Best Credit Cards for Paying Off Debt for March 2022 – CNET [CNET]

You can also take advantage of the 0% introductory APR offer for 20 billing cycles on balance transfers made within the first 60 days of account opening. Once the 20 billing cycles are up, your balance is assessed a standard APR of 14.49% to 24.49% variable.

The Citi Simplicity® Card is no-frills — there are no rewards to earn, but you’ll get 21 months at 0% intro APR for balance transfers (and 12 months on purchases). After the intro period, a 14.74% to 24.74% variable APR applies. Plus, you have four months to request a balance transfer, which is longer than most cards allow. 

The Citi Simplicity® Card is one of the most flexible and forgiving cards when you’re paying off debt. If you tend to forget a payment now and then, you won’t have to worry about late fees or getting hit with a penalty APR.

The Navy Federal Credit Union® Platinum Credit Card* is the lowest-fee card in our roundup of best credit cards for paying off debt. Besides no annual fee, it’s the only card on our list with no balance transfer fee. This is a big deal — most cards charge a minimum of 3% as a balance transfer fee. (That’s $300 on a $10,000 balance transfer.) If you plan on making multiple balance transfers, it’s good to know you won’t be incurring charges for paying off your debt. 

The Discover it® Student Cash Back* is designed for students who lack a long, positive credit history. If you’re a student, you’ll still have access to a 0% introductory APR on new purchases — albeit for only six months (12.99% to 21.99% variable APR thereafter). However, it may be long enough to pay down the debt before the standard APR kicks in. As for balance transfers, Discover offers a 10.99% introductory interest rate for the first six months after the initial transfer (then 12.99% to 21.99% variable APR).

It’s possible to pay down debt with a credit card. However, it may not be the best option unless you can make good use of an extended no-interest period of 12 months or longer. Keep in mind that many of the best low- or no-interest offers are introductory and reserved for individuals with good credit or better. If you’re overwhelmed by debt, that could hurt your credit score and you may have trouble getting approved for a no-interest or low-balance-transfer card.

Some credit cards offer new cardholders a 0% (no interest) period for purchases and/or balance transfers. The interest-free term is typically only for a set amount of time, such as 12 or 18 months. This means that any purchases or balance transfers you make within the qualifying period can be paid back without interest during the introductory period. Once the term is up, the remaining balance will start accruing interest at the standard interest rate. 

Even if you land a balance transfer credit card with a no-interest period of 12 months or longer, watch out for balance transfer fees. These fees are typically 3% to 5% of the amount you plan on transferring. While this may be manageable if you’re only dealing with a few hundred dollars of debt, the transfer fee can add up. A $5,000 balance can cost you $250 to transfer if the fee is 5%.

Credit cards with the best introductory/balance transfer offers typically require a good credit score of 670 or higher. However, some card providers have a prequalification tool that tells you whether you’d be approved for a credit card before you apply — without affecting your credit score. Capital One, Discover and Navy Federal all offer prequalification.