Debt consolidation is a practical way to deal with credit card debt. You can eliminate multiple creditors, combine your outstanding balances and only worry about one bill each month. And in most cases, a debt consolidation results in a cheaper interest rate.
When you’re ready to consolidate your credit cards, you might look into home equity loans, personal debt consolidation loans or a mortgage refinance. These methods can work, but getting approved for financing takes time and these loans require collateral.
There is a simpler way to consolidate credit card debt, and it doesn’t involve a bank loan. A balance transfer credit card lets you consolidate your high-interest balances to a single low-rate card. A variety of credit cards give the option of transferring your balance, but the best credit cards for debt consolidation offer the lowest rate and fees.
Consolidate your debt with the Citi Simplicity card and pay 0% interest on balance transfers for the first 18 months. Pay a low 3% balance transfer fee ($5 minimum). There is no annual fee, no late fees and no penalty rate. Plus, you’re eligible for 0% interest on purchases for the first 18 months as well.
This credit card features no balance transfer fee when you transfer your balances within 30 days of opening an account, plus 0% interest on balance transfers and purchases for the first 15 months. If you consolidate your credit card debt and transfer balances after the first 30 days, pay a low 3% balance transfer fee. Zero percent interest for 15 months lets you pay down your balances faster and avoid interest charges on new purchases. There is no annual fee.
Enjoy 0% interest on balance transfers for the first 18 months and 0% interest on purchases for the first six months. Other card features include 5% cash back in categories, such as restaurants, gas and department stores. There is no fee to sign up for cash back rewards, and you can redeem rewards for cash and gift cards. There is no annual fee, plus no fee to redeem your rewards.
Earn 5% cash back on movies, gas and groceries, 1% cash back on other purchases, plus a $100 cash bonus when you spend $500 on the card within the first three months. Use this credit card to consolidate your credit card balances and pay 0% interest on balance transfers for the first 15 months. Fifteen months of 0% interest also applies to new purchases. Reward points never expire and there is no limit to how many points you can earn. There is no annual fee.
Enjoy 0% interest on balance transfers and purchases for the first 15 billing cycles. There is no annual fee, and if you apply for the U.S. Bank Visa Platinum credit card, you receive free access to your credit score each month. You can consolidate your credit card debt, plus monitor your credit rating.