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Credit score of 670 or higher typically needed for balance transfers
Federal Reserve data show average assessed credit card APR was 22.15%, making balance transfer cards with 0% intro offers potentially valuable for avoiding interest during the promo period.
Yahoo Finance says most balance transfer credit cards require a good to excellent credit score to qualify, particularly offers with long 0% introductory APR periods. A FICO score of 670 or higher generally places borrowers in the good-credit range, but the outlet notes that a score alone does not guarantee approval.
The article adds that issuers also consider other application factors, including income, existing debt, and the overall credit profile. It points to Federal Reserve data indicating the average APR on credit card accounts assessed interest was 22.15%.
In a review of 20 balance transfer cards from 10 issuers, Yahoo Finance reports that 19 of the cards required good to excellent credit, while one accepted applicants with fair credit.
If a borrower cannot qualify, the outlet lists alternatives such as debt consolidation loans, debt management plans, or paying down balances through a self-directed payoff strategy.