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Credit Cards
Best Balance Transfer Credit Cards For Fair Credit

Advertiser Disclosure Updated: Apr 25, 2024, 3:21pm

Best Balance Transfer Credit Cards For Fair Credit Of May 2024

Q: When should I not do a balance transfer?

You should reconsider a balance transfer if: The transfer fee outweighs interest savings. If the cost of the transfer fee is more than the interest you would save, it’s not beneficial. You can’t pay off the debt during the intro period. If you’re unable to clear the balance before the low or 0% APR period ends, you might incur higher interest rates afterward. If this sounds like your situation, it could be more beneficial to consider a personal loan. A personal loan may charge you a lower interest rate over time, so it’s best to compare the potential savings with each option. You have a plan to pay off debt quickly. If you’re close to paying off your debt, the transfer might complicate your finances more than help and you may not save enough to make paying the transfer fee worth it. Your credit score is at risk. If you’re applying for a mortgage or loan soon, getting a new card with a balance transfer offer could affect your credit score due to the hard inquiry or increased credit utilization. The new card’s standard APR is higher. If the regular APR after the introductory period is higher than your current rate, any remaining balance could accrue more interest if you don’t pay your balance off within the promotional period. You’re transferring to a card with higher penalties. Some cards have higher late payment fees or penalty interest rates, which could make a transfer risky if you miss a payment. A balance transfer is a tool for debt management, not a debt solution in itself. It should be used strategically within the context of your overall financial management plan.

Becky PokoraCredit Card Rewards Expert

With more than 50 million redeemed miles under her belt, Becky Pokora is a rewards travel expert. She's been writing about credit cards and reward travel since 2011 with articles on Forbes Advisor, BoardingArea, The Points Guy and more. Her redemptions have helped her travel to more than 50 countries and all seven continents.

Becky Pokora

Becky PokoraCredit Card Rewards Expert

Credit Card Rewards Expert

Caroline LupiniManaging Editor, Credit Cards & Travel Rewards

Caroline Lupini has been traveling the world with the help of credit card rewards since 2011. She has visited over 110 countries and is able to utilize her knowledge of credit cards and to make travel both less expensive and more luxurious. Caroline has over 50 credit cards in her wallet and has previously covered credit cards and travel for Business Insider, The Points Guy, USA Today, Lonely Planet, Orbitz and many others.

Fact Checked

Caroline Lupini

Caroline LupiniManaging Editor, Credit Cards & Travel Rewards

Managing Editor, Credit Cards & Travel Rewards

Fact Checked

Updated: Apr 25, 2024, 3:21pm

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

If you’re carrying high-interest credit card debt that you can’t pay off right away, using a balance transfer offer can be a smart money move. The less you’re paying in interest fees, the more you can put toward knocking out the principal debt. But when your credit is just fair, it can be a bit of a pickle. Fair credit may mean you may not be eligible for some of the best balance transfer cards on the market. But the good news is that you do have some appealing options.

Show Summary

Best Balance Transfer Cards for Fair Credit

Citi Custom Cash® Card: Best for Rewards Maximizing Potential
Citi Double Cash® Card: Best for Flat-Rate Rewards

Find the Best Credit Card

Best Balance Transfer Cards for Fair Credit of 2024

Best for Rewards Maximizing Potential

Citi Custom Cash® Card

Apply Now

On Citi's Website

Click Here To Apply Now

Rates & Fees

Up to 5% Reward Rate

5% cash back on up to $500 in purchases in your top eligible spend category each billing cycle. 4% cashRead More

Welcome Bonus

$200

Annual Fee

Regular APR

19.24% - 29.24% (Variable)

Credit Score

Excellent, Good, Fair

Editor's Take

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. Special Travel Offer: Earn an additional 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025.
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.

Best for Flat-Rate Rewards

Citi Double Cash® Card

Apply Now

On Citi's Website

Click Here To Apply Now

Rates & Fees

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

Earn $200 cash back

Annual Fee

Regular APR

19.24% - 29.24% (Variable)

Credit Score

Excellent, Good, Fair

Editor's Take

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 $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.
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. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
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).

