Having high-interest credit card balances along with bad credit can be a tough situation. Although it may sound like a really bad combination, it may not be that bad.
Most of the people having poor credit, often seek help from professionals in order to solve their credit woes. But your real help lies elsewhere. Whether you are trying to open a new credit card to transfer the balance, or enlisting a credit counseling company to assist you, the best offers are often found elsewhere.
Get help from your current credit card providers and banks
Your current credit card providers and your banks can provide the best possible help. You just have to put in some time in order to look at the offers available to you. There is section about credit card balance transfers on almost every credit card issuer’s and bank’s website.
When you log in to your account online, you will get to see the existing offers. The good thing is that you can still use these offers from your existing card issuers and banks, even if you have bad credit, or were recently turned down for a credit card elsewhere.
You will benefit if you are currently paying a higher interest rate
Although it may not be 0% APR for 12 months, and it can have a balance transfer fee of $100 or so, but you will surely benefit by transferring those credit card balances, if you’re paying 19.99% APR or higher currently.
0% APR on balance transfers with no fee
Your current credit card issuer may offer you a rate about 1.99%, along with a balance transfer fee. If you look hard, it may be possible to find a card issuer that is offering 0% APR on balance transfers with no fee.
Citibank is quite known for such offers. Wells Fargo and Washington Mutual offer balance transfer deals at about 4.99% APR for the life of the transfer. Although it might not be the best offer, but because you have bad credit, you should get whatever offer you are being offered until you get your credit back on track.
Even with bad credit, you may still have a lot of options available to you. Take your time and research the offers available to you with your current bank and card issuers, before making any decisions.
