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SolStock/Getty Images November 07, 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. As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge. Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar. Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer. Bankrate logo The Bankrate promise
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For me, the best thing about graduating college was the newfound freedom. As my friends and I spread to various parts of the country to start jobs, grad school and more, the opportunity to see so many new places seemed endless. So, why not earn travel rewards on all these trips and more? Armed with fresh knowledge on credit cards in general, but most specifically , I began shopping around for my first travel credit card. There were a few things I kept in mind when I was . I knew I didn’t have any brand loyalty to a specific airline, so a wasn’t at the top of my list. I also knew that though I had plans in the near future, realistically, my travels would get less frequent over time. I was aiming for a card that has some decent short-term value (an easy sign-up bonus), travel rewards I’d rack up on everyday purchases and no annual fee. At the end of my search, I checked off all of these boxes with the . I was approved quickly and with ease, thanks to a quick trip home for the holidays. Over the first few months with the card, I went back to my alma mater a couple of times, visited friends in California and New York City in back-to-back weekends, went to a college friend’s wedding in their hometown and traveled to my own family home more than once. Needless to say, I racked up a balance of a few thousand dollars rapidly, and I’m among the at least . Now that my travel frequency has leveled off as expected, I’m trying to pay off this balance as quickly as possible for more than a few reasons. How I m planning to pay off my travel card debt
As the and interest rates continue to rise, now is the best time to focus on paying down high-interest credit card debt. Also, as a recent graduate who has benefited significantly from the student loan repayment pause, the looming end of that program has me taking a hard look at my budget. One tool helping consumers pay down high-interest credit card debt is a . This type of credit card allows consumers to transfer a credit card balance from one account to another with zero percent interest for a set period. You’ll also pay a fee for completing a balance transfer (usually 3 or 5 percent of the transferred balance). The biggest advantage of a balance transfer card is that it can save you a bit on interest by buying you some time to create a plan to eliminate as much debt as possible during the intro APR period. These are a few steps I’m taking as I prepare to . 1 Pay down as much of the balance on the current card as possible
When I do get around to completing my balance transfer, I want to transfer as little of a balance as possible. The lower the transferred balance, the lower the added balance transfer fee. Also, by transferring less I’d be able to feasibly pay down the balance more quickly and could get a boost to my credit score by lowering my . I plan to pay down as much as possible before making my transfer by paying well above the minimum payment on my travel credit card as often as I can. 2 Establish a repayment game plan
It’s best to go into getting a balance transfer card knowing a few key details, like how much time you’ll need to get the balance to zero before the card’s intro APR period ends. Budget how much you want to pay each month toward your debt and start setting some of that money aside before starting the transfer. Also, don’t forget to factor in the card’s and set aside funds to pay that added cost down as well. 3 Compare balance transfer cards
Once you make your pay off plan, shop around for the best balance transfer card to meet your goals. Some cards will have different intro APR period lengths, balance transfer fees and ongoing APRs that you’ll want to be aware of if you end up with a balance . Pick a card that fits best with your personal repayment timeline to maximize its value. The best balance transfer cards I m considering
While I’m not quite ready to transfer my balance yet, there are a few balance transfer cards that I’m highly considering for when the time comes. There are three primary characteristics that make up the for me: the longest available intro APR period, an intro APR period on purchases and no ongoing rewards program. Citi Diamond Preferred Card Best for excellent credit
The boasts one of the longest intro APR offers on balance transfers, with zero percent APR for 21 months (then 15.99 percent to 26.74 percent variable). You can feasibly be approved with good to excellent credit (a FICO score of 670 and above) and you’ll be able to focus on repayment without the distraction of trying to earn rewards since there’s no rewards program. The ongoing APR is also on the lower end compared to the , which could be a plus if you carry a balance. BankAmericard credit card Best for no penalty APR
In addition to hitting all of my preferred card traits (a long intro APR on balance transfers, an equally long intro APR on purchases and no rewards structure), the also adds the extra perk of not charging a penalty APR if you miss a payment. Beware that missed payments will still have a negative impact on your credit. This card will get you a zero percent intro APR on balance transfers and purchases for 21 billing cycles (then 14.99 percent to 24.99 percent variable.) Citi Simplicity Card Best for no late fee
Like the BankAmericard, the checks the boxes while also offering an extra perk. This card won’t charge a late fee if you happen to make a late payment, though you may still be affected by a penalty APR and a ding to your credit score. The card has a zero percent intro APR on balance transfers for 21 months (then 16.99 percent to 27.74 percent variable). The bottom line
In my time navigating post-grad life, I’ve learned a lot about my financial goals and the best ways to achieve them. I’m glad I took the leap and applied for my and I’m glad I used it, too. I’m confident knowing that there are tools designed to help me manage my debt effectively, so I can still live my life the way I want to. The same can be said for you, as long as you play your cards right. SHARE: As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge. Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar. Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer. Related Articles