Balance Transfer Cards

A balance transfer card lets you move high-interest credit card debt to a new card with 0% APR for a promotional period — usually 12 to 21 months. This is one of the most powerful debt-reduction tools available.

The catch: most balance transfer cards charge a 3-5% transfer fee upfront. On $5,000, that's $150-$250. Still worth it if you're paying 24% interest. The critical rule: pay off the entire balance before the promo period ends.