If you’re interested in applying for a balance transfer credit card, you should first review your credit report and score. This gives you a clear idea of your current credit picture, which will impact the offers you qualify for and the final decision you make.
With an excellent credit score, you’ll qualify for all the best balance transfer credit cards. These have the longest zero percent introductory period, as well as other perks that are designed to make your life easier.
While a good credit score is one step below excellent, you’ll still qualify for a variety of offers, many of which come with all the benefits and features you’re looking for. It’s important to exercise some patience, as you don’t want to sell yourself short.
Consumers with a fair credit score find it much more difficult to qualify for a balance transfer credit card. There are offers out there for people in your position, but your selection won’t be nearly as large. Also, the terms and conditions may not work in your favor, such as a shorter zero percent introductory period.
Finally, if you have bad credit, you may struggle to find even one or two offers that you qualify for. You shouldn’t completely overlook this idea, but don’t expect to qualify for all the best offers.
With bad credit, take the necessary time to improve your score. You can do so by paying your bills in full and one time, while also using a secured credit card.
As your score climbs, it becomes much easier to qualify for a solid balance transfer credit card.
Your credit score has a lot to say about the type of balance transfer credit card you can obtain. If you have good or excellent credit, you’re in business. However, if your score is in the fair or bad range, your options are a bit more limited.
Do you have any experience applying for a balance transfer credit card? What process did you follow to find an offer that met all your needs?