Thank You for your feedback! Something went wrong. Please try again later. Top Offers From Our Partners. Find the Best Credit Card. Trending Credit Card Reviews. Recommended Reading. More from. By Becky Pokora Contributor. Information provided on Forbes Advisor is for educational purposes only.
Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.
Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. Chauncey Crail Contributor. Dia Adams Editor. The Forbes Advisor editorial team is independent and objective. Credit card interest rates revolve around the prime rate, a number determined by how much banks are charging creditworthy clients.
This number is usually a few points higher than the interest rate set by the Federal Reserve. Your exact APR will depend on your credit score and history. Credit cards are notorious for their high interest rates, which can lead to a cycle of debt.
You might prefer to pay off the purchase over time than dip into your savings to pay upfront. Avoid interest altogether by paying balances in full at the end of each statement period. Whenever possible, avoid charging anything to a credit card that you might be unable to pay off at the end of the month. As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships. Our final picks were chosen based on factors including intro offer, ongoing APR, fees and penalties, sign-up bonus, and additional benefits.
In the News. Credit Cards. Student Loans. Next Advisor Logo. Follow her on Twitter at robinsaks. Select Region. United States. United Kingdom. Robin Saks Frankel. Forbes Advisor Staff. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Use the card to make purchases and pay it off over the promotional period, interest-free. Balance transfers.
Features to consider: Does the card have an annual fee? If so, is it worth keeping after your debt is paid off? Will the card earn rewards? Is it issued by a different bank than your current card? A way to get around this is to take a check into your bank account, which some companies allow, then pay off the other card with the funds.
You may not get approved for the limit you want. Was this article helpful? Balance transfers must be completed within 4 months of account opening. No annual fee No penalty APR. Paying late won't automatically raise your interest rate APR. Other account pricing and terms apply. You can take advantage of this offer when you apply now. Apply Now On U. Balance transfer credit card: If you have credit card debt to refinance, then a balance transfer card is the way to go. A balance transfer is when you move existing credit card balances onto a new card.
In most cases, you'll have to pay a balance transfer fee. Make sure to do the math to figure out if the balance transfer fee is worth what you'd save on interest. Compare our picks: Check out The Ascent's best balance transfer credit cards. Low interest credit card: If you expect it to take you more than a couple years to pay off your balance, and if you have excellent credit , you might be better off with a low interest credit card.
These credit cards have a low ongoing APR on all purchases, so they're good to keep on hand in case you ever need to carry a balance. Sometimes these cards will also let you earn cash rewards. Some credit unions even offer credit cards with lower interest rates than many personal loans. Compare our picks: Check out The Ascent's best low interest credit cards. Personal loan: With a personal loan, you'll have a fixed payment amount and loan term, which gives you more structure than a credit card.
Personal loans are also better for when you will take two years or longer to pay off a purchase because they have lower interest rates than credit cards. The better your credit score, the better your chances are of securing a personal loan with a low interest rate. Compare our picks: Check out The Ascent's best personal loans. Debt consolidation loan: You can get a debt consolidation loan for any type of debt. It's more versatile than a balance transfer card, which you can typically only use for credit card debt.
Debt consolidation loans are also a good choice when you need more time to pay off your debt than the intro period a balance transfer card gives you. Compare our picks: Check out The Ascent's best debt consolidation loans. If you carry a balance from purchases during that time, you won't incur any interest charges. You are required to make minimum payments because if you don't, the card issuer may cancel the zero-interest offer.
This means you'll start paying the regular interest rate on any remaining balance you couldn't pay off before the end of the intro period. Elizabeth is a personal finance writer specializing in credit cards, debt repayment, and small business. Finance, and Business Insider. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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