I have balances on several cards, I want to get rid of debt and build my credit. What do I do?

Answered on November 01, 2017
Updated on November 01, 2017
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
The best solution in such a case is to consolidate your debt on one card and to pay it off gradually but in one piece. You may use balance transfer cards for that. It works like that: you transfer your balance on to this card and then pay it off. Such cards often have low intro rate offers or even 0% intro APR offer that will help you pay off most or all of your debt without paying any interest. Note that you need always pay on time or you may lose your 0% intro APR offer. Before you transfer your balance, check that the issuer of your new card is not the issuer of your current cards - mostly it's not possible to transfer balances within one bank.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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BROWSE MORE QUESTIONS ABOUT Balance Transfer Cards:

If you want to consolidate your balances, the best option will be a balance transfer credit card. You can transfer all your balances onto one credit card and pay the debt off. When choosing a credit card pay attention to the credit rating required. You indicated you have a good credit history, so many cards will suit you. Remember that you cannot transfer to the same bank or issuer. So look for a bank you don't already have a balance with. And make sure the overall balance you are going to transfer does not exceed the limit of the new credit card.
Unfortunately, you won't be able to transfer the balance of one Barclaycard credit card to another Barclaycard credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer. For example, if you are planning to keep your new balance transfer credit card, you may like the Discover it® Balance Transfer offer. It will give you 18 months of 0% intro APR to transfer and to pay off the card balance. There is no annual fee for the card, but you will need to pay a balance...
If you want to transfer your balance to a new credit card, note that many credit cards offer 0% APR on purchases for cardholders. If you need this feature you'd better consider getting a regular credit card, that may offer not only 0% intro APR on purchases but even decent rewards and no annual fee. For sure, you can find great offers for your future purchases. For example, the Discover it® Cash Back credit card comes with no annual fee and cash back. It offers 5% cash back at different places each quarter like gas stations, grocery stores,...

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