The Best Credit Cards to Wipe Out Holiday Debt
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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.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card offers a 0% introductory APR on purchases and balances transferred within 60 days from account opening, for the first 20 billing cycles. After that, the variable APR is 13.99% – 23.99% based on your creditworthiness. There is a balance transfer fee of 3% or $5, whichever is greater. There is no annual fee.
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.
Info about the U.S. Bank Visa® Platinum Card has been collected independently by Wise Bread. The issuers did not provide the details, nor are they responsible for its accuracy.
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