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The best debt consolidation credit card is the Citi Double Cash® Card because it offers an intro APR of 0% for 18 months on balance transfers, along with a $0 annual fee. You can avoid finance charges for more than half a year longer than average with this card, which should produce lots of savings, despite the transfer fee. You have to pay 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. There’s also a regular APR of 17.49% - 27.49% (V).
When comparing credit cards for debt consolidation, your goal should be to find an offer that will reduce the total cost of your debt and shorten your timeline to debt freedom. Usually, the best credit cards for debt consolidation have 0% introductory APRs, $0 annual fees, low balance transfer fees, and high enough credit limits to accommodate balance transfers from numerous accounts.
Best Debt Consolidation Credit Cards
Transfer Intro APR: 0% for 18 months
Regular APR: 17.49% - 28.24% (V)
Balance Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, and 5% ($5 min) for each transfer after that
Ongoing Rewards: N/A
Annual Fee: $0
Credit Score: Good
Transfer Intro APR: 0% for 21 billing cycles for any balance transfers made in the first 60 days
Regular APR: 14.99% - 25.99% Variable
Balance Transfer Fee: 5%
Ongoing Rewards: N/A
Annual Fee: $0
Credit Score: Excellent
Transfer Intro APR: 0% for 18 months
Regular APR: 17.49% - 27.49% (V)
Balance Transfer Fee: 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer
Ongoing Rewards: 2% cash back on every purchase (1% when you buy and 1% as you pay for those purchases), plus 5% total cash back on hotel, car rentals and attractions booked with Citi Travel
Annual Fee: $0
Credit Score: Good
Transfer Intro APR: 0% for 18 billing cycles on balance transfers made within the first 90 days of account opening
Regular APR: 17.49% - 27.49% (V)
Balance Transfer Fee: 3% (min $5) on transfers made within the introductory offer (5%, min $5 after)
Ongoing Rewards: N/A
Annual Fee: $0
Credit Score: Good
Transfer Intro APR: 0% for 21 months
Regular APR: 18.24% - 28.24% (V)
Balance Transfer Fee: Either $5 or 5% of the amount of each transfer, whichever is greater
Ongoing Rewards: N/A
Annual Fee: $0
Credit Score: Good
Transfer Intro APR: 0% for 18 months
Regular APR: 16.24% - 25.24% (V)
Balance Transfer Fee: 3% (min $5)
Ongoing Rewards: 5% cash back on prepaid travel booked directly in the Rewards Center
Annual Fee: $0
Credit Score: Good
In general, the best debt consolidation credit cards are those that offer the best combination of 0% APRs, low fees, and high credit limits. You can run the numbers on your options with our balance transfer calculator.
Keep in mind that a lot depends on your credit standing. There usually aren’t many debt consolidation credit cards available for people with less-than-good credit.
Popular Balance Transfer Credit Cards from Our Partners
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0% for 21 Months from Account Opening
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No Balance Transfer Fee
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Cash Back
Stella Murphy, Member
@stella_m_dsg
Looks like Citi Simplicity is the best of both worlds. Has anyone tried it recently?
Ava_T, Member
@Ava_T
If you have a lower score, try Citi Double Cash. Worked for me!
Harper Walker, Member
@harperw1
It depends on how long you need to pay off your debt. If you can do it in 12 months or less (assuming no interest), you could maybe get a card with no transfer fee. If you need longer, there are a bunch of options with 0% for 15-18 months, and some even have rewards on purchases, so they can be more useful after you’re debt free.
If you need as long as possible, Citi Simplicity and US Bank Shield give over 20 months without interest. Just watch out for the transfer fees.
MM Turner, Member
@matt_t_official
Go with the longest 0% APR offers:
- US Bank Shield: 24 months 0% (5% fee)
- Wells Fargo Reflect: 21 months 0% (3% fee)
Abigail Mitchell, Member
@abby_mitch
You need something with a high limit, a long 0% period and a low balance transfer fee. I’d go with a card offering 0% for 21+ months, to avoid interest charges for as long as possible.
People also ask
What is the best way to consolidate debt?
The best way to consolidate debt is to take out a new loan or credit card that has a lower APR than all of the original debts and then use it to pay off the original debts. This turns multiple monthly payments into one and reduces the cost of the total amount owed, allowing the borrower to get debt-free sooner. The best debt consolidation options will not charge any fees to complete this move, either.
... read full answer by Adam McCann, Financial WriterWhat are the risks of debt consolidation?
The biggest risks associated with debt consolidation include credit score damage, fees, the potential to not receive low enough rates, and the possibility of losing any collateral you put up. Another danger of debt consolidation is winding up with more debt than you start with, if you’re not careful.
While debt consolidation can often save borrowers money and help them pay off their debts faster, it’s important to consider all of the potential dangers...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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