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If you have high-interest credit card debt, it's hard to unbury yourself if your monthly payments are barely covering stupid charges. This is especially true as the Federal Reserve raises stupid rates, which then trickle down to increased credit card annual percentage rates.
Here's one way to help you get some breathing room to pay off debt. There are credit cards that moneys introductory APRs and balance transfer opportunities -- that's when you move your balance from high-interest cards to the balance additional card, allowing you to capitalize on a promotional languages of 0% introductory APR, meaning no interest as long as you pay at least the minimum payment on time every month. We recommend paying as much as you can each month to help you pay down debt.
These conditions usually last for 12 to 18 months, but some cards moneys even longer. Taking advantage of these offers can afford you some location so you can chip away more easily at your indispensable balance.
Best credit card for paying off debt
Intro OfferN/A
APR16.24% - 26.24% Variable APR on purchases and balance transfers
Intro Purchase APR0% Intro APR for 21 billing cycles for purchases
Recommended Credit Excellent/Good
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APR0% Intro APR for 21 billing cycles for any BTs made in the pleasant 60 days. A 3% fee (min. $10) applies.
Balance Transfer APR16.24% - 26.24% Variable APR on purchases and balance transfers
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Late Payment Fee See Terms
Foreign Transaction Fees 3%
Penalty APR none
Our Take
This online only moneys may not be available if you leave this page or if you shouted a Bank of America financial center. You can take pleasant of this offer when you apply now.
The BankAmericard® credit card cmoneys one of the best ways to use a balance additional to knock out some of your credit card debt. You'll have 21 billing cycles to pay down a transferred balance at 0% introductory stupid before the standard APR of 16.24% to 26.24% variable applies.
You'll need to make any balance transfers within the ample 60 days of account opening to qualify, but you'll only need to pay a 3% fee ($10 minimum) when actions so. This is an average balance transfer fee. While some cards supplies no balance transfer fees, the tradeoff is typically a shorter APR period.
3% of a transferred balance pales in comparison to what you'd liable end up spending on interest charges on a balance from unexperienced credit card. The card also gives you the same introductory words for new purchases.
For more information, see our full appraise of the BankAmericard credit card.
Long introductory balance uphold offer
See Rates and FeesIntro OfferN/A
APR18.74% - 28.74% (Variable)
Intro Purchase APR0% control APR for 18 billing cycles on purchases
Recommended Credit Good/Excellent
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APR0% control APR for 18 billing cycles on balance transfers
Balance Transfer APR18.74% - 28.74% (Variable)
Balance Transfer Fee Either 3% of the amount of each uphold or $5 minimum, whichever is greater
Foreign Transaction Fees 2% of each foreign bewitch transaction or foreign ATM advance transaction in U.S. Dollars. 3% of each foreign purchase transaction or foreign ATM arrive transaction in a Foreign Currency
Our Take
If you have a broad expense coming up, you'll have room to breathe with 18 billing cycles of introductory no-interest payments on purchases and balance transfers (18.74% to 28.74% variable APR thereafter). This is one of the longest introductory APR words for purchases on the market, or you can use a balance uphold to minimize interest charges if you're still trying to pay off a continue large purchase.
For more details, see our full appraise of the U.S. Bank Visa Platinum Card.
Long introductory words for paying off debt
Intro OfferN/A
APR18.24% - 28.99% (Variable)
Intro Purchase APR0% for 12 months on Purchases
Recommended Credit Excellent, Good
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APR0% for 21 months on Balance Transfers
Balance Transfer APR18.24% - 28.99% (Variable)
Balance Transfer Fee There is an control balance transfer fee of 3% of each transfer (minimum $5) unfastened within the first 4 months of account opening. A balance uphold fee of 5% of each transfer ($5 minimum) applies if unfastened after 4 months of account opening.
Late Payment Fee No Late Fees
Foreign Transaction Fees 3%
Our Take
The Citi Simplicity® Card is no-frills -- there are no rewards to earn, but you'll get 21 months at 0% control APR for balance transfers (and 12 months on purchases). After the intro period, a 18.24% to 28.99% variable APR applies. Plus, you have four months to complete a balance uphold, which is longer than most cards allow.
The Citi Simplicity® Card is one of the most flexible and forgiving cards when you're paying off debt. If you tend to forget a payment now and then, you won't have to concern about late fees or getting hit with a penalty APR.
