Here are 4 of the top credit cards for holiday debt consolidation in 2020:
14.49% - 25.49% variable APR on purchases and balance transfersCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Not paying interest on your credit card balances can lead to significant savings as you pay down debt. This is especially true if you have a lot of holiday debt or other high-interest balances you need to pay off and you select one of the longer 0% APR offers available today.While you pay down debt at 0% APR, every cent you pay toward your credit card balances will go toward debt repayment. Not only do you save money on interest this way, but you are able to pay down debt faster.
“Transferring a balance to a new card could just be bad behavior masquerading as progress,” says college professor and Tally up all your debts to figure out how much you owe in total and how much you’ll want to transfer. Also determine how much you can afford to pay toward your debts monthly before you move onto the next step.The right card for your debt repayment plan depends on how much debt you have and how much you can afford to pay each month. If you have a fairly small amount of holiday debt to pay off, for example, you may be able to choose a shorter 0% APR offer that doesn’t charge balance transfer fees.
If you choose to transfer a balance and have the option, you should consider cards that don’t charge a balance transfer fee since fees will eat into your savings. And if you’re someone who winds up transferring balances to a new 0% APR credit card over and over again, you could wind up paying more in fees than you realize.
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