Credit cards to help you repay holiday debt

One of the main concerns plaguing customers after a great holiday season is how to repay the debts accumulated on their credit cards over the last few weeks. Millions of customers indulged in unrestrained spending this holiday season treating themselves and their loved ones to some amazing gifts.

The recent surveys conducted by the American Retail Federation and American Research Group estimates that customers spend between $650 and $750 each year on gifts and other entertainment options during the holiday season. If you have used credit cards that carry an interest rate of 19.9%, chances are you will end up spending close to $150 on financial charges alone while clearing off these dues. The good news is that there are a few great balance transfer cards that can help you reduce your holiday debt in no time without incurring high interest rates.

One of the balance transfer credit cards that are highly recommended is the Slate issued by Chase. The interest rates for balance transfers on this credit card have been reduced for a limited period of time to give customers an option to clear off their debts at reduced costs. The service charge ranging from 3% to 5% has been revoked on this card that does not have any annual fee associated to it.

Another card that can help you lower your current debts is the Citi Platinum Select MasterCard from CitiGroup Inc. This credit card carries a balance transfer fee of 3 percent of the total transfer amount, but offers you an interest free repayment period for the next 21 months. Though this card is not one among the rewards credit cards offered by CitiGroup, it definitely entices customers with the cashback bonus they can earn on every purchase.

With CitiGroup and Chase offering exclusively business transfer options on its cards, Discover does not want to be left far behind. The Discover More Card from this credit card lender offers great balance transfer deals. Customers can enjoy zero percent repayment period of 18 months and a balance transfer fee of just 3% of the total transfer amount. Customers also have the option of getting the balance transfer fee waived off if they opt for an interest free period of 12 months. In addition to this, this credit card does not levy any financial charges for all purchases made during the first 6 months.