4 credit card perks that help you manage debt

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If you currently find yourself in debt, you may view credit cards as your worst nightmare. And if you've found that they have facilitated unrestrained impulse buying, you could be right.

But in some cases, credit cards can actually aid you in digging yourself out of debt. It won't be easy (it never is), but using the below credit card perks could help you pay off credit card debt in a hurry.

Likely the most powerful debt management tool you'll find on a credit card is a 0% intro APR offer. This allows you to carry a balance for an extended period of time without paying any interest whatsoever. The best 0% APR credit cards offer an interest-free window on balance transfers, while others only waive the interest for new purchases. Some waive the interest on both.

For example, the Wells Fargo Reflect^® Card currently features a 0% intro APR for 21 months on qualifying balance transfers and purchases (then 17.49%, 23.99% or 28.24% variable). Note, balance transfers made within 120 days from account opening qualify for the intro rate, and a balance transfer fee of 5% (min $5) applies.

There's also the Citi Simplicity® Card, which currently comes with a 0% intro APR for 18 months on balance transfers from the date of account opening (then a variable APR of 17.49% to 28.24%). Its balance transfer fee is 3% of the transferred balance ($5 minimum) for balances transferred within the first four months of account opening, then 5% of the transferred balance ($5 minimum) after that.

If you're currently struggling with big interest payments, you're best served by opening a card offering 0% intro APR on balance transfers. Relocating your current debt (such as from credit cards and personal loans) will allow you to repay what you owe considerably faster, as every red penny you pay goes toward the principal.

It's also worth noting that you may occasionally receive targeted low-APR offers on your existing cards via email or snail mail. Typically, all you have to do is opt in.

Some credit card issuers provide helpful features to either pay down your debt or avoid hemorrhaging money in interest when you know you've got a big upcoming expense you need to float.

For example, Chase cards have two options:

• Chase Pay Over Time. After you swipe your card for a purchase of $100 or more, you can elect to pay a fixed monthly fee with equal monthly installments instead of making interest payments. A Pay Over Time plan lasts between three and 24 months. 
• My Chase Loan. Effectively a personal loan borrowed from your card's credit line, My Chase Loan doesn't require a credit check. You simply relinquish a chunk of your credit limit in exchange for cash. You'll benefit from a lower fixed APR and no origination or early payoff fees.

For example, if you've got the Chase Freedom Unlimited® (see rates and fees), you could use a My Chase Loan to receive cash and pay off a Citi credit card. Because the My Chase Loan comes with a (relatively) lower APR than a rewards credit card, this strategy could save you a lot of money.

Similarly, American Express offers a program called Plan It. If you have an American Express card, such as the Blue Cash Everyday® Card from American Express, you can split up a larger transaction into fixed monthly payments and a flat monthly fee in lieu of interest. Transactions of $100 or more qualify for Plan It.

Rewards credit cards tend to charge the highest APR — but you can also use their returns to help you zero out your balance faster. For example, directing cash back toward your debt can expedite your repayment. 

Every little bit helps. Some balance transfer cards earn rewards, too. The Capital One Quicksilver Cash Rewards Credit Card, for example, offers a 15-month 0% intro APR on purchases and balance transfers (18.49% to 28.49% variable APR after) and earns at least 1.5% cash back on all purchases.

You'll occasionally find a credit card that rewards you not just for spending but for paying down your balance. For example, the Citi Double Cash® Card offers an intro APR and earns 1% back when you make a purchase and another 1% back when you pay off that purchase (effectively 2% everywhere).

Similarly, the Upgrade Cash Rewards Visa® gives you 1.5% cash back only when you pay your balance — not when you make your purchase. (Though, unlike a traditional credit card, purchases are repaid through fixed monthly installment payments.)

These cards motivate you to pay your bills and also earn cash back that you can throw toward your debt.

The above strategies may sound pretty straightforward, but there are a handful of things to keep in mind to ensure you implement them effectively.

Factor in balance transfer fees

Zero-interest credit cards can save you serious money, but don't forget to budget for balance transfer fees. These tend to be 3% to 5% of the transferred amount. They can add up, especially if you're transferring several thousand dollars, but they can still be well worth the money you'll save on interest.

Thoroughly read pay-over-time terms

When deciding whether to opt into a pay-over-time plan, be sure to read the terms to know how your monthly fee will be calculated and whether the total cost over time is truly cheaper than your normal APR. You must also know which transactions are eligible; not all purchases will qualify. For example, cash advances, annual fees and balance transfers typically are excluded.

Balance transfer credit cards are only as useful as their credit limit

To open the best balance transfer cards, you'll likely need a good credit score (think a 670 FICO Score or better). But to improve your chances at getting a meaningful credit limit, we recommend waiting until your credit score is 700 or above.

Here's why: You can only transfer as much debt as your credit limit can hold — including the balance transfer fee. If you've got $10,000 in high-interest debt but you're only approved for a 0% intro APR credit card with a $3,000 limit, that's not going to be tremendously helpful.

Don't overspend just to generate rewards

If you're not careful, the prospect of earning credit card rewards can bewitch you into spending money you don't have. Just remember that carrying a balance month-to-month will likely incur interest that more than negates any earnings you'll get from your credit card. Overspending is never worth it.

Balance transfer cards typically can't take on debt issued by the same bank.

Generally speaking, you can't transfer a balance from one credit card to another if they're from the same issuer. For example, you can't open the Citi Simplicity Card to transfer a balance on your Citi Double Cash — but you could transfer a balance from your Chase Freedom Unlimited.

Understand all intro offer terms to avoid losing out on value

Before you pounce on any intro offer, be sure to read all the terms to avoid forfeiting value. As an example, a balance transfer credit card may require that you make your transfers within 120 days of account opening; otherwise, you won't receive an interest-free window.

Beware of deferred interest

Deferred interest is one of the most insidious credit card features, and it tends to appear mostly on store credit cards.

It works by giving you an interest-free window for an extended period of time. But if you fail to repay your balance in full by the end of that period, the card will retroactively charge you all the interest you would have incurred as though that 0% interest window never existed. This can result in a huge interest charge of hundreds or more.

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