Best Credit Cards that can Help You with Debt
Are you trying to get rid of credit card debt? Chances are you’re a little disappointed with how long it’s taking to get out of debt. One of the biggest culprits when it comes to getting out of credit card debt is the interest you pay. Your interest payment doesn’t reduce the original amount you owe. In some cases, most of your credit card payment might be going to interest instead of going toward the principal.
One way to boost your efforts to pay off debt is to get a balance transfer credit card.
Pay Down Debt with a Balance Transfer Credit Card
When you get a balance transfer credit card, you move the balance from a card with a high interest rate to one with a lower interest rate. Many cards offer an introductory 0% APR for new cardmembers. When you aren’t making an interest payment, your balance goes down much faster.
It’s important to be careful when you get a balance transfer credit card, though. Most 0% APR cards only give you that rate for between six and 21 months. Once the intro period is over, you end up paying the regular APR. It’s a good idea to make a plan to pay off the balance before the intro rate expires.
Don’t forget to consider the balance transfer fee as well. When you transfer a balance, many cards charge between a flat $5 to 3%-5% of the amount. Most of the time, though, the 0% APR provides enough savings that you can still come out ahead, even with the fee.
If you hope to pay down debt with a balance transfer credit card, consider the following cards:
One of the best balance transfer deals available is the Chase Slate®. With this credit card, you get a 0% introductory APR for 15 months on balance transfers and purchases. On top of that, if you transfer a balance within 60 days of opening your account, you pay no balance transfer fee. The long intro period, plus the fact that there is no transfer fee, is one of the reasons this is considered one of the best options for paying down debt. After the introductory period, a variable 16.49%-25.24% APR applies.
You also have access to the Credit Dashboard, which helps you stay on top of your bills. And, because there is a 15-month intro period, you have a greater chance of paying down a large chunk of your debt. Plus, you don’t have to worry about a balance transfer fee adding to your overall debt.
- No balance transfer fee on transfers made in the first 60 days
- Free monthly FICO® Score and Credit Dashboard
- No Penalty APR (you don’t get a higher APR when you pay late)
- 0% APR on balance transfers for 15 months
- Regular APR: 16.49% - 25.24%, variable
- Annual fee: $0
Citi® Diamond Preferred® Card
The Citi® Diamond Preferred® Card from Citi, a Credit Cards House advertiser, is a straightforward balance transfer card with an industry leading promotional period of 0% APR for 21 months on balance transfers and for 12 months on purchases. There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater, but if you need a little longer to pay down your debt, this card can be helpful for you. After the intro period, the APR is 17.24% - 27.99% (Variable) based on your creditworthiness.
The biggest advantage to this card is the very long intro period. You have a better chance of paying off your balance before the end of the 0% APR. The access to your credit score can also help you by allowing you to track your progress and stay on top of your finances.
- Free access to FICO® Scores
- Access to Citi® Concierge for help booking hotels, flights, and more
- 0% APR on balance transfers for 21 months
- Balance transfer fee: 5% or $5, whichever is greater
- Regular APR: 17.24% - 27.99% (Variable)
- Annual fee: $0
Amex EveryDay® from American Express
Editorial Note: The information related to the Amex EveryDay® Credit Card from American Express has been collected by Credit Cards House and has not been reviewed or provided by the issuer of this card.
There’s a reason so many people like American Express cards. If you are looking for rewards and a balance transfer, the Amex EveryDay® Credit Card from American Express, a Credit Cards House advertiser, isn’t a bad choice. You can earn 2x points on purchases made at U.S. supermarkets, up to $6,000 a year in purchases. You can also get extra points for using your card more during the month. There is a welcome bonus of 10,000 Membership Reward® points and a 0% APR on balance transfers and purchases for 15 months. There is no balance transfer fee for transfers made within 60 days of account opening. Membership Rewards® are flexible and easy to redeem for a number of travel experiences. After the intro period, a variable APR of 14.99% - 25.99% applies.
For the most part, this card will help you pay down debt through the 0% APR for 15 months. You can also redeem your points for gift cards. Use the gift cards to make regular purchases and put the money you would have spent as extra payments toward paying down debt.
- 10,000 bonus Membership Reward® points after you make $1,000 of purchases in the first three months
- 20% more points in a billing period where you use the card 20 or more times
- 2X points at U.S. supermarkets, up to $6,000 in purchases a year
- 0% APR on balance transfers and purchases for 15 months
- No balance transfer fee on transfers made within 60 days of card membership
- Regular APR: 14.99% - 25.99%
- Annual fee: $0
Editorial Note: The information related to Chase Slate® has been collected by Credit Cards House and has not been reviewed or provided by the issuer of this card.
First published , last updated
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.