Best Credit Cards For Paying Off Debt In 2022 Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: On This Page
damircudic/Getty Images November 04, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. On average, Americans carry $5,525 in credit card debt, according to . Secured debt — including mortgage debt — is typically considered “good debt,” since it’s backed up by an asset that should increase in value over time. Secured debts like mortgages and auto loans also tend to come with competitive interest rates that can make slowly paying these loans off a reasonable choice. However, credit card debt can be especially problematic, partially due to the exorbitant interest rates credit cards can charge. With that in mind, many consumers look to a specific type of credit card — called a — to dig their way out once and for all. If you’re dealing with debt and need a leg up when it comes to paying it off, a credit card that offers a for a limited time can help. Keep reading to learn about the best credit cards that help you and with lower costs. BankAmericard credit card Best intro APR offer
Rewards rate: None Intro APR on purchases: 0 percent intro APR for 21 billing cycles Intro APR on balance transfers: 0 percent intro APR for 21 billing cycles on balance transfers made in the first 60 days Regular APR: 14.24 percent to 24.24 percent variable Balance transfer fee: 3 percent (min. $10) Welcome bonus: None Annual fee: $0 The offers one of the longest introductory APR periods on the market on both purchases and balance transfers. Though the card doesn’t feature ongoing rewards or even a welcome bonus, there’s no annual fee or , either. You can, though, take advantage of a handful of including $0 fraud liability, free access to your FICO credit score and the potential to earn rewards through Bank of America’s supplementary . Keep in mind, in order to take advantage of the introductory balance transfer APR, you must transfer your balance to the card within your first 60 days of card ownership. Further, a standard 3 percent (minimum $10) applies. Citi Double Cash Card Best for cash back rewards
Rewards rate: Unlimited 1 percent cash back as you buy, plus another 1 percent back when you pay for your purchases Intro APR on purchases: None Intro APR on balance transfers: 0 percent intro APR for 18 months Regular APR: 16.99 percent to 26.99 percent variable Balance transfer fee:3 percent intro fee ($5 minimum) for transfers completed within the first four months, then 5 percent ($5 minimum) Welcome bonus: $200 cash back after spending $1,500 on purchases in the first six months of account opening Annual fee: $0 The is essentially a with a long intro APR on balance transfers, to boot — and it’s a great cash back card regardless of its intro APR offer. Note, you’ll want to transfer your balance to the card within the first four months, or your balance transfer fee will heighten two percentage points. The Double Cash also semi-recently added a welcome bonus offer, which requires about $250 in spending per month for six months to earn. Other include various protections ($0 fraud liability, 24-hour fraud protection, Citi Identity Theft Solutions and Lost Wallet Service) and access to . Citi Simplicity Card Best for late payment protection
Rewards rate: None Intro APR on purchases: 0 percent intro APR for 12 months on purchases from the date of account opening Intro APR on balance transfers: 0 percent intro APR for 21 months on balance transfers made within the first four months Regular APR: 16.99 percent to 27.74 percent variable Balance transfer fee: 5 percent or $5, whichever is greater Welcome bonus: None Annual fee: $0 The stands out due to the fact that you won’t be charged a late fee if you make your payment late, and the card also refrains from charging a penalty APR after a late payment. These two features make it a great option for anyone still working on using their card responsibly. Note, the balance transfer fee is higher than the standard 5 percent charged by most other balance transfer cards, but you will get an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening and exceptionally-long offer on balance transfers. Also, take into account that you’ll need to transfer your balance within the first four months. If you fail to do so, you’ll lose the zero-interest offer and pay a variable APR between 16.99 percent and 27.74 percent. Other basic include liability and identity theft protection as well as account activity alerts. Wells Fargo Reflect Card Best for encouraging on-time payments
Rewards rate: None Intro APR: 0 percent intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 16.74 percent to 28.74 percent variable APR thereafter. Regular APR: 16.74 percent to 28.74 percent variable Balance transfer fee: 3 percent intro balance transfer fee for the first 120 days ($5 minimum), then 5 percent ($5 minimum) Welcome bonus: None Annual fee: $0 With the , you can gain an extra three months to pay off your debt or new purchases by using your card responsibly (in other words, by making on-time payments). Additionally, you can take advantage of a lower introductory balance transfer fee when you transfer your balance within the first 120 days. Like most of the cards on this list, you won’t earn rewards or a first-year welcome bonus, but a few useful include and cellphone protection. Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible). U S Bank Visa Platinum Card Honorable mention
Rewards rate: None Intro APR on purchases: 0 percent intro APR for 18 billing cycles Intro APR on balance transfers: 0 percent APR for 18 billing cycles (must be within first 60 days) Regular APR: 18.24 percent to 28.24 percent variable Balance transfer fee: 3 percent ($5 minimum) Welcome bonus: None Annual fee: $0 The deserves a spot on our list of the best cards for paying off debt thanks to its lengthy offer on both purchases and balance transfers. Further, the balance transfer fee is reasonable, and it comes with benefits like cellphone protection, Visa fraud protection and free credit score access. How to select the best credit cards for paying off debt
Using a may seem counterproductive, but the 0 percent introductory terms some balance transfer cards offer can make this strategy a smart move. After all, paying off credit cards in full is considerably easier when you don’t have to make interest payments each month, and the savings can be substantial — even after accounting for balance transfer fees. If you’re considering a card that offers a 0 percent APR for a limited time, these tips can help you find the right one: Decide if you want a 0 percent APR on purchases, balance transfers or both. It’s easy to see that some cards offer an intro APR on only balance transfers, while others include purchases as well. If you want to save money on purchases you make with your card for a limited time, look for an option that offers a 0 percent APR on both. Figure out how long you need to pay off your debt. Compare the length of the introductory offers available, keeping in mind that the longest zero-interest term on the market is 21 months. If you need as much time as possible to pay off your credit card debt, look for the longest offer you can realistically qualify for. Determine if you want to earn rewards. Not all balance transfer cards offer rewards. If you want to earn rewards with a 0 percent APR credit card, you likely can, but you’ll typically wind up with a shorter introductory offer. Compare fee structures. Make sure to compare cards in terms of fees, including annual fees, balance transfer fees and late fees. Also, take note of the ongoing variable APR, and remember any debt leftover will accrue interest at this rate when your introductory period is over. The bottom line
Paying off debt becomes considerably easier when you get the chance to avoid interest for a year or more. After all, the average is over 18 percent, and avoiding this added charge each month means that every dollar you pay on your credit card goes directly toward the principal of your balance. That being said, using a to figure out how long you might need to pay off your debt can be helpful. Also, make sure to compare your picks to our list of the before you apply, just in case another card piques your interest. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Related Articles