The Ultimate Guide to Credit Cards
Tuesday, July 7, 2020

14 Best Credit Cards for Consolidation in 2020

14 Best Credit Cards for Consolidation in 2020

credit card advice

Ashley Dull
By: Ashley Dull
Updated: February 14, 2020
Advertiser Disclosure

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.

Whether you’re having trouble keeping up with the cost of everyday living or just have a hard time saying no to a good sale, it’s all too easy to swipe and click your way into more debt than you can manage.

When that happens, consolidation may be a good option for getting your debt back under control. And, helpfully, there are a number of solid options for consolidating credit card debt. In the article below, we’ll take a look at some of our choices for the best credit cards for consolidation, including 0% APR offers, no fee balance transfers, cards for fair credit, business credit cards, and personal loan options.

0% APR | No Fee | Fair Credit | Business | Loans

Best “0% APR” Balance Transfer Cards for Consolidation

With credit card interest rates as high as 30% not uncommon, it can be easy to get overwhelmed by interest charges while trying to pay down debt. In these cases, reducing your interest rate can be a huge step toward making your debt more affordable.

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% BALANCE TRANSFER RATING

★★★★★
4.9

OVERALL RATING

4.7/5.0
  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
0% for 21 months
14.74% - 24.74% (Variable)
$0
Excellent/Good

0% BALANCE TRANSFER RATING

★★★★★
4.9

OVERALL RATING

4.6/5.0
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness. All transfers must be completed in first 4 months.
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness.
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® score online.
  • With Citi Entertainment℠, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
0% for 21 months
13.74% - 23.74% (Variable)
$0
Excellent/Good

0% BALANCE TRANSFER RATING

★★★★★
4.8

OVERALL RATING

4.8/5.0
  • Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness.
  • Balance Transfers do not earn cash back.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
0% for 18 months
13.99% - 23.99% (variable)
$0
Excellent/Good

There are a few things you’ll need to keep in mind when using an intro-APR offer, of course, including the fact that introductory offers tend to expire. Once your promotional period is over, any remaining balance will be subject to the regular APR, which is typically much higher.

Additionally, most credit cards charge balance transfer fees of 3% to 8% of the transfer amount. So, while you may not be charged interest on a transferred balance with an intro-APR deal, you’ll still likely need to pay 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 “No Fee” Balance Transfer Cards for Consolidation

While balance transfers can be a great way to lower your interest rate and make paying down your debt easier, there’s one catch with most cards: the balance transfer fee. These fees typically range from 3% up to 8% of the total transferred amount.

Thankfully, there are a number of balance transfer credit card options that offer solid intro-APR offers and won’t charge you a balance transfer fee. Many of these options come without annual fees, as well.

BankAmericard® Credit Card Review

at Bank Of America'ssecure website

EXPERT'S RATING

★★★★★
4.6

OVERALL RATING

4.6/5.0
  • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days, then 12.99% to 22.99% Variable APR
  • $0 Intro Balance transfer fee during first 60 days of account opening. After that, the fee for future balance transfers is 3% (min. $10).
  • No annual fee
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 billing cycles
0% Intro APR for 15 Billing Cycles (for balance transfers made in the first 60 days)
12.99% to 22.99% (Variable)
$0
Excellent/Good

While there are only a few credit cards from major banks that offer deals on balance transfer fees, many credit unions have competitive balance transfer credit cards that come without any balance transfer fees. Note that credit unions require you to be a member to qualify for their products.

5. Alliant Visa® Platinum Card

The Alliant Visa® Platinum Card never charges a balance transfer fee, plus it comes with an introductory 0% APR offer good for 12 months from account opening.

Alliant Visa® Platinum Card

  • 0% introductory APR on new purchases and balance transfers for the first 12 months
  • Standard 10.74% to 22.74% APR, depending on creditworthiness
  • Pay no annual fee

Once approved, you can become eligible to be a member if you work for a Qualifying Company, live or work in a Qualifying Chicagoland Community, are a member of a Qualifying Organization, or donate to become a member of Foster Care to Success.

In some cases, the balance transfer fee waiver may only apply to transfers made within a set window after opening your account. Check the card’s terms and conditions to determine when you need to transfer your balances to avoid paying a fee.

Best “Fair Credit” Balance Transfer Cards for Consolidation

Although unfortunate, one reality of credit card debt — and debt in general — is that help is the least available to those with the lowest credit scores who likely need it the most. And this sad pattern extends to the world of balance transfer credit cards.

In general, finding a 0% APR balance transfer offer with fair credit (or worse) will likely require some digging, especially if you prefer to stick with major banks. Student credit cards and secured credit cards are the most likely to provide a good balance transfer offer.

6

Discover it® Student chrome

This card is currently not available.

Discover® Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A
7

Discover it® Secured

This card is currently not available.

Discover® Rating

★★★★★
N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Many more balance transfer credit card options exist at the local level, with credit unions and small community banks more willing to provide lower APRs — even some 0% intro-APRs — for those with at least fair credit.

8. Aspire Platinum

The Aspire Platinum has a low regular APR range of 10.15% to 18%, depending on your credit, and a generous six-month 0% APR introductory offer.

