With the holidays behind us, many credit card users are starting 2015 with significant amounts of credit card debt.
For some people, incurring serious debt will mean the end of their credit card use, at least for the immediate future. Yet others may decide to continue to use credit cards for a number of possible reasons. Some cardholders might want to transfer a balance to a credit card with a lower interest rate, or one with 0% annual percentage rate promotional financing, while others may need to use their credit card benefits including purchase protection and travel insurance. These cards can help you get credit card debt-free, especially if you have a game plan in place. You can see how long it will take you to pay off your credit card debt with this nifty calculator.
So which cards should you consider if you already have credit card debt? Here are five that are well-suited to this situation.
1. Chase Slate
Not only does this card offer 15 months of interest-free financing on both new purchases and balance transfers, it is also the only card available with 0% APR financing on balance transfers and no balance transfer fee. New applicants can complete qualifying transfers within 60 days of opening an account, and avoid the customary 3% balance transfer fee. In addition, Slate offers its cardholders free access to Chase's Blueprint program. Blueprint allows cardholders to avoid interest charges by paying some new purchases in full, while carrying a balance on others. In addition, Blueprint contains budgeting and goal-setting tools as well. There is no annual fee for this card.
2. PenFed Promise
Rather than going the route of 0% APR promotional financing, some cardholders may prefer a low-APR card with no fees. This card offers a 4.99% APR for balance transfers and standard purchase APRs of between 7.99% and 16.99%, depending on the applicant's creditworthiness at the time of the application. Yet the most unusual thing about this card is the fact that it doesn't have any fees. That means no annual fees, late fees, balance transfer fees or foreign transaction fees. Applicants must first become a member of the credit union, which they can do based on their membership in various government, military and defense organizations, or by joining a military support organization for a small, one-time fee.
3. Citi Simplicity
This card offers 18 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. This is tied for the longest such promotional financing offer available, and this card features no late fees or penalty interest rates either. There is no annual fee for this card.