Friday, September 22, 2023
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Best Balance Transfer Cards for Fair Credit

Best Balance Transfer Cards for Fair Credit

Different banks and financial institutions have different credit cards to offer customers and a wide range of advantages packed within them. They are known as one of the secured digital cards that let customers pay anytime, they want to and with ease.

As compared to debit cards (which are also a form of digital payment), credit cards work differently. They have a prepaid balance for customers (with a desired limit) to spend on purchases they want.

This means that when you are looking to make a transaction through your credit card you can get the product instant and pay later. This is the main reason why most entrepreneurs, workers, and even young adults wish to keep credit cards and unlock the facilities.

In short, they serve a kind of ease to pay for later service.

However, as we have discussed above there are different categories of them, one of those is balance transfer cards.

But what does that mean? We are sure not many of you might be aware of balance transfer cards. Not to be worried, let us help you to determine the one.

About balance transfer

Sometimes you are not able to clear your dues at the right time, and in turn, you have some amount of interest added to it. This is the usual process that every credit card company applies to all customers.

In that case, often customers want to opt for the balance transfer- to make the condition smooth. This means in another case; it helps to reduce the financial stress and also brings up the money management abilities.

But remember in that case balance transfer cards come into play. This is where it helps to transfer the pending amount to another financial institution (that offers the economic interest rate). In this manner, customers can reduce their rate of interest and pay the pending amount easily.

But what’s more? These are not just balance transfer cards served, but they come with some additional features.

Let us help you to determine those as well.

Benefits packed with balance transfer cards

Balance transfer cards help customers to lower the rate of interest on their outstanding amount. If you are one of those who often fail to pay your amount on time, then you must choose balance transfer cards.

But additionally, there are more features packed into them. 

  • A lower to zero rate of interest helps to save money.
  • There is a transfer fee generated when you want to initiate the transfer request.
  • Comes with some credit limit that enables customers to work more securely.

In addition, let us help you to determine all of those cards that work best balance transfer cards for fair credit.

Top balance transfer cards for fair credit

Best balance transfer cards for fair credits are a requirement for many. However, if you are looking to find those then get started here to know all of them with their features.

1. Discover it® Balance Transfer

Discover it® Balance Transfer is one of the top balance transfer cards for fair credit that is widely used by most customers. It is known to offer the Zero percent transfer (balance transfer) for about 18 months.

Card facilities 

  • Customers can earn 2X cashback in the first year and match all of those at the end of the year without any reminder.
  • Straight 5% cashback on everyday purchases. This means if you are going to gas stations, restaurants, groceries, and more.
  • Gives online privacy protection
  • Regularly remove the information you save on the website. This prevents your information from being stolen.

Pros

  • There is a 0% introductory APR on balance transfer.
  • Comes with no annual fees which is one of the top advantages for customers.
  • Customers can get the early repayment bonus facility

Cons

  • There is a foreign transaction fee of about 3%
  • The APR introductory time varies.

2. Wells Fargo Reflect® Card

For those who are seeking to choose different balance transfer cards then Wells Fargo Reflect® Card is also you can look for. This offers a genuine APR introductory period.

Card facilities 

  • There is a 0% APR for 21 months that is from account opening on purchase and qualifying balance transfer as well.
  • There is zero annual fee for the Wells Fargo Reflect® Card
  • Easily get tons of facilities with different merchants available. in addition, it gives the facilities to enjoy the reward points and cashback facilities.

Pros

  • Comes with a generous APR introductory period
  • No annual fees

Cons

  • There is no welcome bonus that comes with other cards.
  • The balance transfer fee is around 5%
  • When it comes to foreign transaction fee then it is 3%

3. U.S. Bank Visa® Platinum Card 

This card is one of the best balance transfer cards for fair credit and comes with a low APR rate. In addition, it comes with many reward facilities and is helpful for customers.

Card facilities

  • Customers can easily pick up their due date to repay the amount easily.
  • Gives up to a $600 cell phone protection plan.
  • No annual fee charged
  • Several introductory APR offers.

Pros

  • There is no penalty APR applicable to the customers
  • Long intro APR period which makes it the best card.
  • There is coverage against phone damage that makes up the attraction point.

Cons

  • There is a balance transfer fee applicable for customers.
  • No reward or welcome bonus rewards come along with it.
  • A foreign transaction fee is applicable.

4. Citi® Double Cash Card

The Citi® Double Cash Card comes with a simple cashback structure and also long-lasting APR balance transfer. It is best suited for those who want to set it and forget about the payment soon. Further, it also offers a solid cashback rate.

Card facilities

  • Let you earn cashback of around 2% on every purchase and with unlimited 1% when you buy. But to earn cashback customers must pay dues on time.
  • Zero per cent into APR on balance transfer for 18 months.
  • If you are transferring a balance then there will be an interest rate applicable. It is applicable until you pay the entire balance.

