Best Balance Transfer Cards for Fair Credit of 2023
5.0
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
On Citi's Website
Up to 2% Reward Rate
First, you earn 1% unlimited cash back on every purchase you make. Then, as you pay for those purchases, youRead More
Welcome Bonus
N/A
Annual Fee
$0
Regular APR
19.24% - 29.24% (Variable)
Credit Score
Excellent, Good, Fair
Why We Picked It
The Citi Double Cash card's simple cash back structure and long-lasting balance transfer APR offer make the Citi Double Cash a favorite among those who want to set it and forget it. It offers a solid cashback rate on all purchases and 0% intro APR on balance transfers, all without an annual fee.
Pros & Cons
- Earn up to 2% cash back—1% when the purchase is made and 1% when payment is made on the account
- No cash back cap—no limit on the amount of cash back that can be earned
- No annual fee
- Introductory APR period for balance transfers
- Foreign transaction fee
- Balance transfer fee
- Lack of benefits seen in other no annual fee cards
- No introductory 0% APR on purchases
Card Details
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
N/A
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
4.9
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
On Citi's Website
Up to 5% Reward Rate
5% cash back on up to $500 in purchases in your top eligible spend category each billing cycle. All otherRead More
Welcome Bonus
$200
Annual Fee
$0
Regular APR
19.24% - 29.24% (Variable)
Credit Score
Excellent, Good, Fair
Why We Picked It
The Citi Custom Cash is a great option for people looking to maximize cash back rewards without having to worry about activating or selecting bonus categories.
Pros & Cons
- No registration required to earn bonus rewards
- Cash-back categories are unique categories that other cards may not offer bonus rewards for
- Introductory APR on purchases and balance transfers
- No annual fee
- High balance transfer fee
- High foreign transaction fee
- Some everyday rewards categories are neglected
Card Details
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
- Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
- No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
- No Annual Fee
- Citi will only issue one Citi Custom Cash® Card account per person.
Earn $200 in cash back after you spend $1500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® points, which can be redeemed for $200 cash back.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Best for Students With Fair Credit
Bank of America® Customized Cash Rewards credit card for Students *
4.9
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
Choose your 3% category
Earn 3% cash back in the category of your choice (6 categories available)*; Earn 2% cash back at grocery storesRead More
Welcome Bonus
$200 bonus
Annual Fee
$0
Regular APR
18.24% - 28.24% Variable APR on purchases and balance transfers
Credit Score
Excellent/Good(750 - 850)
Why We Picked It
This card scores an 'A+' for students in need of an intro APR offer and no annual fee, while still earning impressive cash-back rewards.
Pros & Cons
- Free FICO Score access
- Intro APR offer with a generous term
- Competitive cash-back reward rates
- Easy-to-earn welcome bonus
- 3% foreign transaction fee
- High penalty APR and late fee
- High to very high standard APR, depending on your credit
Card Details
- Earn a $200 online cash rewards bonus after spending $1,000 or more in purchases in the first 90 days of account opening
- Earn 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs, 1% cash back on all other purchases Bonus earning is limited to the first $2,500 in the 3% and 2% categories combined each quarter
- No annual fee and no expiration on rewards
- FICO® Score access on the mobile banking app and online for free
- The security of a chip card, contactless and convenient
Earn a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Best Balance Transfer Cards for Fair Credit
Citi® Double Cash Card
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The Citi® Double Cash Card is a solid option for those in need of a balance transfer card, but also want a card that earns rewards and is worth keeping after the fact—even with only fair credit.
Balance transfer offer: 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5)
Balance transfer fee: 5% of each balance transfer; $5 minimum after 4 months of account opening
Annual fee: $0
Other benefits and drawbacks: The Citi® Double Cash Card card doesn’t offer much in the way of additional benefits, but the card is already a strong offering to those with fair credit. This card does charge a foreign transaction fee, so it’s not a good choice for purchases abroad.
Citi Custom Cash® Card
[ jump to details ]
The Citi Custom Cash® Card is another great card with a balance transfer offer and rewards for those with fair credit. Instead of offering flat-rate rewards, this card earns tiered rewards with a maximum of 5% cash back on purchases in a top eligible spend category each billing cycle, up to the first $500 in spending each month and 1% cash back on all other purchases.
Balance transfer offer: 0% introductory APR for 15 months from date of account opening on purchases and from date of first transfer for balance transfers completed within 4 months of account opening. After that, the variable APR will be 19.24% - 29.24%, based on creditworthiness. There is also a balance transfer fee of 5% of each balance transfer; $5 minimum
Balance transfer fee: 5% of each balance transfer; $5 minimum.
Annual fee: $0
Other benefits and drawbacks: The Citi Custom Cash® Card also offers an introductory 0% APR on purchases and a welcome bonus: $200 in cash back after spending $1,500 on purchases in the first 6 months of account opening. The bonus points come in the form of 20,000 ThankYou® Points that can be redeemed for $200 cash back. It does charge a foreign transaction fee so it’s not a good choice for purchases abroad.
