9 Best Credit Cards for Paying Down Debt (April 2024)

With so many credit cards out there these days, finding the best credit cards for paying down debt may seem like an impossible task. Well, you’ve come to the right place. Ten years ago in this country, a lot of things hit their peak; the stock market, government bond interest rates, and the amount of revolving debt carried by American consumers. The Great Recession led to a wave of contraction by the banks, the government, and by the rest of us.

Since 2008, however, the stock market has recovered and the Federal Reserve has once again begun raising interest rates. Perhaps the biggest round-trip, however, has been the amount of debt Americans are once again carrying. Just last year the Federal Reserve released a report showing that consumers had $1.034 trillion in outstanding revolving credit, beating the previous record set in April of 2008.

For those consumers who are worried about repeating old patterns, we’ve put together a list of the best credit cards and personal installment loans for paying down debt.

0% APR | Low Ongoing APR | Consolidation Loans | Tips for Paying Down Debt

Balance transfer cards with 0% APR let you shift high-interest balances to a new card, lowering your APR and helping you pay down your debt sooner. If you’re disciplined enough to continue paying the same amount — or, better yet, even more — the lower APR means the balance will be paid off far sooner.

While many of these cards have similar features, several stand out from the rest for their extended offer terms, unique benefits, and purchase rewards. If you believe you can pay off your debt within the 0% introductory period, then one of these cards may be right for you.

1. Citi® Diamond Preferred® Card

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.5/5.0

Our Review »

• 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 18.24% - 28.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
• 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.
• No Annual Fee - our low intro rates and all the benefits don’t come with a yearly charge.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% 12 months on Purchases	0% 21 months on Balance Transfers	18.24% - 28.99% (Variable)	$0	Excellent, Good

Additional Disclosure: Citi is a CardRates advertiser.

2. Discover it® Balance Transfer

at Discover Card'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

Our Review »

• INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. 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—automatically.
• Redeem your rewards for cash at any time.
• Your account may not always be eligible for balance transfers. Balance transfer eligibility is determined at Discover’s discretion.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• No annual fee.
• Terms and conditions apply.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR for 6 months	0% Intro APR for 18 months	17.24% - 28.24% Variable APR	$0	Excellent/Good

3. Citi Double Cash® Card

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.8

OVERALL RATING

4.8/5.0

Our Review »

• Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
• 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. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
• Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
• Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
• 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 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).

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
N/A	0% Intro APR Period 18 months on Balance Transfers	19.24% - 29.24% (Variable)	$0	Excellent, Good, Fair

Additional Disclosure: Citi is a CardRates advertiser.

An important thing to remember about balance transfer credit cards is that the majority of them charge balance transfer fees. These fees typically range from 3% to 5% of the total transferred balance, which can be a significant cost if transferring a large amount.

At the same time, balance transfer fees are typically much less than the regular APR of a credit card. This often makes balance transfer fees well worth paying if you can get a 0% APR offer out of the deal.

If you’re looking for a credit card that will charge you a low APR well beyond the introductory period, you’ll want a card with a low ongoing APR. These cards are also good for someone who wants to transfer a balance, but who doesn’t believe they’ll be able to pay it off during the zero-interest period.

The cards in this category all feature cash-back rewards, and they all combine their low ongoing APR with no annual fee for even more savings.

4. USAA Rate Advantage Visa® Platinum Credit Card

at Usaa Savings'ssecure website

LOW APR RATING

★★★★★

4.8

OVERALL RATING

4.4/5.0

• Get a 0% intro APR for 15 months on Balance Transfers and Convenience Checks that post to your account within 90 days of account opening. After this time, the Variable Regular APR will apply to your balance.
• Our lowest-rate card: Pay less in interest if you carry a balance from month to month
• Travel benefits include Auto Rental Coverage, Travel Accident Insurance, Baggage Delay and Reimbursement, and Trip Cancellation and Interruption Coverage
• No annual fee or foreign transaction fees
• This offer is only open to members of military-affiliated groups and their families

• See application, terms and details.

