Personal debt can happen to anyone. It’s easy to spend more than you have available in your bank account and let the balance inflate, especially with a high credit card APR.
Finding a new credit card to take on your balance is not the best or most affordable way to consolidate your debt— that would be a personal or debt consolidation loan. However, the approval process for loans will be longer than credit cards, making credit cards one potential short-term option for financing a debt.
Introductory low or 0% APRs and balance transfer offers make credit cards an option to help cover debt costs, but be careful — using a credit card to pay off a debt brings significant risk. Once intro APR periods expire, balances can snowball. Prepare a repayment plan for your debt before adding a balance to any card.
If you’ve decided to use a new credit card to deal with personal debt, here are our best partner offers with long 0% introductory periods and low APRs. We’ll update this list periodically as rates and terms for cards change.
Intro OfferN/A
APR14.99% – 24.99% (Variable)
Recommended Credit Excellent, Good
Reward RatesN/A
Annual Fee$0
Intro Purchase APR0% for 12 months on Purchases
Intro Balance Transfer APR0% for 21 months on Balance Transfers
Balance Transfer Fee Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum
Balance Transfer APR14.99% – 24.99% (Variable)
Late Payment Fee No Late Fees
Foreign Transaction Fees 3%
Our Take
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 14.99% to 24.99% 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.
Intro OfferN/A
APR5.99% – 18.00% Variable
Recommended Credit N/A
Reward RatesN/A
Annual FeeNone
Intro Purchase APRN/A
Intro Balance Transfer APR0% intro APR for 12 months on balance transfers
Balance Transfer APR5.99% – 18.00% Variable
Foreign Transaction Fees None
Penalty APR 18.00%
Our Take
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.
Intro OfferIntro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
APR13.24% – 22.24% Variable
Recommended Credit Fair/New to Credit
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Earn 1% unlimited cash back on all other purchases – automatically.
Annual Fee$0
Intro Purchase APR0% for 6 months
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Balance Transfer APR13.24% – 22.24% Variable
Late Payment Fee None the first time you pay late. After that, up to $40.
Foreign Transaction Fees None
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
- Earn 1% unlimited cash back on all other purchases – automatically.
Our Take
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).
Intro Offer$100 in statement credit after you spend $500 on qualifying purchases, in the first 3 months after account opening
APR11.24%–21.24% (Variable)
Recommended Credit Excellent Credit
- 1% unlimited cash back on all qualifying purchases
Annual Fee$0
Intro Purchase APRN/A
Intro Balance Transfer APR3.25% variable intro APR for first 36 months on all balance transfers within 60 days of account opening.
Balance Transfer APR11.24%–21.24% (Variable)
- 1% unlimited cash back on all qualifying purchases
Our Take
Most of the best credit cards for paying off debt have a relatively short no-interest period. Although the no-interest period is helpful, the pressure to pay off your balance before your card’s interest rate reverts to the standard APR could be too much.
If you have a larger balance that could prove challenging to pay off in a year or less, SunTrust has a different way of approaching debt payoff. You’ll receive an introductory interest rate of 3.25% variable, competitive with the rate of many personal loans. Best of all, the lower interest rate is in effect for three years, followed by an APR of 11.24% to 21.24% variable.
FAQs
Can I pay down debt with a credit card?
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.
What is a 0% introductory period?
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.
What should I look out for when making a balance transfer?
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%.
What credit score do I need to get approved for a debt consolidation credit card?
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.
Our methodology
CNET reviews credit cards by exhaustively comparing them across set criteria developed for each major category, including cash-back, welcome bonus, travel rewards and balance transfer. We take into consideration the typical spending behavior of a range of consumer profiles — with the understanding that everyone’s financial situation is different — and the designated function of a card.
For cash-back credit cards, for example, key factors include the annual fee, the “welcome bonus” and the cash-back rate (or rates, if they differ by spending category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging secondary factors such as the standard APR and the length of time you have to make a balance transfer after you open the account.
*All information about the Navy Federal Credit Union Platinum Credit Card, Discover it Student Cash Back and the SunTrust Prime Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.