Writer: Ashley Fricker
Editor: Lillian Guevara-Castro
Reviewer: Jon McDonald
Key Takeaways
Moving your high-interest balances to a credit card with a 0% intro APR offer could help you pay down balances faster and save some cash in the process.
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Our top choice for transferring high-interest balances is the BankAmericard® credit card with its long 0% intro APR window that helps you attack your debt.
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If your payoff plan requires stretching the timeline a bit, the Citi® Diamond Preferred® Card offers a slightly longer intro period as a fallback. See rates & fees
Once upon a time, you could get a full barrel of whiskey for just five bucks. (Of course, those were actual bucks — as in deer.) Nowadays, five bucks — of either kind — doesn’t buy what it used to, and it seems like prices go up every year.
If you’re finding it tough to keep up with the rising costs of daily life or can’t resist a bargain, it’s surprisingly easy to end up with more debt than you can handle just by swiping and clicking your way through purchases.
If you’re feeling overwhelmed by debt, consolidating might be just the solution to help you regain control. Thankfully, there are plenty of trustworthy options for consolidating credit card debt.
In the article below, we’ll share some of our favorite picks for the best credit cards for consolidation, including options with 0% APR balance transfers, cards for fair credit, business credit cards, and even some personal loan options.
Best “0% APR” Balance Transfer Cards for Consolidation
With credit card interest rates sometimes reaching 30%, it’s no surprise that the cost of paying down debt can feel overwhelming. In a situation like this, lowering your interest rate can make your debt much easier to manage.
One of the best tools for (temporarily) eliminating interest fees is to transfer your balance to a credit card with an introductory 0% APR offer. Many of the best offers, like our top-rated picks below, are good for 0% interest for 12 months or more.
- 0% Intro APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.24% – 26.24% will apply. A 5% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.
- No annual fee.
- No penalty APR. Paying late won’t automatically raise your interest rate (APR). Other account pricing and terms apply.
- This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.
Additional Disclosure: Bank of America is a CardRates advertiser.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.74% – 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee – our low intro rates and all the benefits don’t come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Additional Disclosure: Citi is a CardRates advertiser.
- Get a 0% intro APR for 18 months on balance transfers and 0% intro APR on purchases for 6 months; balance transfer fee applies. Then 17.74% to 26.74% Standard Variable APR applies, based on credit worthiness
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases
- Redeem cash back for any amount
- No annual fee
- Terms and conditions apply
When you’re taking advantage of an introductory APR offer, there are a few key things to remember. These offers do have an expiration date, and once that promotional period is over, any remaining balance will be subject to the regular, usually higher, APR.
Most credit cards also tack on balance transfer fees, usually ranging from 3% to 8% of the transfer amount. So, even if you’re not paying interest on a transferred balance with an intro-APR offer, you’ll still probably have to cover the balance transfer fee.
You should also remember that balance transfers don’t earn rewards, even when transferred to a rewards credit card. Transfers also won’t generally count toward the spending requirement for a signup bonus or other rewards promotions.
Best “Fair Credit” Cards for Consolidation
One tough reality about credit card debt — and debt in general — is that those who need assistance the most, often people with the lowest credit scores, usually have the hardest time accessing it. This unfortunate pattern holds true for balance transfer credit cards as well.
If you have fair credit or worse, finding a 0% APR balance transfer offer can take a little more digging, especially if you’d prefer to work with a major bank. In many cases, student cards and secured cards give you the best shot at landing a worthwhile balance transfer deal.
You’ll find many more balance transfer credit card options with local credit unions and small community banks, which often offer lower APRs — even some 0% intro-APRs — for those with at least fair credit.
These cards may approve you if you have fair credit, and they allow balance transfers. But those transfers won’t be at a 0% introductory rate:
- Earn Cash Back Rewards* – 3% on Eligible Gas, Groceries, and Utilities, and 1% on All Other Eligible Purchases
- Up to $1,000 credit limit subject to credit approval
- Prequalify** without affecting your credit score
- No security deposit
- Free Access to your Credit Score†
*See Program Terms for important information about the cash back rewards program.
