Paying Off Debt With A No Interest Credit Card
As it SHOULD be, paying your entire outstanding balance is best! But when your finances can’t accommodate the amount, balance transfer credit cards can help you get your debt at bay. The plan is simple and straightforward, transfer your debt from a high-interest card to one with 0% introductory APR, and you’ll pay off what you owe sooner.
You can check credit card companies that offer such. Look for the following perks:
> It offers extra-long 0% intro APR to pay off what you owe interest-free.
> Offers great rewards potential, with 5% back on rotating categories and 1% on everything else.
> Its first-year bonus for new customers can match the cash back you earn at the end of your first year, automatically.
If you have a huge balance to transfer, balance transfer fees might be your immediate concern. There are credit cards that charge no fee on balance transfers for your first two (2) months. Given the most cards charge fees ranging from 3 – 5%, this could make a big difference when transferring a large balance.
Here are some credit cards that you may want to consider:
Longest 0% Interest Period – It offers an extremely long 0% intro APR period with no annual fee, so you can make a big dent in your balance without paying a dime in interest. Discover’s popular cash back program makes it easy to earn rewards quickly.
Great Signup Bonus – offers access to a popular rewards program. Like the Discover it 18 Month Balance Transfer Offer, this card features rotating 5% cash back categories that change quarterly. There’s also an easy-to-earn $150 signup bonus – all with no annual fee.
> Chase Slate®
Best for Large Balances – If you have a high balance to transfer, rewards programs will likely be secondary to balance transfer costs and intro APR terms. That’s where the Chase Slate® really shines.
> Blue Cash Everyday® Card from American Express
Best Rewards for Everyday Purchases – Want a balance transfer card that will double as an excellent everyday card even after you pay your balance off? The Blue Cash Everyday® Card from American Express hits all the marks.
Most cards offer a low introductory APR on balance transfers. However, it’s critical to look at the whole deal first to get an idea if the card fits your unique situation. Again, some of the most important factors to consider are:
> Introductory Balance Transfer Rate
> Introductory Balance Transfer Length
> Balance Transfer Fee
Depending on the card you get, the 0% intro balance transfer rate will vary. Remember, you want to get a card that has a 0% balance transfer intro period for at least 12 months or longer. This gives you ample time to pay off your balance.