Pros

  • There is no cap made available on the cashback customers can earn
  • Earn up to 2% cashback which in turn can be converted into money.
  • No annual fee is applicable 

Cons 

  • Foreign transaction fees are applicable
  • No introductory 0% APR on purchases
  • There is a lack of some benefits that are seen in other cards.

5. BankAmericard® credit card 

BankAmericard® credit card is yet another best balance transfer card for fair credit. On the other hand, it is best for those who want to adopt the lengthy introductory APR offers to pay off card balances.

Best Balance Transfer Credit Cards for Bad Credit to Consider in 2023

Card facilities

  • Cardholders can easily access their FICO score for free with the help of a mobile banking facility.
  • Comes with contactless features- that is the chip has the utmost security and a tapping facility for all transactions.

Pros

  • There is no penalty APR
  • No annual fees applicable to Bank Americard® credit card 

Cons 

  • No reward points facilities or they can be converted into cash
  • There is a certain amount of fee applicable on balance transfer
  • Foreign transaction fees applicable

6. Citi® Diamond Preferred® Card

For cardholders who are looking to adopt the consolidated debt and want to pay it off over time, this is best. In addition, comes with a long introductory APR offer on balance transfer.

Card facilities

  • O% introductory APR for 21 months on balance transfer (that is from the date of first transfer).
  • There is a balance transfer fee that is around 5% of the amount transferred.
  • Customers can get free access to their FICO score.
  • Get access to special events or entertainment tickets and other experiences as well.

Pros

  • There is Zero liability on unauthorized purchases.
  • Citi® Diamond Preferred® Card has no annual fee

Cons 

  • No reward points applicable 
  • There is a high APR when the introductory period ends.

7. Citi Simplicity® Card 

The Citi Simplicity® Card is known as one of the best balance transfer cards. The main reason is that it tends to offer the longest Zero percent intro APR period on balance transfer (21 months).

Card facilities

  • Citi Simplicity® Card lets its customers enjoy taking a low intro APR credit card and with no late fees. So if you are looking for a long term chip away at balance then Citi simplicity is one of the best cards.

Pros

  • There is no late fee applicable to customer
  • No APR (penalty) and annual fee
  • There is a intro APR offers on purchase/balance transfer

Cons 

  • No reward point facilities applicable
  • High regular APR

8. Citi Rewards® Card

If you have a small transaction on a day-to-day basis then Citi Rewards® Card is one of the best customers to look for. This is the reason why it is considered among the top best balance transfer cards.

Card facilities

  • Citi Rewards® Card comes with no annual fees.
  • Let cardholders count on 2X rewards points at gas stations, groceries and more.
  • Easily earn 20,000 bonus points when customers spend around $15,00 with the card (within 3 months).

Pros

  • All of the transactions made are converted to nearby 10x rewards points.
  • There are no rotating categories available to be managed.

Cons 

  • A foreign transaction fee is charged which is around 3% or more.
  • There is a high balance transfer fee.
  • If there is a $6000 spending cap then on the 2X points category.

9. Chase Freedom Flex℠

Chase Freedom Flex℠ is one of the most popular and best balance transfer cards for fair credit. Customers who always tend to worry about their payments can choose Chase Freedom Flex℠.

Card facilities

  • Get a straightforward $200 bonus on spending $500 (within 3 months of account opening).
  • Cardholders can further get a cashback facility of around 5% on up to $1500 spent.

Pros

  • No annual fee
  • There a generous reward points on different categories

Cons 

  • Foreign transaction fee
  • Balance transfer fee

10. Chase Slate Edge℠

Chase Slate Edge gives the best features to customers when it comes to consolidated interest. Majorly adopted by many customers all across the world and has been listed at the top.

Card facilities

  • Chase Slate Edge℠ comes with the strong and zero APR for about 18 months (this is right from the account opening)
  • Comes with low rate of interest that is around 2%
  • Always keep an eye on credit health.

Pros

  • Introductory APR available
  • Comes with a fee
  • Cardholders will have the facility to get the automatic one-time review for a higher credit limit (it is when you pay on time).

Cons 

  • Comes with a high balance transfer fee
  • Do not let customers earn rewards
  • Higher foreign transaction fees.

There are many best balance transfer cards for fair credit available for customers to adopt. However, in many cases, customers get stuck and are unable to get the one card of their interest. The main reason lies behind the poor credit score. 

But you can be happy now because there are many of those credit cards that require no fair credit limit. This is likely helping with the requirements of many customers who want to issue credit cards of their choice.

On the other hand, some cardholders do require a facility where they can pay the balance by transferring or lowering the rate of interest. Therein, the role of best balance transfer cards comes around. 

To this, if you were constantly looking to find out the one for you then we have mentioned the top 10 to look around. They come with different features and functionalities. We have mentioned everything for you to look upon and apply for the one you wish to proceed with.

Since balance transfer cards give you the flexibility to pay off the debt (nearly 6 months to 21 months). Transferring your debt from the present card to the balance credit card develops an ease to pay off debts on time and in an easy manner.

In simple terms, These cards are a simple way to easily pay down your debt in a simple and fast manner.

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