Question 1

What's a balance transfer?

Accepted Answer

A balance transfer allows you to shift part or all the outstanding amount (or credit card balance) from one credit card account to another. The new account is usually from a different card issuer and offers a lower interest rate. The right balance transfer credit card offer could help you avoid accumulating further interest and simplify debt repayment.

Question 2

Do you qualify for a balance transfer card?

Accepted Answer

Balance transfer credit cards with 0% promotional APRs are usually available to people with good or excellent credit scores. So, if you have a good or excellent credit score, you may have a better chance of qualifying for a balance transfer card. However, an excellent credit score may not be a requirement for all balance transfer cards.While someone with a poor credit score may not be eligible for a card with a 0% introductory APR and high balance transfer limit, a credit card issuer may still extend a balance transfer offer with a low balance transfer limit and lower-than-average intro APR.

Question 3

Do balance transfer cards affect your credit score?

Accepted Answer

A balance transfer itself may not affect your credit, but opening a new card does have some secondary effects on your credit score. Before approving your credit card application, card issuers typically perform a hard credit inquiry, which may impact your credit score. On the other hand, a new credit card can increase your total available credit limit, which may reduce your credit utilization (if you don't increase your spending). Lower credit utilization may improve your score.

Can You Get a Balance Transfer With a Bad Credit Score?

Key Takeaways

See if you’re pre-approved

What Is a Balance Transfer and How Long Does It Take?

Explore the balance transfer credit card offers page

Do Balance Transfers Hurt Your Credit or Affect Your Credit Score?

What Is a 0% Interest Balance Transfer Credit Card?