Credit cards serve consumers best when they are used to make purchases during the month and the balance is paid in full with each statement. Of course, life happens, and there are situations when the entire balance does not get paid off each month. And often, additional debt gets added to the outstanding balance each month, making matters much worse. If you have found yourself trapped in such a cycle, consider a balance transfer to help you get back on track. Many card companies offer an introductory period of 0% interest on all balance transfers, and this interest-free period can help you get back to a zero balance much more quickly.
The Chase Slate card offers the most favorable terms to consumers looking to eliminate debt in the shortest possible amount of time. This card has a 0% interest rate for both balance transfers and purchases for the first 15 months. There is also a lenient policy toward late payments and going over your credit limit, neither of which will result in a higher interest rate. With no annual fee, this card offers the perfect way to get your spending habits back in check and your credit cards paid off.
With 21-months of interest-free purchases and balance transfers, the Citi Diamond Preferred is tailor-made for customers that want to make serious progress in eliminating their debt. There is no annual fee, however, you will want to pay down as much of your balance as possible during the interest-free term as the APR will become between 13.99% to a whopping 23.99% at the end of the 21-month introductory period. The large span between the high and low APR is due to the lower rate that preferred customers with excellent credit will receive.
While variable rates have largely fallen out of fashion, the one that is available through Bank of America’s BankAmericard may change that. For those that qualify, an extra-low rate may be available. This, of course, will begin in the period following the 15 months of interest-free balance transfers and purchases. This card is rather no-frills but will give you over a year to get your credit card debt paid off. There is no fee for transfers made in the first 60-days after opening the account, and the fee is the greater of $10 or 3% thereafter.
Carrying excessive credit card debt is never a good idea, and with these three options, an interest-free period is within reach for most consumers. With no interest payments for over a year, and in one case almost two, you will make a lot more progress on eliminating all of your credit card debt. It is easy to get into the cycle of carrying a balance from one month to the next, but with these credit cards’ generous interest-free periods, paying off your balance can take even less time. Check out one of these cards and find the one that best meets your zero balance goals!