Bank of America® Customized Cash Rewards credit card for Students *
[ jump to details ]
The Bank of America® Customized Cash Rewards credit card for Students* is a solid student card that earns rewards in addition to offering a balance transfer offer.
Balance transfer offer: 0% introductory APR for 15 billing cycles on purchases and balance transfers, after that a variable APR of 18.24% - 28.24% applies. Balance transfer must be completed within 60 days of opening account. A 3% fee applies to all balance transfers
Balance transfer fee: 3% of the amount of each transaction
Annual fee: $0
Other benefits and drawbacks: The Bank of America® Customized Cash Rewards credit card for Students* also offers an introductory 0% APR on purchases and a welcome bonus: $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. It does charge a foreign transaction fee, so it’s not a good choice for students who want to study or travel abroad.
Methodology
Forbes Advisor rates cards both as stand-alone products (the card rating on the review) and compared to others in a specific use case (the card rating you see on a specific “Best” list). The rating for each card changes on different “Best” lists according to how a person looking for a card in that category may value certain card features.
For instance, a card that might be considered mediocre on a list of rewards cards could be the top card on a list of rewards cards with no annual fee. That’s because the card might offer limited features compared to other rewards cards, but after we remove cards that charge an annual fee, it’s the best card that remains.
Forbes Advisor uses data from multiple government agencies to determine how much a typical cardholder might spend. We use the same numbers for cards in the same category to make sure we are comparing cards the same way. The bonus categories for spending included with each card are factored into our determination of how many rewards a cardholder could expect to earn if they use the card as a consumer normally would.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Rates Credit Cards.
How Does A Balance Transfer Work?
The premise of a balance transfer is simple: Take the balance, or debt you have on a credit card and transfer it to a new card that offers a lower interest rate or, even better, 0% introductory APR. This move can save you money since you won’t be paying any interest on that debt for the length of the promotional offer. But there are a few caveats to this transaction.
Most balance transfer cards will also charge you a balance transfer fee, typically ranging from 3% to 5% of the amount being transferred. For example, if you transfer a $5,000 balance to a card that charges a 3% balance transfer fee, it will cost you $150 just to move your balance. Make sure you do the math to make sure that any balance transfer fee will ultimately cost you less than you’d pay in interest on the card you already have.
You should also know that you typically can’t transfer a balance to a card issued by one bank from another card issued by the same bank. So if you’re carrying debt on a card issued by Chase, you won’t be able to transfer that balance to another card issued by Chase.
Find the Best Balance Transfer Credit Cards Of 2023
Learn More
A Personal Loan Could Be Your Best Bet
The choices are pretty limited when it comes to balance transfer cards for fair credit. But there is an alternate option that may make better financial sense: a personal loan. These one-time lump sum loans often have lower interest rates than credit cards and your minimum payment will be the same each month.
Like most financial products, there are multiple types of personal loans on the market, so it pays to shop around to find the personal loan for debt consolidation that matches your particular circumstances.
Bottom Line
Making a plan to pay off your high-interest credit card debt is a great money move. But when you have fair credit it might be challenging to get approved for a balance transfer card offering a lower interest rate than what your current card has. In this scenario, a personal loan may be the best option to pay off your debt at a lower rate.
Frequently Asked Questions (FAQs)
Will a balance transfer affect my credit score?
Completing a balance transfer could have an effect on your credit score. Credit score is made up of a few different areas including: payment history, credit utilization, length of credit history, new credit and credit mix. If you apply for a new credit card in order to do a balance transfer, you could be affecting multiple of these.
● You’ll have gotten a new card, which could affect your new credit and length of credit history. The new card could also add to the total amount of credit extended to you, which would decrease your total credit utilization as long as you don’t add to the balance owed on your card(s).
● Completing the balance transfer will change the credit utilization on your individual credit cards.
Whether your credit score goes up or down will depend on all of these factors.
What credit score is fair credit?
Fair credit means you have a FICO Score between 580 and 669 or a VantageScore between 601 and 660.
Is a 3% fee on a balance transfer worth it?
Most credit cards charge a fee of 3% to 5% to complete a balance transfer, often with a minimum of $5. Whether or not it’s worth it to pay this fee will depend on how much of a balance you need to transfer, the length of the balance transfer, what the APR is on the card you want to transfer from and what the APR is on the card you want to transfer to.
Other Credit Cards To Be Considered
- Is Carrying A Balance Always Bad For Your Credit Score
- Best Student Credit Cards
- Best Credit Cards For Fair Credit
- Best Credit Cards For Millennials
- Capital One Secured Credit Card Review
- Discover it® Secured Credit Card
- Is No Credit Better Than Bad Credit?
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
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