The Best Credit Cards to Wipe Out Holiday Debt

By Holly Johnson. Last updated 30 October 2017. 0 comments

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If you leaned heavily on credit over the course of the holidays, you’re probably not alone. Forbes reported that families added $1,073 of credit card debt for gifts, holiday parties, and other seasonal treats.

With the new year in full swing, it’s time to put debt behind you and start anew. If you’re committed to paying off your holiday debt, these credit cards can help. Wait, what?

Yes, that’s right. Certain credit cards were created to help people pay down debt over time. These balance transfer credit cards offer 0% APR for anywhere from 12 – 21 months, making it easier to save on interest and pay off debt faster.

If you’re struggling with holiday debt and tired of forking over hefty interest payments, a balance transfer card could help. Here are the best cards to solve your holiday debt woes – once and for all.

BankAmericard® Credit Card

credit cardThe BankAmericard® Credit Card gives you 0% intro APR on balance transfers for a full 15 billing cycles. After that, a variable APR of 12.99% - 22.99% will apply.

This card also has the advantage of having a low APR, so even if you can’t pay off your entire balance, its APR is most likely much lower than the APR on your current card. Keep in mind that this introductory offer only applies to balance transfers made within the first 60 days. However, there is a $0 Intro balance transfer fee during the first 60 days of account opening. After that, the fee for future balance transfers is 3% (min. $10).

The BankAmericard® Credit Card comes free of annual fees as well, making it a smart option for paying down holiday bills.

Click here to learn more and apply for the BankAmericard® Credit Card today!

Chase Slate®

If holiday debt has you down, the Chase Slate® might be exactly what you need. You’ll get 0% intro APR on purchases and balance transfers for 15 billing cycles. After that, a variable APR of 15.99%-24.74% will apply. That’s well over a year to pay down your holiday debt without forking over a dime in interest payments.

To sweeten the pot, the Chase Slate® doesn’t charge an annual fee. It also comes with no balance transfer fees for the first 60 days – a perk almost unheard of among competing cards.

The only caveat here is that your transferred balance cannot come from another Chase product. If your holiday debts are lingering on another Chase credit card, you’ll need to consider one of the other balance transfer cards on this list.

Click here to learn more and apply for the Chase Slate® card today!

Citi Simplicity® Card - No Late Fees Ever

If you need as much time as possible to pay down your debts at 0% APR, look no further than the Citi Simplicity® Card - No Late Fees Ever from our partner Citi. With this card, you’ll get 0% intro APR on balance transfers made within four months of account opening and purchases for a full 21 months – that’s almost two years! After that, a variable APR of 14.99%-24.99% will apply.

A 3% balance transfer fee (minimum $5) applies to transferred balances, but this card does come without an annual fee. As a bonus, it doesn’t charge late fees or penalty interest rates for late payments. You’ll also score access to exclusive benefits like Citi Price Rewind and EMV chip technology that is compatible with Apple Pay.

Click here to learn more and apply for the Citi Simplicity® Card - No Late Fees Ever today!

Bank of America® Cash Rewards Credit Card

If you’re looking for the right combination of balance transfer offers and rewards, you should also consider the Bank of America® Cash Rewards Credit Card. Once you sign up, you’ll get 0% intro APR for purchases and qualified balance transfers made in the first 60 days for a full 12 billing cycles. After that, a variable APR of 13.99% - 23.99% applies. Depending on how much you owe, 12 months could be plenty of time to destroy those holiday bills. A 3% balance transfer fee ($10 minimum) does apply. There is no annual fee.

On the rewards side of the equation, the Bank of America® Cash Rewards Credit Card offers a sweet $150 bonus after you use your card for $500 in purchases within the first three months. You’ll also get ongoing rewards with 1% cash back on all purchases plus 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.

Click here to learn more and apply for the Bank of America® Cash Rewards Credit Card today!

Using a Balance Transfer Card to Your Advantage

While any one of these cards could make paying down lingering holiday debt a lot less painful, you need to know how to play the game. To get the most out of any balance transfer offer, it’s crucial to use your 0% APR introductory offer to its fullest advantage; in other words, you should strive to pay as much debt off as possible while you can. If you don’t think you can pay it all off, choose a card with a low APR after the 0% intro rate, so you won’t be killed with interest after. You should never, use a card with a balance on it, to get rewards. Interest will obliterate any rewards, every time.

Remember, credit cards are in the business of making money. If you fail to meet your card’s terms and conditions, don’t pay your debt down before your 0% APR offer expires, or use your card to rack up more debt, you may end up worse off than when you started.

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