0 Balance Transfer Credit Card for Poor Credit Rating: A Second Chance
Are you struggling with debt and poor credit rating? Do you want to consolidate your debt and start fresh? A 0 balance transfer credit card can be a great option for you. In this article, we will discuss the best 0 balance transfer credit cards for poor credit rating and how to apply for them.
What is a 0 Balance Transfer Credit Card?
A 0 balance transfer credit card is a type of credit card that allows you to transfer your existing credit card debt to a new card with a 0% interest rate for a promotional period, usually ranging from 6 to 18 months. This means you can save money on interest charges and focus on paying off the principal amount.
Benefits of 0 Balance Transfer Credit Cards for Poor Credit Rating
- Save money on interest charges: With a 0% interest rate, you can save money on interest charges and focus on paying off the principal amount.
- Consolidate debt: You can consolidate multiple credit card debts into one card, making it easier to manage your payments.
- Improve credit score: By paying off your debt, you can improve your credit score over time.
- Get a second chance: Even with poor credit rating, you can still apply for a 0 balance transfer credit card and start fresh.
Top 0 Balance Transfer Credit Cards for Poor Credit Rating
Here are some of the top 0 balance transfer credit cards for poor credit rating:
1. Discover it® Balance Transfer
- 0% intro APR for 18 months on balance transfers
- 11.99% - 22.99% Variable APR after the promotional period
- No foreign transaction fee
- Free FICO credit score
2. Citi Simplicity® Card
- 0% intro APR for 21 months on balance transfers
- 15.49% - 25.49% Variable APR after the promotional period
- No late fees
- No penalty APR
3. Capital One® QuicksilverOne® Cash Rewards Credit Card
- 0% intro APR for 15 months on balance transfers
- 24.99% Variable APR after the promotional period
- 1.5% cash back on every purchase
- No foreign transaction fee
How to Apply for a 0 Balance Transfer Credit Card with Poor Credit Rating
To apply for a 0 balance transfer credit card with poor credit rating, follow these steps:
1. Check your credit score
- Know your credit score to see if you are eligible for a 0 balance transfer credit card.
- You can check your credit score for free on various websites such as Credit Karma, Credit Sesame, or Experian.
2. Choose the right credit card
- Research and compare different 0 balance transfer credit cards to find the one that best suits your needs.
- Consider the promotional period, APR, fees, and rewards.
3. Apply online or by phone
- Go to the credit card issuer's website or call their customer service to apply for the credit card.
- Make sure to read and understand the terms and conditions before applying.
4. Wait for approval
- Wait for the credit card issuer to review your application and respond with a decision.
- If approved, you will receive your credit card and can start using it to transfer your balance.
Conclusion
A 0 balance transfer credit card can be a great option for those with poor credit rating who want to consolidate their debt and start fresh. By choosing the right credit card and following the application process, you can save money on interest charges and improve your credit score over time. Remember to always read and understand the terms and conditions before applying.
