Alternatives for paying down debt include shorter intro periods and consolidation loans.
A balance transfer card can be an effective money-saving option for paying down high-interest credit card debt -- and the longer the introductory period, the greater your potential savings. While you'll find many excellent balance transfer cards on the market, it's become more difficult recently to find credit cards with 0 percent APR for 21 months.
That said, you do still have options if you're looking for a longer-than-typical intro APR offer. We detail a few of your 21-month intro offer card options, as well as the pros and cons of that lengthy APR offer and alternatives to consider for paying down your debt.
These cards offer some of the longest intro APR periods for balance transfers on the market.
The Citi Simplicity works best for someone with good credit to excellent credit -- a FICO score of 670 to 850 -- who needs a lengthy balance transfer period but can get by with a shorter intro purchase period. The low-end-of-normal intro balance transfer fee of 3 percent could add up to substantial savings over a card that charges the typical 5 percent fee.
For example, if you transfer $5,000 to Citi Simplicity, its 3 percent balance transfer fee would tack on another $150 for a total balance of $5,150 to pay off. But a card that charges a 5 percent balance transfer fee would add $250 to your balance, totaling $5,250.
Citi Diamond Preferred offers access to Citi Entertainment and has a few additional perks, but it isn't as ideal a card for balance transfers as compared to others on this list. Its higher balance transfer fee puts it behind the Citi Simplicity. If you're looking for a Citi balance transfer card, there isn't a compelling reason to choose this one over Simplicity.
Wells Fargo Reflect offers an equally lengthy 21-month intro 0 percent APR on both qualifying purchases and balance transfers for people with at least good credit. If you need to both transfer existing high-interest debt and make new purchases to pay off over time, this card is a solid choice.
The U.S. Bank Visa Platinum card checks all the boxes with its limited-time offer of an intro 0 percent APR for 21 billing cycles on purchases and balance transfers (before the ongoing 18.74 percent to 29.74 percent variable APR kicks in). Plus, it has a lower balance transfer fee than Wells Fargo Reflect. If you can make your transfer within the first 60 days, this card should be at the top of the list for you.
Looking for more choices? Check with your local or affinity-based credit union. While credit unions don't advertise their products as widely as larger traditional banks, they often offer highly competitive rates on loan products, including credit cards.
Cards designed solely for balance transfers or avoiding interest on purchases are a boon to cardholders who may carry a balance or want to pay off high-interest debt. Weigh the advantages and disadvantages of these cards before applying.
Opening a 21-month balance transfer credit card is a great first step to paying down your debt, but other debt repayment options might work better for your situation. Here are a few suggestions.
A balance transfer card is among the best tools for paying down your debt interest-free with minimal hassle, and a 21-month intro period can give you the most wiggle room to make your payments comfortably. Given the recent trends in balance transfer cards shortening their intro periods or raising balance transfer fees, you may want to apply soon if you've had your eye on a particular offer.