Without you facing the additional burden of high interest charges on your balance, trying to avoid compounded interest is to transfer your debt to another credit card with a low or period.
You may then utilize this intra APR period -- usually 12 to 18 months, but sometimes longer -- to make payments that directly reduce the balance you owe, while also improving your.
You may save money on low or low intro APR periods, but be sure to make a repayment plan to avoid your debt before considering one. A new interest rate will begin on your remaining balance after the intro APR period ends.
If you've considered the risks and want a pay off your debt, try one of our best partner loans that may assist. We'll update this list periodically as rates and conditions for cards change.
The best way to go about debt is to pay off debt.
We found that the United States Bank Visa Platinum Card has the longest introductory interest-free payback period across the board. If you have a large expense coming up, you'll have room to breathe with 20 billing cycles of introductory no-interest payments on purchases (14.74% to 24.74% variable APR thereafter).
On balance transfers made within the first 60 days of account opening, you may take advantage of the for 20 billing cycles. A standard APR of 14.74% to 24.74% is is reflected in your balance.
A long-introductory period for debt repayment
The Citi Simplicity Card is no-frills, so there are no to earn, but you'll get a 21-month intro APR for balance transfers (and 12 months on purchases) that will range from 14.99% to 24.99%. Plus, you have four months to request a balance transfer, which is longer than most cards allow.
When you're paying off debt, the Citi Simplicity Card is one of the most flexible and challenging cards. If you forget a payment right now and then, you won't have to worry about late fees or being hit with a penalty APR.
A no-yearly fee and a balance transfer fee are required.
The Navy Federal Credit Union Platinum Credit Card is the lowest-fee card on our list of best credit cards for paying off debt. Besides, it is the only card on the market with a minimum of 3% as a. (That's $300 on a $10,000 balance transfer.) It's good to know you won't be facing charges for paying off your debt.
While constructing credit, pay off debt.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Earn 1% unlimited cash back on all other purchases automatically.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Earn 1% unlimited cash back on all other purchases automatically.
The Discover it Student Cash Back* is a student who has a long, positive credit history. Despite your success, you'll still have access to a 0% introductory APR on new purchases, even if the debt is paid for only six months (3.24% to 22.24% variable APR thereafter). However, it may be long enough to repay the debt before the standard APR starts in. As for balance transfers, offers a 10.99% introductory interest rate for the first six months after the initial transfer (th
For debt consolidation, the lowest interest rate card is
- 1% unlimited cash back on all qualifying purchases
- 1% unlimited cash back on all qualifying purchases
The majority of the best credit cards for paying off debt have a relatively short no-interest period. However, the pressure to pay off your balance before your card's interest rate reverts to the standard APR might be too much.
SunTrust offers a different approach of approaching debt payoff: you'll receive a 3.25% interest rate, comparable to the rate of many personal loans. The lower interest rate is in effect for three years, followed by an APR of 11.24% to 21.24% variable.
FAQs
Is it possible to 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 make good use of an extended no-interest period of 12 months or longer. Keep in mind that many of the best low- or no-interest programs are introductory and reserved for individuals with good credit or better. If you're overwhelmed by debt, that might damage your credit score and you may lose interest in a no-interest or low-balance transfer card.
What is the first half of a 0% transition?
For purchases and/or balance transfers, some credit cards offer new cardholders a 0% (no interest) period. This is usually for a specified amount of time, such as 12 or 18 months. This means that any purchases or balance transfers you make during the qualifying period may be paid back without interest during the initial period. Once the term is up, the remaining balance will begin accruing interest at the standard interest rate.
When making a balance transfer, what should I look out for?
Pay attention to balance transfer charges even if you acquire a balance transfer credit card with a no-interest period of 12 months or longer. These fees are typically 3% to 5% of the amount you plan on transferring. However, the transfer fee may add up. If your $5,000 balance is $250, you may be eligible for balance transfer charges.
To get approved for a debt consolidation credit card, what credit score?
Most credit cards with the finest introductory/balance transfer scores typically require a good credit score of 670 or higher. However, some card providers have a prequalification tool that tests you if you would be approved for a credit card before you apply, without affecting your credit score. Capital One, Discover, and Navy Federal all offer prequalification.
Our methodology is used to improve performance.
CNET is examining credit cards by examining them with strict set criteria for each major category, including cash-back, travel rewards, and balance transfer. We take into account the typical spending behavior of a wide range of consumers, with the understanding that each financial situation is different, as well as the designated function of a card.
Key factors for cash-back credit cards include the annual fee, the "welcome bonus" and the cash-back rate (or rates), if each category has varying spending criteria. For rewards and miles cards, we calculate and measure the net monetary value of a card's respective perks. Besides, we look at the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging other factors such as the length of time you have to make a balance transfer after opening the account.
All information about the Navy Federal Credit Union Platinum Credit Card, Discover It Student Cash Back, and the SunTrust Prime Rewards Credit Card has been created independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent judgments 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 be entitled to compensation when you click on links to our products or services.
