Best Credit Cards for Consolidating Debt

By Holly Johnson. Last updated 24 September 2018. 0 comments

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If you’re juggling multiple credit card balances and want to pay down your debt faster, it might be time to consolidate your debt. By merging your debts onto a balance transfer credit card, you can reduce the number of payments you’re making, save money on interest, and finally get rid of your debt.

While it might seem unlikely that another credit card would leave you better off, some cards were made for this purpose. Most balance transfer cards offer 0% APR for anywhere from 12 – 21 months, and a few don’t even charge a balance transfer fee.

Keys to successful debt consolidation

There are a few things to keep in mind when consolidating your debts. First, you’ll need good credit to get a good balance transfer deal. If you don’t have good credit, you may want to consider other ways to consolidate debt.

Next, make sure you look closely at the balance transfer card’s “go-to” interest rate — the APR that’s charged once the promotional period is over. Often these rates are higher than regular credit cards. If you can’t pay off the balance before the go-to rate takes effect, you may be better off sticking with the cards you have, or trying to find a low interest card instead.

Third, take a look at the balance transfer fee. Most cards charge about three percent of the amount you’re transferring. You’ll usually still come out ahead even with the fee, but be sure to check.

Most importantly, you need to have a plan for how to get out of debt and stay out. Use the no-interest period to pay off as much debt as you possibly can. Cut your budget, pick up overtime at work, and look for additional ways to put more money toward your debts each month. And don’t be tempted to use your newly freed up credit lines to rack up yet more debt. If you do that, you’ll find yourself in a debt spiral.

These offers can be a godsend if you’re ready for a change, but they only work if you make the debt repayment plan and follow through. With that in mind, we’ve chosen some of the best cards for consolidating your debt. When deciding on a card, remember that you cannot transfer balances from one card to another card from the same issuer. You’ll need to go with a different bank for your balance transfer card.

BankAmericard® credit card

credit cardThe APR for the BankAmericard® credit card is likely lower than what you currently have, so you’ll still keep saving on interest while paying off the balance. It not only offers a 0% intro APR for 15 billing cycles on purchases and balance transfers (balance transfers have to be made within the first 60 days of account opening), but its APR after the intro period is a low 14.74%-24.74% variable. So this is a good card to consider even if you don’t think you’ll be able to pay off the entire balance within the intro period. There is a balance transfer of 3% the amount transferred or $10, whichever is greater. There is no annual fee for the card.

Click here to learn more and apply for the BankAmericard® credit card today!

Citi Simplicity® Card - No Late Fees Ever

The Citi Simplicity® Card - No Late Fees Ever from our partner Citi comes with a whopping 18 months of 0% intro APR on purchases and balance transfers. This card also comes with no annual fee and no late fees or penalty APRs if your payment arrives after your due date.

A balance transfer fee equal to 5% of your balance ($5 minimum) does apply, and you also need to transfer your balances within the first four months of card ownership to qualify for the special 0% APR introductory offer. Once the 18-month 0% intro APR window closes, your interest rate will be 15.74%-25.74% variable.

In addition to the stellar introductory APR, the card offers additional Citi perks like extended warranties and Citi Price Rewind.

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

Barclaycard Ring® Mastercard®

The Barclaycard Ring® Mastercard® is a great card for debt consolidation because there is no annual fee. There is also a 0% intro APR for 15 months for balance transfers made within the first 45 days and a low regular APR of 13.74% variable for purchases and balance transfers. The balance transfer fee is 2% ($5 minimum) for balances transferred within the first 45 days of account opening. There is no balance transfer fee for transfers posted to the account after the first 45 days of account opening. See Terms.

Click here to learn more and apply for the Barclaycard Ring® Mastercard® today!

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Best Credit Cards for Consolidating Debt

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