Best credit cards for paying off debt


A current Bankrate survey discovered that 49 % of bank card holders carry a steadiness from month to month, whereas knowledge from Intelligent Actual Property reveal that bank card customers owe a median of $5,875. Twenty-three % of card customers from that very same research thought it might take them greater than 5 years to repay their bank card debt.

Bank card debt may be particularly arduous to recuperate from, partially due to ongoing exorbitant rates of interest. Many shoppers use a steadiness switch bank card with a 0 % intro APR provide as a pathway towards debt aid. When you want a leg up when paying bank card debt off, listed below are a number of the greatest playing cards that may enable you repay bank card debt sooner with minimal prices.

Evaluating one of the best playing cards for paying off debt

Take a look at the desk to match intro APR intervals and different card options to find the suitable card for you. All are no-annual-fee playing cards.

Bank card Intro APR interval on steadiness transfers Intro APR interval on new purchases Ongoing variable APR Steadiness switch charge
Wells Fargo Replicate® Card 21 months 21 months 18.24 %, 24.74 %, or 29.99 % ($5 minimal), then 5 % charge ($5 minimal)
BankAmericard® bank card 18 billing cycles 18 billing cycles 16.24 % to 26.24 % 3 %
Citi® Double Money Card 18 months N/A 19.24 % to 29.24 % variable 3 % intro charge ($5 minimal) for transfers accomplished inside the first 4 months, then 5 % charge ($5 minimal)
Citi Simplicity® Card 21 months 12 months 19.24 % to 29.99 % 3 % intro charge ($5 minimal) for transfers accomplished inside the first 4 months, then 5 % charge ($5 minimal)
U.S. Financial institution Visa® Platinum Card 21 billing cycles 21 billing cycles 18.74 % to 29.74 % 3 % ($5 minimal)
Citi Diamond Most popular® 21 months 12 months 18.24 % to twenty-eight.99 % $5 or 5% of the quantity of every switch, whichever is bigger

High playing cards for paying off debt

How to decide on one of the best bank card for paying off debt

Utilizing a bank card to repay debt could also be a shocking technique, however the 0 % introductory phrases some steadiness switch playing cards provide could make it a sensible transfer. Paying off bank cards in full is simpler once you don’t must make month-to-month curiosity funds. And the financial savings may be substantial — even after steadiness switch charges.

When you’re contemplating a card that provides a 0 % intro APR for a restricted time, the following tips will help you discover the suitable one:

  • Determine if you need a 0 % intro APR on purchases, steadiness transfers or each. Some playing cards provide an intro APR on both steadiness transfers or new purchases, whereas others embody each. If you wish to lower your expenses on purchases whilst you consolidate debt, search for an choice that provides a 0 % intro APR on each.
  • Determine how lengthy it’s worthwhile to repay your debt. Evaluate the size of the introductory affords out there, conserving in thoughts that the longest zero-interest time period available on the market is 21 months. When you want as a lot time as doable to repay your bank card debt, search for the longest provide you’ll be able to qualify for.
  • Decide if you wish to earn rewards. Whereas most steadiness switch playing cards received’t provide rewards, you possible can discover a couple that do or a rewards card that has respectable intro APR affords. However you’ll usually wind up with a shorter introductory provide.
  • Evaluate charge constructions. Be sure to match charges, together with annual charges, steadiness switch charges and late charges. Additionally, be aware of the continued variable APR, and bear in mind any debt left when your introductory interval is over will accrue curiosity at this price.

Discover the suitable card for you utilizing Bankrate’s CardMatch™. Uncover prequalified affords for bank cards that may assist with debt administration.

Study Extra

Continuously requested questions

What’s subsequent?

Bankrate has a number of debt administration instruments that may assist you determine one of the best technique to scale back debt and lift your credit score rating.

The underside line

Paying off debt turns into significantly simpler once you get the prospect to keep away from curiosity for a yr or extra. In any case, the typical bank card rate of interest is greater than 20 %, and avoiding this added cost every month implies that each greenback you pay in your bank card goes immediately towards the principal steadiness.

That being stated, utilizing a bank card payoff calculator to determine how lengthy you would possibly must repay your debt may be useful. Additionally, ensure that to match your picks to our checklist of one of the best steadiness switch bank cards earlier than you apply, in case one other card piques your curiosity.

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