So, I know I've made a big deal about not recommending credit cards or balance transfer offers as part of any affiliate strategy in the past. I take my affiliates very seriously. But lately I've gotten emails from folks who would like to learn more about debt consolidation and transfer offers but didn't like the interest rates they were offered by consolidation companies like Earnest, which, while fabulous and vastly better than paying 15-24% on your credit cards, still isn't like transferring the debt to something at 0%.
So, since I teach to be as strategic as possible with your debt, I thought it would be worth it to showcase a few of my favorite 0% balance transfer offers (some of which I've used in the past) to pay down debt.
Why 0% Balance Transfer Offer Recommendations Now?
I've hesitated in the past to administer credit card offers because of my own checkered history with cards. I'd never want to give folks access to a financial tool, on my own recommendation, that could hurt them in the future.
However, after doing some research and surveys among readers, I've learned that the majority of you are very debt-focused: you're less than $10k in debt and very motivated to pay it off.
Which means that 0% balance transfer offers are actually a great tool (which is the word I used before …lol) to make your debt freedom both less expensive and likely to happen sooner.
Just so long as you don't use the card irresponsibly once you slay all that debt in the face.
Here are a few transfer offers that you can use to be more strategic with your debt.
- Capital One® Quicksilver® Cash Rewards Credit Card – 0% balance transfer APR for 15 months. $0 annual fee Learn more here.
- Chase Freedom Unlimited® – 0% balance transfer APR for 15 months. $0 annual fee. Learn more here.
- Citi® Double Cash Card – 0% balance transfer APR for 18 months. $0 annual fee. Learn more here.
- Citi Simplicity® Card – 0% balance transfer APR for 12 months. $0 annual fee. Learn more here.
Other Options for Eliminating Debt
A refinance loan works for those with over $5,000 in debt.
You apply for a loan (at a lower interest rate than offered on a credit card.) You apply, get approved, you get the funds and you pay off your credit cards with this money. Then, each month you pay the loan provider.
A debt consolidation loan (typically) a lower monthly payment at a much lower interest rate. This means you'll save money on interest, and have more money in your budget for additional payments. Which means if you have debt, these can be a really strategic tool to use in any debt payoff journey.
When evaluating debt options, it only makes sense if you run the numbers. Here is my favorite interest rate calculator so you can see the difference consolidation can make.
Working with a debt management company
For those who have average credit and few other options and an insurmountable amount of debt, there are options, such as working with a professional debt management company.
Working with a debt management company, you can:
- lower your monthly payments
- pay just one creditor
- pay less in interest because you're consolidating at a lower rate
LB Note: This post originally appeared on May 24th, 2017. It was updated on January 7th, 2019.