Debt: sometimes it’s a normal part of doing business- and sometimes it’s a deep dark hole that we can’t seem to climb out of. At present, just over 51% of Americans fail to pay their balances on time. This leads to more debt, and with an average number of five total credit cards in their wallets, many people are sinking beneath the weight of growing debt.
If you’re stuck in debt and don’t know how to get out, chances are you have one of two (or both) problems; 1. you don’t know how to manage your money, and 2. you don’t have income sufficient to make your payments and pay down your debt.
If you have insufficient income, your first move should be to fix the problem. Get into cheaper living accommodations, find a better paying job, cut your expenses any way you can. That Netflix subscription might have to go. You might need to ditch those car payments and bike it for a while. You get the picture.
Debt Relief: You Have Options
If income isn’t your problem, and you just need to manage your finances a little better- then the sunny side of life isn’t that far away. All you need to do is get a hold on your expenses. For a lot of folks in debt, the problem is they have several payments to make each month to different financial institutions and it’s just too much to manage.
If this describes your situation, then debt consolidation is a great option. This means placing all of your existing debt into a single account to which you make a single monthly payment. Often times, you can get a better rate with a debt consolidation account than you would from your original lender. It’s a good deal.
Consolidating your debt can;
- Simplify your budget
- Help avoid late payments and penalties
- Reduce monthly payments
- Let you pay lower interest rates
What all of the following cards have in common is the Balance Transfer service. This allows cardholders to transfer existing balances over to their new account. This, coupled with low to zero percent APR, means these cards are designed to help people get out of debt.
Of course, not all debt consolidation credit cards are created equal. So we’re here to help you sort them out. Here are the best debt consolidation credit cards for 2019.
Chase Slate
Arguably, one of the best debt consolidations cards on the market, the Chase Slate card has one of the best feature sets around. First off, there’s no balance transfer fee or annual fee- period. Best of all, cardholders get 15 months of 0% APR. After the introductory period, APR defaults to a variable APR of 13.24% – 23.24%.
Qualified cardholders also get free access to their FICO scores and there’s no penalty APR for late payments. Drawbacks include the fact that the post-introductory APR is average at best and there are no cash back features, rewards, or miles.
Wells Fargo Platinum Visa
A clear standout in this category, the Wells Fargo Platinum Visa comes with an 18-month long 0% APR period, no annual fee and an additional perk. That’s a 3% introductory balance transfer fee for up to 120 days. After that, it goes up to 5%- but that’s plenty of time to make all of your transfers.
If that’s not enough for you, cardholders also get an 18-month 0% APR on all purchases. There’s no annual maintenance fee and those with good to excellent credit (700 and higher) will also get free FICO scores. In addition to that, cardholders who use their Wells Fargo card to pay their cell phone bills get up to $600 worth of insurance for their mobile devices. You’ll be hard pressed to find a card with more benefits.
Citi Simplicity
A clear standout, this consolidation credit card comes with a seemingly interminable 21-month long 0% introductory APR. Cardholders also pay no annual fees, no late fees, and no penalty APR. Frankly, there’s no consolidation card with a set of terms as attractive as that. With the exception of the 3% balance transfer fee, Citi Simplicity would be our favorite by a horse-length.
Drawbacks include the 3% transfer fee, the total lack of perks; no miles, rewards, or cash back. Plus, unlike the two cards listed above- there’s no access to free FICO scores. But for those who don’t qualify for free FICO scores, that might not be a deal breaker.
Citi Diamond Preferred Card
Citigroup is putting a lot into their consolidation cards- hence their triple appearance on this list. Just like the Simplicity card, it comes with the age-long 21-month 0% APR introductory rate. Consistency is nice, isn’t it? In fact, these are the only two cards on the market with such long intro rate periods. Like the Simplicity card, there’s no annual fee. But the Citi Diamond Preferred Card comes with a few things its sister card does not- hence the “ Diamond Preferred” designation.
For starters, you get around the clock access to Citi’s travel assistance service. This helps you to book flights, lodging, and other travel related goodies. It has a 3% balance transfer APR, which is about standard for Citi. After the intro APR period ends, it reverts to a 12.24% to 22.24% variable rate. There are no cash back offers or rewards. Hmph.
