. The reason why it is on top of our list is that it approves applications of fair as well as good credit scores.
2. Discover it Student Cash Back
The credit card which we are highlighting now is perfect for students. It has not only quite a few cashback offers but also special offers on balance transfer as well. When you’re using it for the balance transfer, it offers you an APR of 10.99% for the 1st six months. If you compare it with other credit cards, you will realize that that is on the lower side.
It also offers to purchase APR for six months of 0%. Additionally, with no annual fee, you have nothing to worry about.
When you take into account its cashback offers, you will understand why it is so popular. It matches cashback 1 for 1. It means that if you get a cashback of $50, discover it will add another $50 from its side. As it is a student-specific credit card, it offers you a good grade incentive as well. If you get a GPA score over 3.0, you can get a $20 statement credit.
With 99% acceptance, it is easy for you to use this credit card almost everywhere. It also offers you 5% cashback on everyday purchases. Additionally, you get 1% cashback on lesser-known merchants as well. For the 1st late payment, you don’t have to pay any late payment charges as well. To top it all, it easily approves applications with an average and fair credit score. It means that you will not have to worry about having a stellar or perfect credit score for the same.
It has quite a few features as well. In case your Social Security number is found on any dark website databases, it alerts you as well. Besides that, you can activate it and freeze it off within seconds. That will ensure that no new transaction takes place. The security features ensure that your card is always safe. The refer-a-friend feature ensures that you get a statement credit of $50 for every approved application. With ample features on offer, you cannot go wrong with this credit card.
3. Citi Simplicity Card
Do you simply want to go with a credit card with the longest balance transfer window? If so, you should go with this option. The option which we are highlighting now provides you with an APR of 0% for 18 months. Once you transfer your balance, you will not have to pay interest for a long time. That certainly makes it easy for you to pay your debt.
Other than the balance transfer, they offer APR between 14.74% to 24.74%. It all depends on your creditworthiness.
The advantage, however, is that you can qualify for this credit card with a fair credit score. That ensures you will not have to worry about disqualification.
The balance transfer fee is 3% of $5 of each balance transfer transaction. If you compare the balance transfer fee with other such credit cards, you will realize it is similar. With no late fees on this card, you will not have to worry about ever-increasing payments. You have to ensure that you are managing the interest. As long as you do so, there will be no extra late fees charged to the card.
The approval process of this card is comparatively quick as well. Due to this very reason, it becomes easier for you to qualify for this card. The biggest reason this card is on this list is because of the 18-month window which you get when you initiate the balance transfer. It is not available on most of the other cards.
4. Upgrade Card
The advantage of this upgrade card is that it approves individuals with a 630 credit score. It means that it is suitable for individuals with average, good as well as excellent credit scores. The $0 annual fee is another reason why you should go for it. The lack of an annual fee makes it a suitable option for transferring a balance into a credit card. With the help of an equal monthly debt repayment option available, paying off your debt is undoubtedly easy.
Moreover, when you apply for this credit card, you can prequalify for a lower interest rate. It means that you can undoubtedly reduce the interest rate which you are paying on your balance transfer. The regular APR is between 8.98% to 29.99%. The cashback of 1.5% on all purchases makes it easy for you to reduce your expenses to a certain extent. The contactless payment technology means that you can use it easily when you want to use this credit card.
Also, if you’re worried about getting disqualified, you can quickly check your qualification within few minutes online. There is no risk of lowering your credit score since you can check your qualification online before the actual application. The fact that it is suitable for individuals with over 630 credit scores means that it is ideal for almost everyone.
Also, once you get approved for the card, you get a virtual card instantly. Till the actual card arrives in your mail, you can use this virtual card. Using the virtual card, you can start utilizing the card almost instantly. With the help of equated monthly payments, whenever you’re making a large purchase, you can plan your repayments in a much better way.
A mobile app lets you know right away regarding your balance, outstanding, and other such details. Paying your bill is equally easy with the help of the mobile app. The highlight of this card is that it offers you $0 fraud liability. In case of fraud, you will not have to pay anything. You have to inform the issuer, and they will investigate the rest. The excellent approval ratio and the equal monthly payments on offer certainly make it a good credit card for a balance transfer.
5. Navy Federal Credit Union Platinum Credit Card
When the balance transfer you want to do is large, it makes sense to go with the credit card, which does not charge any transfer fee. The question is, is there such a card? The answer is, Yes, there is! This one does not charge any transfer fee. It means that even if you’re doing a balance transfer of $50,000, you will not have to worry about shelling out anything.
Additionally, the $0 annual fee means that you can use this card in the longer term and reduce your debt as well. Individuals with an average credit score of 650 and above are approved for this credit card. It means that it is suitable for individuals with a fair credit score. It is, however, a credit union card. That is why you have to first look at the terms and conditions and, after that, take a call. It requires Navy Federal membership.
In case you’re planning to use this credit card in the longer term, it does not have any foreign transaction fee as well. There is 0 liability for unauthorized transactions. It means that the credit card is entirely safe to use. The 24/7 access to member representatives ensures that using this card is certainly very easy. You can freeze and unfreeze your card within seconds. Not only that, if you want to monitor your credit score regularly, it offers you the same.
In addition to the no transfer fee, it has another advantage if you’re looking to balance transfer. It offers 12 months window of 0% APR. It means that if you want to reduce your debt, you can certainly do so without any worry. The only limitation of this card is the credit union requirement. Other than that, it has quite a few advantages if you’re looking to reduce your debt.
If you’re looking for the best balance transfer cards for fair credit, these are the five credit cards that you can choose from.
The question is, which one should you apply for? We will share with you a guide below to help you choose between these five credit cards.
How To Choose The Best Balance Transfer Cards For Fair Credit
There are a few parameters on which you should base your decision.
1. Balance Transfer Fee
Ideally, you should go with the card with the lowest balance transfer fee. In that case, the amount which you will have to shell out will be limited.
2. Balance Transfer APR Window
Most balance transfer cards offer a lower interest rate for a specific period. You have to look at the interest rate which they charge. You have to also consider the period for which they will charge the lower interest rate. Once you compare the cards on this parameter, choosing the right one becomes easy.
3. Approval Process
If the card requires any particular qualification for approval, like being a credit union member, you have to find out if you meet that condition. Otherwise, that specific credit card is of no use to you.
4. Other Charges
Apart from the balance transfer window, you have to look at the regular APR charges as well. Not only that, you have to look at the forex charges as well. If you’re getting a credit card, of course, you will be using it for a longer period. Consequently, it makes sense to choose the credit card with the lowest extra charges.
Once you pick the credit card on these four parameters, it becomes easy to go with the best card.
Instead of delaying your debt repayment, it is a much better idea to choose between these five best balance transfer credit cards for a fair credit score. With the help of our guide above, doing so is relatively easy. Once you opt for such a card, reducing debt is easy due to lower or no interest for a specific period.