These 4 credit cards can help you pay off your debt on time!
Do you have existing credit card debt or have accumulated credit card debt due to COVID-19?
STRATEGY: Pay off credit card debt by opening a credit card with an introductory period of 0% APR
One way to alleviate the stress of accumulated credit card debt is to transfer an existing credit card balance to a credit card that offers the benefit of no transfer fees and 0% interest on balance transfers and purchases for a period of time. An added bonus is that all of the credit cards listed below currently do not have an annual fee! As this article was being published, the Chase Slate card was removed from the Chase website, probably as a result of COVID-19 changes by chase. We added an extra BONUS card that can help you transfer your debt.
1. Amex EveryDay® Credit Card
BENEFITS:
No balance transfer fee for transfers within 60 days of account opening
0% intro APR for 15 months on purchases and balance transfers from account opening
Earn 10,000 membership rewards points after you use your new card to make $1,000 in purchases within the first 3 months of account opening. If you’re saving money to pay off your credit card debt, but want to take advantage of this introductory offer (which you should), contact The Credit Hacker for creative ways on achieving the minimum spend requirement
Approx minimum credit score 660-700
2. Chase Slate
* Currently removed from the Chase Website as of 4/16/2020
BENEFITS:
No balance transfer fee for transfers within 60 days of account opening
0% intro APR for 15 months on purchases and balance transfers from account opening
Approx minimum credit score 690
CON:
No rewards
3. Citi Simplicity Card
BENEFITS:
Balance Transfer Fee: Either $5 or 5% of the amount of each credit card balance transfer, whichever is greater
Get 0% intro APR for 21 months on balance transfers and for 12 months on purchases. Balance transfers must be completed within the first 4 months
Approx minimum credit score 670
CON:
No rewards
4. U.S. Bank Visa® Platinum Card
BENEFITS:
Balance Transfer Fee: Either 3% of the amount of each transfer or $5 minimum, whichever is greater.
Get 0% introductory APR on purchases and balance transfers for the first 20 billing cycles. Balance transfers must be within 60 days from account opening
CON:
Approx minimum credit score 750
No rewards
Transferring debt between cards with the same issuer is typically not allowed.
Please note that introductory rates on credit cards increase SUBSTANTIALLY after the introductory period. Please check the terms of your credit card agreement. Minimum credit score thresholds may vary and are at the discretion of the credit card company you’re applying to. The information provided above is current as of the date of the blog post.
We at The Credit Hacker want to emphasize that we encourage EVERYONE out there to eliminate credit card debt and develop healthy spending habits by utilizing a budget. The credit cards listed above are a tool to get you out of debt, but the reality is that spending habits may need to be adjusted in order to alleviate the debt that was accrued.