Discover it
Unwilling to keep up with the Methuselah-like introductory APR’s of some of its competitors, the Discover it card makes up for it in other ways. With Discover’s consolidation credit card, you get 0% APR for 18 months and earn as much as 5% cash back on selected bonus categories. There’s no annual fee, no foreign transaction fee, and they guarantee that all of their customer service staff are American citizens. It’s a patriotism thing.
But that’s not all. At the end of the year, the card will match the total of all your bonuses earned throughout the year as a year-end bonus. Cardholders who max out their purchases can get as much as $600 cash back. That’s a tidy amount to go toward paying down your debt. After the intro APR period, the rate goes to a variable 11.24% to 23.24%.
Citi Double Cash Card
Our final entry is yet another offering from Citigroup. The Citi Double Cash Card comes with an 18 month, 0% intro rate and a flat 2% cash back on every purchase you make with this card. Unlike the majority of prime balance cards, this one accepts applicants in the “good” credit range. It is the only card on our list that accepts applicants with credit scores in the 700 to 749 range. Most won’t talk to you unless your credit ranks 750 or better.
That’s a big deal if you’re struggling with debt- since that probably means your credit score has taken a ding or two. In fact, that one feature alone might make it the runaway winner with those who wish to consolidate debt.
The Citi Double Cash Card also comes with no annual fee. But there are no additional perks and a 3% transfer fee.
The Bottom Line
As stated, if your credit score is not a problem, the Citi Double Cash Card is probably the choice for you. As for the rest, the main differences are the length of the introductory rates- which are not as meaningful as they might seem. If you’ve got the credit score to apply for one of the first five, then your choice should depend on which has rewards that your buying habits are likely to trigger.
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FIT™ Platinum Mastercard®
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- Credit Recommended
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- Annual Fee
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Freedom Gold Card
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- Regular APR
- 0% APR
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Milestone® Mastercard®
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- Credit Recommended
- Fair/Good
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- $700
- Cash Advance Fee
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- Regular APR
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Destiny Mastercard®
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- Less than perfect credit is okay, even with a prior bankruptcy!
- Credit Recommended
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- Annual Fee
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Surge® Platinum Mastercard®
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- Regular APR
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Applied Bank® Secured Visa® Gold Preferred® Credit Card
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Merrick Bank Secured Credit Card
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- Regular APR
- 22.70% Variable
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- 27.70% Variable
First Progress Platinum Select Mastercard® Secured Credit Card
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Upgrade Cash Rewards Visa®
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OpenSky® Plus Secured Visa® Credit Card
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- Credit Recommended
- Good/Excellent
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OpenSky® Secured Visa® Credit Card
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- Perfect card for everyday purchases and unexpected expenses
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- Does not require perfect credit for approval
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- Credit Recommended
- Poor/Damaged Credit
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- 29.99%
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- Up to $38
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- Up to $38
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- Visa®
FIT™ Platinum Mastercard®
- $400 Initial Credit Limit
- Less than perfect credit? We understand. The FIT Mastercard is ideal for people looking to rebuild their credit.
- Unsecured credit card requires No Security Deposit
- Perfect card for everyday purchases and unexpected expenses
- Monthly reporting to the three major credit bureaus
- Access to your Vantage 3.0 Score from Experian (when you sign up for e-statements)
- Use your card everywhere Mastercard is accepted at millions of locations
- Enjoy peace of mind with Mastercard Zero Liability Protection for unauthorized purchases (subject to Mastercard guidelines)
- Credit Recommended
- Fair/Poor/Bad
- Regular APR
- 35.90% Fixed
- Annual Fee
- See terms
- Return Payment Fee
- Up to $41.00
- Late Payment Fee
- Up to $41.00
Good Credit Cards
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- Enjoy low rates and rewards for everyday spending
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- Credit Recommended
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- See website for Details*
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- Now you can make smaller partial payments towards funding your security deposit over 60 days
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- Credit Recommended
- No credit, Poor, Fair
- Regular APR
- 29.49% (variable)
- Annual Fee
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