Credit Cards How To Use Credit Cards Wisely

7 Credit Cards That Help with Debt, Saving, and Investing

Written by Jason Steele

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.

About the author

Jason Steele

Jason Steele is a freelance journalist specializing in credit cards and personal finance. His work has appeared in many of the top personal finance sites as well as mainstream outlets such as MSN Money, Yahoo Finance, and Business Insider.

2 Comments

  • I started re-building my credit by getting a loan at a credit union i initially didn’t belong to. I haven’t seen you post this option.
    I joined the CU for $25. They loaned me $500. I pay them +- $82/month for 6 months. THEN they give me the $500 or I can roll it over to a $1000 loan with the same payment & it will show I’ve paid $500 on a $1000 loan.THEY REPORT TO ALL 3 BUREAU’s. Think of it as an $82/month savings plan. My score slowly increased +70 after the first 6 months. (total interest paid, +-$13)

Leave a Comment