Debt is your biggest financial burden, all courtesy of the many credit cards that you use from time to time to make a purchase and render services, which allows you to make payments for the same at a later date. However, when it comes to paying off your credit card debt, you will realize that a significant amount has to be repaid for the interest component that is levied on credit cards.
There are two options when it comes to managing your debt in case you are unable to repay at the current rate of interest:
- Opt for a fee 0% balance transfer credit card.
- Opt for debt consolidation.
Debt consolidation might be the last option, which is why opting for a fee 0% balance transfer card will be a better choice. Credit unions offer fee-free cards, but only to members and the eligibility criteria to be met to become one will require a number of things. 0% balance transfer essentially means no fees will be charged for transferring your debt from your existing credit card to a new card, with a low APR to manage payments. However, it is not possible to acquire a fee 0% balance transfer card from your existing credit facility which is why a new card can be availed from the top financial and banking institutions. The popular ones include:
BankAmericard Credit card: This credit card is considered among one of the most cost-effective and is issued to people who have an excellent credit score. There is no annual fees charged, with a 0% APR for the first 15 billing cycles and balance transfers along with 0% balance transfer fees for two months after which the fee charged will be a nominal 3%.
Aspire Federal Credit Union: Members of credit unions enjoy benefits on balance transfer cards which include no annual fees, 0% APR and 0% balance transfer fee for the first six months. Only people who have an excellent credit score in the range of 690 to 850 can qualify for this rewards MasterCard.
Navy Federal Platinum: Best option for people who are military service members with fee 0% balance transfer for the first 12 months and no annual fees. Military personnel can also enjoy a low variable APR rate.
Other popular fee 0% balance transfer credit cards issued by banks and credit unions include Barclaycard Ring MasterCard, PenFed Promise Visa card, and Digital Federal credit Visa platinum.