Evelyn Boros, Credit Cards Moderator
@evelyn_boros
The best credit card to pay off debt is the Wells Fargo Reflect® Card because it offers an introductory APR of 0% for 21 months from account opening on qualifying balance transfers. That allows cardholders to move existing debts to the card and save money while paying them off over time. The balance transfer fee is also relatively small, at 5% (min $5).
In addition, the Wells Fargo Reflect card has an introductory APR of 0% for 21 months from account opening on purchases. The card’s regular APR is 17.99% - 29.99% Variable. Also, this card has a $0 annual fee. There are a few additional credit cards to consider when it comes to the best credit cards to pay off debt, though.
Best Credit Cards to Pay off Debt in 2023
- Rates & FeesOverall: Wells Fargo Reflect® CardWells Fargo Reflect® CardLearn MoreLearn Moreon issuer's website
- $0 Annual Fee: U.S. Bank Visa® Platinum CardU.S. Bank Visa® Platinum CardLearn MoreLearn More
- Long Intro APR: Citi® Diamond Preferred® CardCiti® Diamond Preferred® CardLearn MoreLearn Moreon issuer's website
- $0 Balance Transfer Fee & Rewards: First Tech Choice Rewards World Mastercard®First Tech Choice Rewards World Mastercard®Learn MoreLearn Moreon issuer's website
- Excellent Credit: BankAmericard® credit cardBankAmericard® credit cardLearn MoreLearn Moreon issuer's website
- Students: BankAmericard® credit card for StudentsBankAmericard® credit card for StudentsLearn MoreLearn Moreon issuer's website
No matter which of the best credit cards to pay off debt that you get, you should strive to pay off your transferred balance in full before the 0% introductory APR ends. After that, any remaining balance will be subject to the card’s regular APR, which is often quite expensive.
2023's Best Credit Cards
People also ask
What is the best way to pay off debt and raise your credit score?
The best way to pay off debt and raise your credit score is to repay balances with the highest interest rates first. This will reduce the overall cost of repaying the debt and make the task easier because the total amount you owe won’t be growing as fast. Always make at least the minimum payment due for each balance every month, though. Keeping all accounts current will help raise your score, or at least prevent...
read full answerDoes a balance transfer affect your credit score?
Balance transfers do not affect your credit score directly but can still be helpful. While balance transfers aren’t reflected on credit reports and thus aren’t directly used to calculate credit scores, a balance transfer can positively impact your credit if you use the transfer to save money and get out of debt sooner.
Here’s how balance transfers affect your credit score:
- High credit utilization rate:
It’s best to use less than 30% of...
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