The Burden of Credit Card Debt
Credit card debt can lay a heavy burden on one’s monthly costs and income. Thankfully, there are different solutions that can help you save money. With these solutions, you can consolidate your debt. Consolidation of credit debt involves combining different credit card balances into a single monthly payment with a lower interest rate.
Balance Transfer Credit Cards
Low balance transfer cards help consolidate credit card debt. Balance transfer credit cards can help you to save money and time in paying off high-interest debt. Balance transfer credit cards that offer introductory APR periods for over a year are considered to be better than those that do not offer introductory APR periods for over a year.
Such cards may also help to reduce the balance transfer fees. Balance transfer credit cards with long 0% introductory rates help to save a significant amount of money and time.
An application process may be required in order to consolidate debt. With the right credit score, credit card balance, payment record, and spending habits, you can increase the odds of your application for a balance transfer credit card being accepted.
MBNA True Line
MBNA True Line by Mastercard offers low interest, balance transfer, and best of all-no fee. Good credit is required to obtain the card. Applicants for the card are required to have a credit score of 650 – 749.
The purchase interest rate for use of the card is 12.99% while the cash advance rate for use of the card is 24.99%. Approved applicants for the card may pay 0% interest on any balance transferred for the first 10 months of card membership.
Tangerine Money-Back Credit Card
The Tangerine Money-Back Credit Card by MasterCard has a 0% annual fee, a purchase interest rate of 19.95%, and a cash advance rate of 19.95%. The balance transfer rate on the card starts at 1.95%, rising to 19.95% after 6 months.
The Tangerine Money-Back Credit Card by MasterCard has several other benefits. Users are able to get 2% back for items purchased under certain categories. The card also allows users to deposit their extra cash directly into a Tangerine savings account, thus qualifying them for a third 2% money-back category. Unlike many other credit cards, Tangerine allows for monthly cash-back payments.
Applicants for the card are required to have good credit of 650 – 749. If successful in their application, they may benefit from extended warranty, free supplementary cards, and purchase protection.
Scotiabank by Visa
Scotiabank Value Visa card offers low-interest. A score of 650 or higher is required to obtain the card. Successful applicants for the card stand to gain from low rates of 0.99% on any balance they transfer in the first six months of using the card as well as discounts on car rentals. The card has an annual fee of $29. The minimum credit limit on the card is $500.
The No-Fee Scotiabank Value Visa offers users low interest and zero annual fees. Users enjoy an introductory special, paying only 3.99% on cash advances and balance transfers in the first six months of using the card.