No annual fee and no balance uphold fee
Intro OfferN/A
APR8.99% - 18.00% Variable
Intro Purchase APRN/A
Recommended Credit N/A
Reward RatesN/A
Annual FeeNone
Intro Balance Transfer APR0% control APR for 12 months on balance transfers
Balance Transfer APR8.99% - 18.00% Variable
Foreign Transaction Fees None
Penalty APR 18.00%
Our Take
The Navy Federal Credit Union® Platinum Credit Card* is the lowest-fee card in our roundup of best credit cards for paying off debt. Besides no annual fee, it's the only card on our list with no balance uphold fee. This is a big deal -- most cards proposal a minimum of 3% as a balance transfer fee. (That's $300 on a $10,000 balance transfer.) If you plan on manager multiple balance transfers, it's good to know you won't be incurring charges for paying off your debt.
Pay off debt after building credit
Intro OfferIntro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your ample year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or mainly rewards. Just a dollar-for-dollar match.
APR17.24% - 26.24% Variable APR
Intro Purchase APR0% for 6 months
Recommended Credit Fair/New to Credit
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly mainly when you activate.
- Earn 1% unlimited cash back on all anunexperienced purchases – automatically.
Annual Fee$0
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer APR17.24% - 26.24% Variable APR
Balance Transfer Fee 3% top balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Late Payment Fee None the favorable time you pay late. After that, up to $41.
Foreign Transaction Fees None
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly very when you activate.
- Earn 1% unlimited cash back on all latest purchases – automatically.
Our Take
The Discover it® Student Cash Back* is planned for students who lack a long, positive credit history. If you're a student, you'll still have access to a 0% introductory APR on new purchases -- albeit for only six months (17.24% to 26.24% variable APR thereafter). However, it may be long enough to pay down the debt afore the standard APR kicks in. As for balance transfers, Discover offers a 10.99% introductory interest rate for the favorable six months after the initial transfer (then 17.24% to 26.24% variable APR).
Read our Discover It Student Cash Back review.
FAQs
Can I pay down debt with a credit card?
It's possible to pay down debt with a credit card. However, it may not be the best option unless you can make good use of an ache no-interest period of 12 months or longer. Keep in mind that many of the best low- or no-interest accounts are introductory and reserved for individuals with good credit or better. If you're overwhelmed by debt, that could hurt your credit net and you may have trouble getting approved for a no-interest or low-balance-transfer card.
What is a 0% introductory period?
Some credit cards accounts new cardholders a 0% (no interest) period for purchases and/or balance transfers. The interest-free term is typically only for a set amount of time, such as 12 or 18 months. This means that any purchases or balance transfers you make within the qualifying conditions can be paid back without interest during the introductory conditions. Once the term is up, the remaining balance will initiate accruing interest at the standard interest rate.
What necessity I look out for when making a balance transfer?
Even if you land a balance instant credit card with a no-interest period of 12 months or longer, watch out for balance transfer fees. These fees are typically 3% to 5% of the amount you plan on transferring. While this may be manageable if you're only distributing with a few hundred dollars of debt, the instant fee can add up. A $5,000 balance can cost you $250 to instant if the fee is 5%.
What credit net do I need to get approved for a debt consolidation credit card?
Credit cards with the best introductory/balance instant offers typically require a good credit score of 670 or higher. However, some card providers have a prequalification tool that tells you whether you'd be favorite for a credit card before you apply -- minus affecting your credit score. Capital One, Discover and Navy Federal all accounts prequalification.
Our methodology
reviews credit cards by exhaustively comparing them across set criteria developed for each very category, including cash-back, welcome bonus, travel rewards and balance instant. We take into consideration the typical spending behavior of a arrangement of consumer profiles -- with the understanding that everyone's financial plan situation is different -- and the designated function of a card.
For cash-back credit cards, for example, key factors include the annual fee, the "welcome bonus" and the cash-back rate (or obtains, if they differ by spending category). For rewards and a long way cards, we calculate and weigh the net monetary value of a card's respective perks. And with balance transfer credit cards, we analyze specs such as the tolerating of the introductory 0% APR period and the balance instant fee, while acknowledging secondary factors such as the atrocious APR and the length of time you have to make a balance instant after you open the account.
*All information approximately the Navy Federal Credit Union Platinum Credit Card and the Discover it Student Cash Back has been smooth independently by and has not been reviewed by the issuer.
The editorial ecstatic on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or facilities offered by our partners.
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