Struggling under a mountain of debt is hard enough, but when the credit card companies add in high interest rates, it can feel like you’re sliding down the mountain, not climbing up it.
Chipping away at debt can take years. The best way to throw out the ice pick and take a bulldozer to Debt Mountain is to find a way to lower your interest payments so you can focus on paying off the actual debt.
But what if you could lower your interest payments all the way to zero?
Using a credit card to pay off credit card debt may sound ironic, but with great balance transfer offers at nearly every bank, transferring your debt over to one of these cards with a lower (or 0%) APR is the best way to tackle it. Here are the top five credit cards for getting out of debt.
6. Chase Slate: Best for No Balance Transfer Fees
The Chase Slate is consistently at the top of balance transfer card offers and has been for a couple years. This is largely because they’re one of few cards to allow balance transfers with a 0% balance transfer fee (if you complete the transfer within the first 60 days).
On top of that, they offer the longest introductory period for cards with a 0% balance transfer fee at 15 months. The Chase Slate is also one of the easier cards to get, and all Chase cards also offer free debt management through their Blueprint program.
Balance Transfer Fee: 0%
Promotional APR: 0% on balance transfers
Introductory Period: 15 months
Credit Required: Average
Other Perks: Access to debt management program Blueprint, free FICO score
5. Citi Simplicity: Best for Longest Introductory Period
If you know you’re going to need more than 15 months to pay off your debt, you’ll want to go with a card that has a very long introductory period, although it means you’ll have to pay a balance transfer fee.