Here’s a Summary of the Best Balance Transfer Cards for Fair Credit

Credit Card

Rates & Fees

Citi Custom Cash® Card

Rates & Fees

Citi Double Cash® Card

Credit Card

Best For

Credit Score

Annual Fee

Welcome Bonus

Rates & Fees

Citi Custom Cash® Card

Best for Rewards Maximizing Potential

Excellent, Good, Fair

$200

Rates & Fees

Citi Double Cash® Card

Best for Flat-Rate Rewards

Excellent, Good, Fair

Earn $200 cash back

Best Balance Transfer Cards for Fair Credit

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 up to the first $500 spent each billing cycle, 4% cash back on hotels, car rentals, and attractions booked on Citi Travel℠ portal through 6/30/2025 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 APR on purchases and a welcome bonus: Earn $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 also charges a foreign transaction fee though so it’s not a good choice for purchases abroad.

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 charges a foreign transaction fee, so it’s not a good choice for purchases 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.

How To Get Balance Transfer Offers for Fair Credit

If you have fair credit, your balance transfer options may be limited. Instead, consider the cards we’ve identified on this list and see if you can get approved for one of them.

Pro Tip

If you can’t get approved for a balance transfer card because your credit is only fair, your best bet may be to consider a personal loan. Personal loans will typically offer lower APRs than credit cards if you can’t qualify for a promotional offer.

How Does a Balance Transfer Work?

Balance Transfer Basics

Move existing credit card debt to a new card with a lower APR.
Benefit from a 0% introductory APR, avoiding interest during the promo period.

Balance Transfer Fees

Expect to pay a fee, usually 3% to 5% of the transferred amount.
Example: Transferring $5,000 with a 3% fee costs $150.

Cost Considerations

Calculate whether the fee is less than potential interest on the existing card.

Issuer Restrictions

Cannot transfer balances between cards from the same bank.
Example: Debts on a Chase card cannot be transferred to another Chase card.

A Personal Loan Could Be Your Best Option

The choices are pretty limited when it comes to balance transfer cards for fair credit. But there is an 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 a personal loan for debt consolidation that matches your circumstances.

Find the Best Balance Transfer Credit Cards Of 2024

Learn More

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 your current card. 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 scores are made up of a few areas including: payment history, credit utilization, length of credit history, new credit and credit mix. If you apply for a new credit card to do a balance transfer, you could be affecting more than one 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 these factors.

What credit score is fair credit?

Fair credit generally 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 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.

How many balance transfers is too many?

Too many balance transfers can negatively impact your credit score due to hard inquiries and could lead to a cycle of debt if not managed properly. Consider the following:

1. Credit impact. Multiple applications can lower your credit score.
2. Debt cycle risk. Constantly moving debt may hinder true debt reduction.
3. Introductory periods. Not paying off debt within these periods means you’ll pay interest on the remaining debt.
4. Balance transfer fees. Frequent transfers with high fees can be costly.
5. Credit approval. High balances and card inquiries may affect future credit approval.

A good rule of thumb is to use balance transfers as a deliberate step in a larger debt repayment strategy, rather than a repeated short-term fix.

When should I not do a balance transfer?

You should reconsider a balance transfer if:

The transfer fee outweighs interest savings. If the cost of the transfer fee is more than the interest you would save, it’s not beneficial.
You can’t pay off the debt during the intro period. If you’re unable to clear the balance before the low or 0% APR period ends, you might incur higher interest rates afterward. If this sounds like your situation, it could be more beneficial to consider a personal loan. A personal loan may charge you a lower interest rate over time, so it’s best to compare the potential savings with each option.
You have a plan to pay off debt quickly. If you’re close to paying off your debt, the transfer might complicate your finances more than help and you may not save enough to make paying the transfer fee worth it.
Your credit score is at risk. If you’re applying for a mortgage or loan soon, getting a new card with a balance transfer offer could affect your credit score due to the hard inquiry or increased credit utilization.
The new card’s standard APR is higher. If the regular APR after the introductory period is higher than your current rate, any remaining balance could accrue more interest if you don’t pay your balance off within the promotional period.
You’re transferring to a card with higher penalties. Some cards have higher late payment fees or penalty interest rates, which could make a transfer risky if you miss a payment.

A balance transfer is a tool for debt management, not a debt solution in itself. It should be used strategically within the context of your overall financial management plan.

Other Credit Cards To Be Considered

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.

Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.

Becky Pokora

Credit Card Rewards Expert

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