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You’ll need a good to excellent credit score — above 690 — to qualify for most cards.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.» MORE: Nerd Wallet’s best balance transfer credit cards Pros: Back to top You can use an unsecured personal loan from your local bank or credit union or an online lender to consolidate credit card or other types of debt.The loan should give you a lower interest rate on your debt or help you pay it off faster.Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.
Some also send money directly to your creditors, increasing the odds of successful debt consolidation.
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One benefit is that this loan won’t show up on your credit report.
But the drawbacks are significant: If you can’t repay, you’ll owe a hefty penalty plus taxes on the unpaid balance, and you may be left struggling with more debt.If you're debt-free and pay off your card every month, you can earn goodies worth £100s each year. Get a specialist travel credit or debit card for near-perfect exchange rates worldwide.