The average American house hold is over $15,000 in credit card debt. It’s a sobering statistic made worse by the fact that at 20% the interest alone on that amount of debt is $3,000 a year. If you were to pay 300 dollars a month every month you would barely make a dent. One of the best solutions to this predicament is to transfer those balance over to a 0% interest card and free yourself from the burden of compounding interest. Most cards offer this for six months, others a year. The Discover “It” card has changed the game and now offers 0% apr for 18 months! Wow.
A year and a half of zero percent interest could go along way to help someone get out and hopefully stay out of debt. The card has some other nice features like 5% cash back on purchases in certain categories like restaurants and movies and 1% back on everything else. The “It” card also offers a great deal of flexibility in regards to payment options, but for me its greatest strength is the length of the 0% on balance transfers.
If you have found that you got a little carried away with your holiday shopping or you have resolved to get out of debt this year, the Discover “It” card might be exactly what you are looking for.