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Ready to dig yourself out from under that mountain of credit card debt? Who wouldn’t be? It might seem like an impossible task, but it’s really not. You just need a card that doesn’t keep bombarding you with ridiculous fees and interest charges. Everyone makes mistakes now and then, and being one day late on a payment shouldn’t cost you $35 and send your interest rate into the stratosphere.
Find out now: Which credit card is right for me?
Sadly, that’s just what happens with many credit cards. No wonder people can’t get out of debt. They’re stuck in a never-ending cycle of high interest payments and fees, designed to nickel-and-dime them into oblivion. Take a look at these five cards, pick the one you like best, and wave those balances good-bye.
This is a top pick for a lot of people. Chase has a better reputation with credit card customers than most of the other big banks. You’ll be offered a 0% APR for the first 15 months, on both purchases and balance transfers. After that, your rate could be 16.49% – 25.24% variable, depending on your credit score and other factors. Not having to pay any interest for more than a year could even let you pay your balances in full.
The best part about the Chase Slate card, though, is that Chase doesn’t even charge a fee for you to transfer your balances from higher rate cards in the first 60 days. That’s almost unheard of, and one of the only cards that routinely offers that perk. Just make sure that you complete your transfer in within that time frame. After the 60 day intro, either a fee of $5 or 5% of the amount of each transfer, whichever is greater will apply.
Discover it® Balance Transfer
Need a card that’s not fee-heavy? You may have found it. You’ll get an introductory APR of 0% on your purchase for six months, and 0% on balance transfers for 18 months. After the introductory APR, an APR of 13.49% – 24.49% Variable will apply. You can choose the due date you want, too, so your bill will come in at the right time for you to make a payment. As long as you pay over the phone or online by midnight on your due date, the payment is on time. Even if you do have a late payment, the first one doesn’t have a fee, and your interest rate won’t go up.
With the Discover it® Balance Transfer card, you’re not going to see an annual fee. You also won’t be charged for making a foreign transaction, paying by phone, or going over your limit. You can get a cash back bonus, too, so you’ll be earning money just by using the card. Customer service is 100% US-based, and you can reach them anytime. If you want a cash back card that will help you pay down your debt fast, it’s hard to find a better one.
Citi Simplicity Card
How does 21 months of interest-free financing sound? You can get that and more with the Citi Simplicity Card. You won’t be hit with fees for a late payment and there’s no penalty interest rate that your card will jump to, either. Transferring your balance is easy. There’s a $5 or 5% fee (whichever is greater), but that’s it. You have to make the transfer within four months from the day you open the account to qualify for the introductory APR.
If you’re serious about trying to pay down credit card debt, you’d want to transfer your balance to this card as soon as you got it, anyway. This card isn’t perfect, but it’s a great way for you to have a lower rate while you sheepishly pay off that hefty balance you racked up on your other credit cards. Just be sure to pay it all back during the first 21 months, so you don’t have to worry about a variable APR of 16.24% – 26.24%.
Capital One® Quicksilver® Cash Rewards Credit Card
You won’t have to worry about interest charges on purchases or balance transfers for 15 months with this card. Afterward, a rate of 15.49% – 25.49% Variable will apply. There’s no annual fee and your cash back amount (1.5% of all purchases) is unlimited and won’t ever expire. If you spend $500 on purchases in the first three months, you’ll receive a one-time $150 early spend bonus.
There are extra perks available on the Capital One® Quicksilver® Cash Rewards Credit Card, like a personalized image on your card and an opportunity to set up automatic redemption for your cash back amounts. You can redeem your cash back for any amount, too, so you aren’t stuck waiting until what you’ve earned reaches a magic number. Little things like that really add up, but the 0% APR for 15 months is a great benefit.
Still not sure which card to get? Compare cards until you’re comfortable with what you’re applying for. Then you’ll be on the right track toward financial freedom and control. Sure, it’ll take some time to get there, but at least you’ll be able to enjoy the journey just a little bit more. The best balance transfer credit cards offer low or no fees and low or no interest. Whether you have poor credit, fair credit or good credit there is a card out there for you. It’s a matter of finding the right balance transfer offers and making your case in your application. If you’re an existing customer of a bank, start there. Some banks offer special deals for loyal existing customers.
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