Credit cards have many positive features. They’re secure, convenient, and can earn you rewards for your spending. But there’s one aspect of credit cards that’s most despised: debt and the difficulties consumers face to get out of it.
Because credit cards are so easy to use, you can get yourself into trouble by making more purchases than you can afford. When interest and fees are added, you can find yourself under a crushing load of debt.
Credit card features to get out of debt
It makes sense that there is a strong demand for credit cards that can help customers get out of debt. Here are some of the features to look for when your first priority is paying off your balance:
0% APR promotional balance transfers
Credit card users who incur debt will start accruing interest at rates that are frequently between 10-20%. Over time, this can dramatically add to the cost of the purchases, and prolong the amount of time needed to repay the principal.
The biggest problem with these 0% promotional financing offers is that most require a 3% balance transfer fee, which can be a lot of money if you have a large credit card balance. However, the Slate Card from Chase is the only 0% offer on the market with no balance transfer fee. Just be aware that only cardholders with excellent credit will qualify for these offers.
More tools to get out of debt
Several Chase credit cards offer an innovative program called Blueprint at no extra charge. This feature includes powerful budgeting and goal setting tools that empower you to pay your balance off on a schedule you create. Blueprint allows you to avoid interest by paying some of your charges in full while carrying a balance on others.