Managing credit card debt can be challenging, especially for consumers with fair credit. Balance transfer credit cards allow you to transfer existing debt from high-interest credit cards onto a new card with a 0% introductory APR for a set period, usually between 12-21 months.
If your credit score falls in the fair range between 580-669, you may still qualify for a competitive balance transfer card that makes transferring and consolidating your balances more affordable.
Here we will discuss the best balance transfer cards for fair credit that suit you best.
Top 5 Best Balance Transfer Cards For Fair Credit
1. Citi Diamond Preferred Card
The Citi Diamond Preferred Card is a solid balance transfer option for those with fair credit. It offers an exceptionally long 0% intro APR on balance transfers and new purchases for 21 months. This gives you nearly two years to pay down existing card debt without incurring interest.
When getting a fair credit balance transfer card, a lengthy 0% introductory period is key so you can make headway on reducing principal balances. The Citi Diamond Preferred Card has one of the longest intro APR promos.
Another perk is that this card has no late fees. There is a 5% balance transfer fee (minimum $5) and a 3% foreign transaction fee. The regular APR is 17.99% - 28.74% variable after the intro period ends.
To qualify for this fair credit balance transfer card, you will need fair credit, typically considered a credit score between 670-850 on the FICO scale. Overall, the Citi Diamond Preferred Card is a solid choice for fair credit applicants who want ample time to pay off transferred credit card balances without raising interest.
2. Discover it Balance Transfer
The Discover it Balance Transfer card is an excellent option for those with fair credit seeking to consolidate and pay down credit card debt. This card offers one of the longest 0% intro APR periods at 18 months on balance transfers with no transfer fees. After the intro period, a variable 11.99-22.99% APR applies.
Discover It card includes 5% cash back rewards on rotating quarterly categories and unlimited 1% back on other purchases. Discover also matches all the cash back earned after year one. There is no annual fee for this card either.
You will need fair credit to qualify for a Discover transfer balance card, typically between 670-739 FICO. The only fees are a 3% intro balance transfer fee and up to 5% on future transfers. The lengthy promotional period and lack of transfer fees provide significant interest savings on consolidated balances.
Applying for a bonus on the card can be a hassle as its activation requirements can be a real problem.
3. Citi Simplicity Card
The Citi Simplicity Card offers handsome features making it an attractive choice for individuals with fair credits. This no-frills card offers an exceptionally long 0% introductory APR period of 21 months on balance transfers.
While there is a 5% balance transfer fee, a minimum of $5 per transfer, the lengthy intro period offsets this cost over time. The Citi Simplicity Card has no late fees ever, provides flexibility, and has no annual fee as well as a penalty rate.
To qualify, you will need a credit score in the fair range of 670-739 on the FICO scale. After the introductory offer, an 18.99%-29.74% variable APR applies to any remaining balance.
While it does not offer any rewards on purchases, the Citi Simplicity Card provides an extended 0% APR intro window for consumers with fair credit to save on interest while eliminating credit card debt. If you use it strategically, it can be an effective debt consolidation tool.
4. BankAmericard Credit Card
The BankAmericard credit card is the best balance transfer card for fair credit as it offers several benefits on purchases and transfers. This card offers a generous 0% introductory APR on balance transfers for 21 billing cycles, or approximately 21 months, providing over one and a half years of interest-free paydown time.
The BankAmericard has no balance transfer fees, so you can transfer existing balances without incurring additional costs. This card also has no annual fee, making it very affordable.
You will need fair credit, generally considered a credit score between 690-850, to be eligible for it. After the introductory 0% APR period, an ongoing variable APR between 15.99%-25.99% applies.
A unique feature of the BankAmericard is the ability to increase your credit limit after making just 5 consecutive on-time minimum payments, allowing you to improve your utilization over time.
5. Wells Fargo Reflect Card
The Wells Fargo Reflect Card is an excellent option for those with fair credit seeking to transfer balances and consolidate credit card debt. This card offers new cardholders an introductory 0% APR on purchases and balance transfers for 21 months, providing over a year of interest-free time to pay down balances without incurring new interest fees.
While there is a 3% balance transfer fee (minimum $5), the lengthy intro period makes up for this cost over time. Cell phone protection is also included when you pay your cell phone bill with this card, covering up to $600 per claim in case of damage or theft.
You'll need fair credit; typically, FICO scores between 580-669 to qualify. There is no annual fee for this card. After the introductory 0% APR offer, an ongoing variable of 17.99%-24.99% APR applies. The 3% foreign transaction fee is a bit high. Due to the lack of a reward rate, Wells Fargo reflects card has limitations in its long-term value.
Conclusion
If you have fair credit and want to take advantage of a balance transfer offer to save on interest, there are some solid options to consider. The best fair credit balance transfer cards provide lengthy 0% intro APR periods, competitive fees, and additional perks like rewards or no late fees.
Be sure to make payments on time during the intro period and have a plan to pay off your remaining balance before the regular APR kicks in. This will enable you to become debt-free faster and save substantially on interest.
