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If you’re carrying a balance on your credit cards, you’re probably paying some hefty interest every month too. That cost, in addition to what you racked up in purchases, can make credit debt seem like a hopeless problem. We have some tried-and-true tips to help you get out of credit card debt — and ideas for running your finances so you never end up there again.
But first, you can take this step to make your debt less expensive: Transfer your balances on those expensive cards to one that will give you a break. :
The Amex EveryDay Credit Card
The Amex EveryDay Credit Card from American Express will allow you to transfer balances from other cards — with no balance transfer fee — and then pay zero percent interest on that balance for 15 months. One caveat is that you must transfer those balances within the first 60 days of opening the account. There’s also no annual fee.
Amex EveryDay has other attractive features, including:
- Zero percent interest on purchases for the first 15 months
- 10,000 rewards points after spending $1,000 on the new card within the first three months
- Ongoing points rewards for purchases
But if you’re using this card as a way to start getting out from under your debt, try not to let rewards distract you from your mission. Once you have moved the balance over, start systematically paying it down — the goal is to eliminate it before that 15 months is over, because at that point, the interest rate on this card will skyrocket from zero percent to a variable rate of up to 25 percent!
Here’s how to do it: “The Best Way to Kill Off Your Credit Card Debt.”
Are you in the market for a different kind of card — one that offers loads of travel rewards points or cash back, or maybe a prepaid card? Be sure to check out our , where you can zero in on the one that best suits your needs.
What do you look for in a credit card? Share with us in comments below or on our .