Aspire Platinum

  • 0% introductory APR on new purchases and balance transfers for the first 6 months
  • Standard 10.15% to 18% APR, depending on creditworthiness
  • Pay no annual fee

You’ll need to become a member of Aspire Credit Union to apply for its credit cards, but you can become eligible for membership if you work for a Select Employer Group or by joining the American Consumer Council.

Balance transfer offers available to those with fair credit are likely to be much more limited than those open to consumers with higher scores, so be sure to read the fine print carefully before signing up. Make sure you know when your intro offer expires and what APR you’ll need to pay on any remaining balance.

Best “Business” Balance Transfer Cards for Consolidation

Regardless of your industry, nearly every business has quarters that are busier than others — and periods when revenue can be sporadic at best. For new businesses, that period of instability can even extend for months.

If you’re using your credit cards to keep the business going during dry spells, your high-interest balances can add up quickly. As with consumer credit cards, however, transferring your balance to a lower-interest business card can make all the difference.

9. U.S. Bank Business Edge™ Platinum Card

The U.S. Bank Business Edge™ Platinum Card offers a competitive 20-month 0% intro-APR period for balance transfers and new purchases, as well as a low regular APR thereafter.

U.S. Bank Business Edge Platinum Card

  • Get 0% intro APR on balance transfers & new purchases for the first 20 months
  • Balance transfer fee of 3% of the amount transferred
  • Pay no annual fee

As with most balance transfer cards, this card charges a balance transfer fee; prepare to pay 3% of your total transaction amount for each balance transfer you make.

10. Blue Business Plus Credit Card from American Express

The Blue Business Plus Credit Card from American Express has a lengthy introductory APR offer that’s good for both new purchases and balance transfers. Transfers will be charged a balance transfer fee of $5 or 3% of the total transfer amount, whichever is larger.

Blue Business Plus Credit Card from American Express

  • Earn 2X Membership Rewards® points per $1 on the first $50,000 in purchases each year
  • Earn unlimited 1X points per $1 thereafter
  • Pay no annual fee

You’ll need to request your balance transfer within the first 60 days of opening your account for it to qualify for the introductory 0% APR offer. After that, transferred balances will be charged the standard balance transfer APR.

11. Wells Fargo Business Platinum Credit Card

The Wells Fargo Business Platinum Credit Card doesn’t have the longest introductory offer out there, but it does apply to both new purchases and balances transfers. Transfers must be made within the first four months to qualify for the reduced rate.

Wells Fargo Business Platinum Credit Card

  • Choice of purchase rewards with unlimited 1.5% cash back or 1X rewards point per dollar
  • 0% introductory rate for nine months
  • Pay no annual fees

You’ll be asked to choose your rewards type when you first enroll in the rewards program. Those cardholders who choose cash back will earn unlimited 1.5% back on eligible purchases. Cash back is automatically applied to your account as a statement credit.

(The information related to Wells Fargo Business Platinum Credit Card has been collected by CardRates.com and has not been reviewed or provided by the issuer or provider of this product or service.)

Most business credit cards will charge some sort of balance transfer fee. In another parallel to the consumer world, those fees can sometimes be avoided by going the credit union route, though not all credit unions will offer business credit cards.

Best “Personal Loans” for Consolidation

As handy as credit card balance transfers can be, they simply aren’t the best solution for everyone. This is particularly true for those consumers who can’t qualify for a quality introductory APR offer or who have too much debt to consolidate onto one credit card.

If balance transfers aren’t a viable option, consolidating your card debt with a personal installment loan could be the next best method of getting your interest rates under control. Be sure to shop around for the lowest APR, however, perhaps by using an online lending network like our picks below.

  • Loan amounts range from $500 to $35,000
  • All credit types welcome to apply
  • Lending partners in all 50 states
  • Loans can be used for anything
  • Fast online approval
  • Funding in as few as 24 hours
Overall Rating
★★★★
4.4
  • Loan amounts range from $500 to $5,000
  • Experienced provider established in 1998
  • Compare quotes from a network of lenders
  • Flexible credit requirements
  • Easy online application & 5-minute approval
  • Funding in as few as 24 hours
Overall Rating
★★★★★
4.6
  • Loan amounts range from $1,000 to $35,000
  • Flexible credit requirements
  • Loans can be used for anything
  • Five minute application
  • Funding possible in as few as 24 hours
  • Large lending network with multiple partners
Overall Rating
★★★★★
4.8

Online lending networks partner with dozens to hundreds of lenders from across the country to help potential borrowers find the right match — all with a single online application. Qualified borrowers can receive up to four offers at a time to quickly compare rates and fees.

When consolidating credit card debt with a personal loan, be sure to determine your current interest rates and balances before starting the process. You’ll need a loan with a lower APR than you’re currently being charged on any of the balances you intend to transfer.

Lower Your Interest Rate for Easier Debt Repayment

As annoying as it is, the value of a buck seems to decrease every year — and the cost of everything seems to keep going up. Before you know it, even basic everyday expenses — let alone those inevitable emergencies — can cause your credit card balances to skyrocket.

No matter how you got your high card balances, consolidation is often the best solution for lowering your interest rate and making it more affordable to repay your debt. And while options are much more abundant for those with good credit, even fair-credit consumers can often find a decent way to reduce their interest rates.

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