Getting out of credit card debt can be one of the biggest challenges in all of personal finance. The convenience of making purchases with your credit card makes it very easy to accumulate debt, and the high interest rates charged by credit cards can quickly add to your balance.
Yet ironically, the right credit card can actually help you to get out of debt. Some credit cards offer new applicants 0% APR promotional financing offers for balance. However, nearly all of the promotional financing offers impose a balance transfer fee.
How to choose the best credit cards to get out of debt
There are three things you need to focus on when you are looking for a credit card with an interest free balance transfer offer to help you to get out of debt. The first is length of the balance transfer offer. These offers will last as little as six months but can extend as long as 21 months.
The next most important factor is the balance transfer fee. Most of these cards will impose a balance transfer fee of 3% of the amount transferred, and some now charge as much as 5%.
Finally, you will want to look at all of the other features and benefits offered by the card. This could include travel insurance and purchase protection benefits, a low standard interest rate, or simply excellent customer service.
The seven best credit cards to help you get out of debt:
1. Chase Slate. This card offers new customers 15 months of interest free financing on both new purchases and balance transfers. But most importantly, it’s one of the only cards offered by a major bank that features a 0% APR balance transfer offer with no balance transfer fee and no annual fee. So long as you transfer your balance within the first 60 days of account opening, you will not be assessed the normal balance transfer fee, which is 5% of the amount transferred.