** Prequalify means that you authorize us to make a soft inquiry into your credit history (that will not affect your credit) to create an offer. If you accept an offer a hard inquiry will be made. Final approval is not guaranteed if you do not meet all applicable criteria (including adequate proof of ability to repay). Income verification through access to your bank account information may be required.
† Your credit score will be available in your online account starting 60 days after your account is opened. (Registration required.) The free VantageScore 4.0 credit score provided by TransUnion® is for educational purposes only. This score may not be used by The Bank of Missouri (the issuer of this card) or other creditors to make credit decisions.
- See if you are Pre-Approved with no impact to your credit score
- 3% cash back at gas and EV charging stations, grocery stores and drugstores
- 1% cash back on all other purchases
- No expiration dates and no limit to how much you can earn
- No annual fee
- Automatic review for credit line increase in as little as 6 months
- No surprise fees: No over-the-limit, no returned payment and no foreign transaction fees. Plus, no rate hike for making a late payment
- Zero Fraud Liability
For those with fair credit, balance transfer offers are usually more limited compared to those available to consumers with higher scores. It’s important to carefully read the fine print before signing up.
Best “Business” Card for Consolidation
No matter your industry, almost every business experiences busy quarters as well as times when revenue is unpredictable. For new businesses, this instability can last several months.
If you’re relying on your credit cards to keep the business afloat during lean times, those high-interest balances can pile up fast. But here’s the good news: transferring your balance to a business card with lower interest could be just the break you need.
6. U.S. Bank Business Shield™ Visa® Card
The U.S. Bank Business Shield™ Visa® Card offers a competitive 20-month 0% intro-APR period for balance transfers and new purchases, as well as a low regular APR thereafter.
- Get 0% intro APR on balance transfers & new purchases for the first 18 billing cycles
- Balance transfer fee of 3% of the amount transferred
- Pay no annual fee
Like most balance transfer cards, this one charges a balance transfer fee. Expect to pay 3% of your total transaction amount for each balance transfer you make.
Most business credit cards come with some type of balance transfer fee. However, just like with consumer cards, you might skip these fees by opting for a credit union, though not every credit union offers business credit cards.
Best “Personal Loans” for Consolidation
While credit card balance transfers can be quite handy, they’re not the perfect solution for everyone. This is especially true for those who can’t qualify for a good introductory APR offer or have too much debt to fit onto one credit card.
If balance transfers aren’t an option for you, a personal installment loan could be a great alternative for managing your interest rates. It’s wise to shop around for the best APR, possibly by using an online lending network like the ones we recommend below.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
8. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- Not available in NY or CT
- Loan amounts range from $1,000 to $35,000
- All credit types welcome to apply
- Lending partners in all 50 states
- Loans can be used for any purpose
- Fast online approval
- Funding in as few as 24 hours
Online lending networks work with anywhere from dozens to hundreds of lenders nationwide, making it easier for you to find a strong match with one online application. If you qualify, you may receive up to four offers at once, so comparing rates and fees is much quicker.
Before you start consolidating your credit card debt with a personal loan, make sure you know your current interest rates and balances. You need a loan with a lower APR than what you’re currently paying on the balances you plan to transfer.
Lower Your Interest Rate for Easier Debt Repayment
It’s a bit of a bummer, but it feels like the value of a dollar shrinks every year as prices keep soaring. Before you know it, everyday expenses and those unexpected emergencies can send your credit card balances through the roof.
No matter how you ended up with high credit card balances, consolidating your debt can often be the best way to lower your interest rates and make repayment more manageable.
Even if your credit is fair, there are still reliable choices to help reduce your rates, though those with good credit have more options.
Editorial Note: Our site content is not provided or commissioned by any credit card issuer(s). Opinions expressed on CardRates.com are the author's alone, not those of any credit card issuer, and have not been reviewed, approved, or otherwise endorsed by credit card issuers. Every reasonable effort has been made to maintain accurate information; however, all credit card offer details, including information about rewards, signup bonuses, introductory offers, and other terms and conditions, is presented without warranty. Clicking on any offer on CardRates.com will direct you to the issuer's website, where you can review the current terms and conditions of the offer.
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