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
N/A	0% for 15 Months	9.15% - 26.15% (Variable)	$0	Good to Excellent

5. Discover it® Cash Back

at Discover Card'ssecure website

LOW APR RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

Our Review »

• INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. 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—automatically.
• Redeem your rewards for cash at any time.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Get a 0% intro APR for 15 months on purchases. Then 17.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
• No annual fee.
• Terms and conditions apply.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR for 15 months	0% Intro APR for 15 months	17.24% - 28.24% Variable APR	$0	Excellent/Good

6. Discover it® Balance Transfer

at Discover Card'ssecure website

LOW APR RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

Our Review »

• INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. 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—automatically.
• Redeem your rewards for cash at any time.
• Your account may not always be eligible for balance transfers. Balance transfer eligibility is determined at Discover’s discretion.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• No annual fee.
• Terms and conditions apply.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR for 6 months	0% Intro APR for 18 months	17.24% - 28.24% Variable APR	$0	Excellent/Good

While selecting a credit card with a low APR range can help improve your chances of receiving a low APR, keep in mind that the exact APR you’re offered can depend on a number of factors, including your overall credit profile.

Also, although many great balance transfer credit cards — including those above — provide competitive purchase rewards, remember that you won’t earn any credit card rewards on a transferred balance. You can only earn purchase rewards on the net new purchases (excluding any returns, etc.).

Similarly, transferred balances won’t count toward the spending requirement for credit card signup bonuses. You’ll have to reach the requirement the old-fashioned way by making new purchases with your card.

A personal installment loan may be worth considering if you’re looking to pay down your debt but don’t want to take on another credit card. They can also be a good solution if you have too much debt to consolidate through a balance transfer or if you need longer to pay down your debt than the typical 0% APR offer provides.

The terms of a personal installment loan can vary widely, from the length of time to repay, to the finances charges, to any initial fees for opening the loan. Using an online lending network, like our expert-rated picks below, can be an easy way to compare terms without filling out multiple applications.

Installment loans are structured as the name implies; you agree to pay a fixed monthly amount over the length of the loan term. There are advantages in this type of loan since you know exactly what your payment will be, a structure that allows you to budget without surprises.

Another advantage of using a personal installment loan to consolidate your debt is that this is not a revolving credit line — which was likely the cause of your high debt in the first place.

Instead, this type of loan lets you use the proceeds to pay off your revolving debt of varying interest rates, and have a single payment at a fixed amount that’s usually lower than that charged by revolving credit rates.

Depending upon your debt load and the number of payments you’re making each month, there are a few ways you can choose to tackle paying off your debt. For example, if you have a lot of small debts — say from store credit cards — and a few really big debts, such as credit cards you use all the time, some experts recommend focusing on paying off the small amounts first.

This approach is known as the debt snowball method. There are psychological reasons for why someone might want to take this approach, including the fact that eliminating the number of payments you have to make each month can really just feel good.

However, others warn that this isn’t the most efficient way of paying down your debt since you’ll likely wind up paying more in interest fees overall. Most experts agree that paying down your highest interest debts first, called the avalanche method, is the most cost-effective way to eliminate debt.

Simply doing the math can tell you that you’ll pay less in interest overall if you focus the majority of your financial resources on your high-interest debt, while paying the minimum on your other debts. As you pay one balance off, focus all of the money you were putting toward that debt onto your debt with the next-highest APR.

However, there’s a third camp that says it really doesn’t matter — as long as you begin paying it off. Discipline and sticking to your plan, whichever one you choose to implement, is more important to successfully paying off your debt than the specific plan itself. Finding a plan that you’re comfortable with and that you can stick to is the method that will work.

Being free from debt is the dream of many American consumers, especially now that we’ve set new highs for revolving debt levels. For those of us who have chosen to see this as a wakeup call, paying down our debt is just the first step. Obtaining debt-freedom is a worthwhile goal, but it doesn’t do much good unless we change the habits that got us here in the first place.

Smart credit card use is what will keep us from repeating our bad habits and ending up right back in debt. Remembering a few simple rules can mean all of our efforts at obtaining debt freedom won’t have been wasted.

First, try to pay off your credit card bill each month if possible. If you do need to carry a balance, don’t just make the minimum payment. Second, pick a primary card with a low interest rate and only the rewards you will use. Never use a high-interest card simply because it offers rewards.

Finally, when you use your credit card try to envision cash coming out of your wallet instead of a piece of plastic. Ultimately it is cash, it’s just temporarily deferred. Don’t think of credit cards as free money — because they most certainly are not free.