Paying down a hefty credit card balance without hurting your credit — or paying much interest — may seem impossible. However, there’s a quick legal method to do so. Start a search today to discover how to pay off up to $10,000 in credit card debt.
In just a few, simple steps, you can drastically reduce your credit card debt without having your credit score penalized or incurring a scary amount of interest. The key to this solution? 0 percent intro APR balance transfer credit cards!
First Step: Stop The Interest
While the debt on your credit card is a serious issue, the interest is what’s preventing you from paying it off. Using the sum of $10,000 as an example, if you paid $200 monthly payments on that debt, $150 of that payment would go straight to interest. Luckily, you can use promotional offers from credit card companies to stop the interest in its tracks.
Second Step: Maximize Your Payments
Now that you’ve transferred your balances, your interest fees are mercifully on hold. Here’s the cathartic moment you’ve been waiting for, as you can finally chip away at your balance without paying any interest! Every cent of every payment you make will go toward decreasing your debt.
Best 0 Percent Intro APR Balance Transfer Cards
Now that you understand how these cards can make all the difference in your battle against debt, let’s review some of the best 0 percent intro APR balance transfer credit cards.
Citi Diamond Preferred Card
No credit card company offers longer 0 percent intro periods than Citi, which is why it leads our list. This card allows you to get 0 percent intro APR on balance transfers for 21 months! Keep in mind that your credit has to be in tip-top shape to be approved for this card.1
Discover it Cash Back Card
This Discover it card’s specialty is right in the title: Cash Back. Offering higher cash back rates in specific categories, Discover allows you to redeem those funds in gift cards, Amazon purchases, instant eCertificates or even charitable donations.2 As a welcome bonus, Discover even matches the cash back you earn in your first year, dollar for dollar.
Discover it Balance Transfer Card
The Discover it Balance Transfer card has many of the benefits of its Discover it Cash Back card.3 Both feature $0 annual fees as well as 5 percent cash back on rotating bonus categories that change each quarter.
Tackle Your Debt Now
Transferring your balance to an accommodating card can help you dig yourself out of debt. Most credit card issuers promote at least one attractive balance transfer option. Heck, Citi offers about five on its own!
So, it’s wise to shop around and find the best solution to reduce your debt. While a balance transfer can boost your credit score by helping you pay less interest, you should avoid making this a habit.
