Money Talks News has partnered with CardRatings for our coverage of credit card products. Money Talks News and CardRatings may receive a commission from card issuers.
If you’re carrying a balance on your credit cards, you’re probably paying some hefty interest every month too. That cost, in addition to what you racked up on purchases, can make credit debt seem insurmountable. At Money Talks News, we have loads of tried-and-true tips to help you get out of credit card debt — and ideas for handling your finances so you never end up there again.
But first, you can take this step to make your debt less expensive: Transfer your balances from those high-interest cards to one that will give you a break. Here are a couple of the best options out there — offering you 0% interest rates on your balance transfers well into 2020.
Capital One Quicksilver Cash Rewards
Why we like it: This card offers you a 0% APR on balance transfers and purchases for 15 months. That’s a nice grace period to pay down the balance while not paying interest. It also carries no annual fee and offers cash-back rewards.
- One-time $150 cash bonus after you spend $500 on purchases in the first three months you have the card.
- Unlimited 1.5% cash back on every purchase.
- No annual fee.
- No foreign transaction fees.
Note: Balance transfers are subject to a transfer fee of $5 or 3%, whichever is greater.
Why we like it: This card offers an introductory 0% interest rate on balance transfers and purchases for 15 months. It also earns a $150 bonus after spending just $500 in the first three months.
- Get a $150 bonus after spending $500 on purchases in the first three months after opening the account.
- Earn 5% cash back on up to $1,500 of purchases in bonus categories each quarter. (That’s up to $75 per quarter or $300 a year.)
- Earn an automatic 1% cash back on all other purchases.
- No annual fee.
Note: Balance transfers are subject to a transfer fee of $5 or 3%, whichever is greater, for the first 60 days. After that, the transfer fee is 5% or a minimum of $5.
Blue Cash Everyday Card from American Express
Why we like it: This card offers an introductory 0% interest rate for the first 15 months on purchases and balance transfers. This is a generous introductory period if you need relief from higher interest rate cards. It also offers cash-back rewards on everyday purchases, including gas and groceries, and has no annual fee.
- Get a $150 statement credit after spending $1,000 within three months of opening the account.
- Get 3% cash back on up to $6,000 per year in U.S. supermarket purchases. (Get 1% cash back after that.)
- Earn 2% cash back at gas stations and select department stores in the U.S., plus 1% back on other purchases.
- No annual fee.
Note: Balance transfers are subject to a fee of $5 or 3%, whichever is greater.
Whatever you need in a credit card — whether it’s reward points, cash back or a low interest rate — you can find it with our credit card search tool. Click here to search for the plastic that best fits your needs.
Don’t forget: Kill off the debt and avoid interest
The key to using balance transfers is to be very sure to make your monthly minimum payment on time, every month. In addition, you need a plan to pay off those balances before the initial 0% grace period is up. For that, you may need to get a plan in place before signing up for the new card.
Here are some posts that can help:
- “Here Is the Best Way to Tackle Your Credit Card Debt“
- “I’m Drowning in Debt. What Can I Do?“
- “Should I Use a Credit Counselor for Debt Help?“
What do you look for in a credit card? Share with us in the comments below or on our Facebook page.
Earn more interest on your savings
Are you earning as much interest on your savings as you could be? Grow your savings faster with banks offering rates that are significantly higher than the national average. Find the best rates and start earning more interest on your savings by using the Money Talks News savings account and CD comparison tool.