MoneyTalksNews has partnered with CardRatings for our coverage of credit card products. MoneyTalksNews and CardRatings may receive a commission from card issuers.
Are you reeling from credit card debt? Don’t feel bad. Most of us have been there at some point — and wondered how we managed to get there. That’s worth figuring out to avoid doing it again, but first, it’s time to bring it back under control.
Of course, the best thing to do is pay off card balances immediately to avoid paying insane interest rates. But if you’re past that point, pay down as much as you can reasonably handle right away and transfer the rest of the balance to a card that offers a 0% interest rate for a long introductory period. Then make a schedule of regular payments so you can eliminate the balance before the introductory period is over and the interest rate goes up.
Here’s a couple of the best offers to help you make this move:
Wells Fargo Propel American Express card
Why we like it: This card combines a strong rewards program for travel, transport and dining, featuring a 30,000-point welcome bonus. This is in addition to a 0% introductory APR for 12 months on balance transfers and purchases.
- Get a 30,000-point welcome bonus after spending $3,000 within the first three months.
- Pay 0% introductory APR for 12 months on balance transfers (made within the first 120 days) and purchases; pay introductory fee of $5 or 3%, whichever is greater, on balance transfers for 120 days.
- Earn 3 rewards points per dollar on dining out or ordering in with this card.
- Earn 3 points per dollar spent on travel, including flights, hotels, home stays such as Airbnb and car rentals.
- Earn 3 points per dollar on transportation, including gas, public transit and ride-sharing services.
- Earn 1 point per dollar on all other purchases.
- Pay no annual fee.
Capital One Quicksilver Cash Rewards card
Why we like it: This card has a generous 0% introductory APR for 15 months on both purchases and balance transfers. If you’re really trying to pay off debt from other high-interest cards, that’s a nice long runway. Meanwhile, you can get cash-back when you use the card for everything from eating out to paying utility bills and buying baby shoes with a solid cash-back program that offers 1.5% on every purchase.
- Get $150 cash back after spending $500 within the first three months.
- 0% introductory APR on balance transfers for 15 months.
- 1.5% cash back on purchases, with no limit on how much you can earn.
- No annual fee.
Important note: After the introductory period on most cards, the interest rates you are charged typically skyrocket. This is typical, so make sure you are not carrying a balance once you get to that point!