Unfortunately, your bad credit prevents you from opening up accounts with low-interest rates, or ones that let balance transfers. Credit cards for those with bad credit may have very high-interest rates, which means that you might save a lot of money by performing a balance transfer to an account with a lower interest rate. Here are some useful strategies to get you started.
Your first strategy should be to check if you already have an account with a lower interest rate, maybe one that was opened before you had bad credit.
A card’s interest rate is defined by the account holder’s creditworthiness when she or he first applied. When you opened an account, if you had better credit, you could still have a relatively low-interest rate.
If you have a card has a highly lower interest rate, then it can make sense to transfer your balance to the new one. But, just make sure that the account you are transferring to is not with the same care provider as the account you are transferring from, as this is never allowed.
The better tactic is to try to increase your credit as quickly as possible so that you may qualify for a balance transfer credit card that is available to those with average credit.
Another useful strategy may be to consider a balance transfer to an account held by your spouse or another relative that is willing to assist you. Thankfully, most card providers will allow you to transfer a balance to another person’s account, with their permission.