Have Credit Card Debt, Look at These Cards and My New Project - Running with Miles
Credit Cards

Have Credit Card Debt, Look at These Cards and My New Project

southwest companion pass for 2017
Written by Dustin

While some of us benefit from credit cards, others pay for our rewards. If you have credit card debt, you should look at these cards!

Advertiser Disclosure

I typically focus on travel or cash back credit cards, but there are many people who have credit card debt. If you aren’t able to pay your balances off in full each month, you should avoid reward credit cards. If you are someone who has credit card debt, you should look at these cards to help you get out of debt.

Have Credit Card Debt, Look at These Cards

The average person holds $5,700 in credit card debt and the average family has an average of $16,000 in credit card debt!

Those are some crazy numbers, and the interest rates keep you in the loop of staying in credit card debt. While I would avoid reward credit cards if you have credit card debt, there are credit cards to help you get out of debt.

Bonuses:

None of these cards have a bonus, but I would think the money you would save on interest to be your bonus for any of these cards.

Annual Fees:

None of these cards have annual fees and you shouldn’t pay an annual fee to help get yourself out of debt. If a credit card is offering to help you, but they are charging an annual fee, avoid that card.

Chase Slate:

This is one card that gets a lot of attention. It is usually on the top of the Balance Transfer cards.

The Chase Slate offers 0% interest on all purchases made and balance transfers for 15 months. Not only is it 0% interest for 15 months, there is $0 transfer fee on all balances transferred within the first 60 days of opening.

Make sure those balance transfers are completed within the first 60 days, or you’ll pay a 5% fee to transfer.

Based on the average credit card debt:

  • The average person would pay $380 per month to be debt free in 15 months
  • The average family would pay $1,066 per month to be debt free in 15 months

While this is seen as the top card by many, the other cards on this list have other perks that could say otherwise

Bank of America BankAmericard:

The Bank of America BankAmericard is quite similar to the Chase Slate, but has a few differences.

The BankAmiercard offer 0% interest for 15 months on all purchases and balance transfers. Just like the Chase Slate you pay $0 to transfer your balances when you transfer the balances within 60 days of opening your account.

After the 60 day period, you will pay a 3% fee to transfer your balances.

Bank of America offers customers the benefit of no penalty APR if you are late on your payment.

Based on the average credit card debt:

  • The average person would pay $380 per month to be debt free in 15 months
  • The average family would pay $1,066 per month to be debt free in 15 months

US Bank Platinum Visa

This card doesn’t receive much attention but it has a solid benefit that the other cards on this list don’t.

The US Bank Platinum Visa offers 0% interest on all purchases and balance transfers for 18 months.

When you transfer your balances to this card, you will pay 3% or $5 per transfer, depending on which one is greater. These balance transfers need to be made within 60 days of opening your account.

The key benefit this card has that the other on this list do not? Cell Phone Protection

Here is US Banks Cell Phone Protection information.

Based on the average credit card debt (this includes the balance transfer fee):

  • The average person would pay $326.17 per month to be debt free in 18 months (You would pay a total of $5,871)
  • The average family would pay $915.56 per month to be debt free in 18 months (You would pay a total of $16,480)

Citi Diamond Preferred:

The Citi Diamond Preferred is the top of this list for interest free period, well sort of.

The Citi Diamond Preferred has 0% interest on all balance transfers for 21 months, which beats out others on this by at least 3 months! The window of time you have to transfer balances is 4 months, which is double other cards on this list.

For purchases, you only get 0% interest for 12 months from when you open your account.

You do receive the Citi Rewind Benefit, which is a great benefit for price matching. I would hope you are using this card to pay off debt, not add to it though.

Based on the average credit card debt (this includes the balance transfer fee):

  • The average person would pay $279.57 per month to be debt free in 21 months (You would pay a total of $5,871)
  • The average family would pay $784.76 per month to be debt free in 21 months ( You would pay a total of $16,480)

Citi Simplicity:

The Citi Simplicity falls in line with a few of these cards, but offers protections that others don’t.

If you open the Citi Simplicity credit card, you receive 0% interest on all balance transfers for 18 months. You have 4 months from when you open the card to transfer your balances to receive 0% interest.

The Citi Simplicity offers all of it’s customers:

  • No Late Fees
  • No Penalty APR for late payments

Ideally you won’t miss a payment, but it is great to know you have this benefit.

Based on the average credit card debt (this includes the balance transfer fee):

  • The average person would pay $326.17 per month to be debt free in 18 months (You would pay a total of $5,871)
  • The average family would pay $915.56 per month to be debt free in 18 months ( You would pay a total of $16,480

Comparing the Options:

You can see many of these options are similar. All of them give you an opportunity to get out of credit card debt.

The 2 cards with no balance transfer fees:

  • Chase Slate
  • Bank of America BankAmericard

These would make your monthly payment higher than other options, but that is due to the 15 month interest free period.

If you prefer a smaller monthly payment and don’t mind the balance transfer fee, I think the Citi Diamond Preferred is your card.

You need to take a look at what you can realistically afford to pay off and that will help you decide on a card.

Conclusion:

Nobody wants to be in credit card debt, because there are better things to do with your money. Unfortunately life happens and situations can change. Fortunately, there are credit card options available to you to help you get out of debt.

If you have credit card debt, have you looked at one of these cards?

New Project!

I am starting a YouTube Channel. Starting this Thursday (and every Thursday), I will be releasing videos to discuss credit cards, points/miles, travel, and plenty of other ways to help you travel for less.

I am really excited to start this new project and I can tell you speaking in front of a camera is very different than writing 🙂 I’m getting more comfortable being myself in front of it!

I’ve been told by many people that they would rather watch a video than read information about everything we talk about in the points world. I really enjoy interacting with anyone who is interested in travel and I really like saving them money!

Posting videos add a different layer of interaction as you will get to see and hear me vs reading an article by me.

Here is the link to my Channel, if you subscribe, Thank You! I hope you check it out. If there is a topic you’d like me to cover please leave me a comment here or over on my channel :-).

But don’t you worry, I’ll still be posting blog articles here every Wednesday.

Don’t forget to Like me on Facebook, Follow me on Twitter, or Subscribe to my YouTube Channel. If you have questions, comments or would like a topic, leave a comment. Thank you for reading!

Editorial Note - Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Some of the links on this site are affiliate links that will support this site. Thank you for your support.

About the author

Dustin

After completing 6 years of pharmacy school, I finally had the time to travel. I started investigating ways to travel for less and when I redeemed my first award flight for my honeymoon, I knew I was hooked! Fast forward a couple of years and places I had never dreamed of visiting like Budapest, Honolulu, Bermuda and many other places where all within my reach, and for little to no money out of my pocket. Now, I have collected well over a million points and miles, and try to help people travel for less on their wallet.

1 Comment

Leave a Comment

Enter your e-mail address to receive blog updates!

You have Successfully Subscribed!

%d bloggers like this: