We’re nine months into the year, and between paying off summer splurges and booking holiday travel, your finances might be in need of some TLC.
In 2025, 45% of credit card owners reported carrying a balance at least once in the past year, according to a May 2026 report from the Federal Reserve. Credit cards have some of the highest APRs among debt products, averaging over 20%, meaning a small balance can quickly snowball.
Credit card debt can become even stickier after a fun-filled season like summer. From a March 2026 NerdWallet survey, over one-third (35%) of people who booked a vacation with a credit card in 2025 still haven’t paid off the full balance.
Going into credit card debt should always be avoided, but it doesn’t have to lead to financial ruin. CNBC Select explains how to pay down credit card debt in three steps and highlights three cards that offer a zero-interest period to do so.
3 steps to pay down credit card debt
Senior reporter Jason Stauffer can answer your questions about how to make the most of your credit cards in his weekly Points Pro column. Submit yours here.
1. Choose your card
There are a variety of 0% APR cards to choose from, but there are differences to consider, including what the 0% APR applies to and the length of the introductory period.
Wells Fargo Reflect® Card
If you think there’s a chance you’ll use this card for future expenses, the Wells Fargo Reflect® Card’s 0% APR period covers both qualifying transferred balances and new purchases. The 0% APR period lasts for almost two years (21 months), and afterwards a 17.74%, 24.24%, or 28.49% variable APR will apply; balance transfers made within 120 days qualify for the intro rate. There’s a fee of 5% for each balance transfer with a $5 minimum.
The Wells Fargo Reflect® Card is one of the absolute best cards you can apply for if you want to save on interest and pay down debit quickly thanks to its extra generous intro-APR offer on purchases and qualifying balance transfers.
- Incredible intro-APR for purchases and qualifying balance transfers
- No annual fee
- Cell phone insurance: up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible
- No rewards
- No welcome bonus
- High balance transfer fee
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.74%, 24.24%, or 28.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
- $0 annual fee.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
- Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Balance transfer fee
5%, min: $5
Foreign transaction fee
3%
Citi® Diamond Preferred® Card
If you love the idea of a $0 annual fee and don’t intend to buy more things with the card, the Citi® Diamond Preferred® Card could be a good option. You’ll get 21 months of a 0% APR on balance transfers, followed by a 16.49% to 27.24% variable APR.
Just make sure you apply within four months of account opening to qualify for the less-expensive introductory balance transfer fee: $5 or 3% of the transfer will apply, whichever is greater. After four months, the fee increases to $5 or 5%. The 2% difference could potentially be three figures in additional charges depending on your transferred amount.
The Citi® Diamond Preferred® Card has an exceptionally long intro-APR for balance transfers and is also notable for its reasonable 3% intro fee for balance transfers.
- One of the longest intro-APR offers for balance transfers
- Lower intro balance transfer fee
- No annual fee
- No rewards
- No welcome bonus
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- 0% Intro APR on balance transfers for 21 months and on purchases for 12 months from date of account opening. After that the variable APR will be 16.74% - 27.49%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
- No Annual Fee - our low intro rates and all the benefits don't come with a yearly charge.
- Buy now and pay later. Split your payment for eligible purchases of $75 or more into a fixed payment with Citi® Flex Pay.
- Get free access to your FICO® Score online.
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Foreign transaction fee
3%
Chase Freedom Unlimited®
If you have less debt or are looking for a shorter APR period, the Chase Freedom Unlimited® (see rates and fees) provides an introductory 15-month 0% APR, with a variable APR of 18.24% to 27.74% after.
Unlike the other two options above, the Freedom Unlimited earns rewards: an unlimited 1.5% cash back, 3% back on dining and drugstores and 5% back on Chase Travel purchases. If you think this could tempt you into spending more, maybe reconsider.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
2. Calculate a realistic payoff date
To find your payoff date, first calculate the total amount of debt that qualifies to be moved to a balance transfer card. Exactly how much will be determined by the credit limit you're approved for, which is the most impactful number for you.
Once you have that number, divide it by the length of your 0% APR period. It could be a good idea to round up or adjust your schedule to finish one month early. This way you have some wiggle room in case anything happens.
Consider the fees
While balance transfers can still be greatly beneficial over time, know that there is almost always an upfront fee to shift your debt to a 0% APR card. A balance transfer fee is typically between 3% and 5% of the total balance.
Say you move a $5,000 balance to a 0% APR card that charges a 5% balance transfer fee, bringing your total balance to $5,250. The card gives you 21 months to pay off the debt interest-free, but you aim to pay it off in 20 months to provide a buffer. Dividing $5,250 by 20 months leaves you with a $263 monthly payment and a built-in safeguard of extra time. And you’ll pay $0 in interest, so long as you pay it off in the introductory window.
Without actively paying down your debt, that $5,000 in debt would accumulate $265 in interest in just three months (using the average APR of 20.94%), at which point a 0% APR card could have saved you money, even with the fee.
3. Stop adding new debt
One of the risks of a balance transfer card is that it could tempt you into overspending further. And if the 0% APR period only applies to balance transfers, and not new purchases, you’ll start accruing interest right away.
If you struggle keeping a budget in your daily life, consider using a separate tool to help you track your spending over time. There are a number of budgeting apps on the market, but with Quicken Simplifi, you won’t be locked into a single system.
Once you enter your financial info, Quicken Simplifi can adjust to whatever budgeting system works best for you; from zero-based, the envelope method or the 50-30-20 budget, your personalized plan will adjust automatically.
Quicken Simplifi
Cost
50% off limited-time offer: $3.49 per month for the first year, then $6.99 per month (billed annually). Seven-day free trial
Standout features
Users can run customizable reports based on their spending, income and savings. Personalized spending plan adjusts in real-time.
Categorizes expenses
Yes, but users can customize
Links to accounts
Yes, bank, credit cards, loans, investment accounts
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Financial data from bank servers is transmitted using 256-bit encryption
Terms apply.
Pros
- Syncs with bank, credit card and investment accounts
- Customizable reports based on income, spending and savings
- Robust investments dashboard
- Refund tracker
- Includes subscription tracker
- Credit monitoring
Cons
- No free tier
- No bill-pay feature
- Quicken data can't be imported
- Can't roll over unused funds to the next month
If your goal is to simply pay off debt and avoid using your balance transfer card any further, make it as difficult as possible to use. Remove the card from any digital wallets or recurring subscriptions, and don’t carry it around in your wallet. Continue making your routine purchases on a separate card, but don’t feel the need to spend just because your credit limit got larger.
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