Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

A Great Credit Card for Paying Down Your Debt

August 11, 2016 at 12:00 AM

If you are struggling to make a dent in a large credit card balance, and you have a strong FICO score, I want you to look into what could possibly be the ticket to finally being able to pay down your balance. As reported by NextAdvisor, the Citi Simplicity Card offers 21 months of no interest payments on balance transfers or new purchases. That’s nearly two years to make progress paying down your credit card debt.

I am also pleased to see there is no annual fee. And, somewhat amazingly, Citibank says it will never charge a late fee. While I am always going to insist that everyone can-and should-pay their bill on time, it’s nice to know there’s no nasty fee if you trip up. (And keep in mind, that late payments will negatively impact your credit score, so don’t you ever think there’s no price to pay for late payments.)

The one cost that you will pay upfront is to transfer balances over to this card. And that charge is 3% of the amount you transfer. But paying $300 for the opportunity to pay off a $10,000 balance with the interest ticker turned off is still worth it as long as you are serious about getting the debt paid off.

So before you pay for the transfer, I want you to take a serious look at your monthly spending with an eye on freeing up enough money to get your balance paid off in the 21 months. If you have a $5,000 balance you will need about $240 a month. With a $10,000 balance about $475 a month will polish off the balance before interest starts being charged in month 22.

Don’t tell me you don’t have options. Everyone can figure out a way to save. Scale back the data plan on your phone, cut the cable, gift friends and family your time (babysitting, gardening, handling a few weekends of kid-shuttling to games/activities). You get the idea. Strategic nips, tucks and cuts can quickly add up to hundreds of dollars a month in savings. And I can’t think of a better motivation than to know you will be out of credit card debt in 21 months.

Tag Cloud

HDHP's are not badbetter loan ratesIRA contribution gifted moneyprovider of financial supportgift up to 14,000iffy incomeinitial tax break healthy youresponsibleGiftshealthy teethjuggle multiple financial goalsanticipated salaryidentity theftmortgage interest tax deductionmortgageSuze Ormanno private loanphysical healthfile taxes quicklybreakdown projected monthly housing costkid borrow firstmake saving a pleasurewomen outlive mensuccesstax ID theftrising home pricesDurable Power of Attorney for Health CareSuze Orman spouse Kathy Traviscostly legal 8 month emergency fundpaid vacation19 years cash flow problemworkaholicMinor Children four steps to retirement savings interest on student loanstraditional vs roth 401(k)verify retirement plan with HR or plan sponsorloved ones dependent on incomeretirement accountsshop online guaranteed level term policy2015 record year car salesresponsible with moneyco-sign standard ratequick closinghome loan credit score below 740 full retirement agelower rateGoodbyeraise your deductibleARMadd teenemployer funding HSAemployer offered life insuranceearn allowance20 year level term pay credit debt ASAPFHA loan feesStudent Debtschedule vacationlower overall drug costdear suzepeace of mind3 savings buckets Sandy Hook Elementary Schoolsidelinedborrowing plan loan no longer than 36monthsmarriage financial responsibilityemergency fund retirement planinsurance mistakeUrbana-Champaignletter to suzehigh credit score discountbuy down HSA tax savingsFederal Reservecredit management4 Must Have Documents Suze Orman Scholarship10 year repayment plan family save at least $100 monthlyTeachhigher insurance deductiblecut monthly cable billsave moneydon't charge a pennystudent loan repayment estimatorno retirement funds for down paymentRetirement Savingsidentity fraudmax employee matchno apologybuying a carcut monthly cellular billadjust allocations credit cardsecure creditBankdon't blow tax refundget health insuranceavoid burn outcommunity college2016 adjust estimated taxrepay student loansMust Have DocumentsYoung Adult Emergency Savingspreexisting condition not coveredeliminate credit card debtVital Documentsnot enough life insuranceFinancial Cliffmortgage brokerbalance transfer increase retirement contribution rateFinancial Gift Cliffgraduationfile asapSelfishGay Rightstake actionEric Dodge commitcost of capitalization calculatorFinancial SystemLong Term Care Insurance prescription tierknow before you oweincrease retirement savingssame-sex marriageno sneaking in feespaying for collegeHoliday SeasonSuze changed my lifevalentines dayFederal Funds Ratestudent loan debtInflation Benefitbig results SatisfyingThe Suze Orman ShowEmployer Matched ContributionSave Us Moneynew carWashingtonChanging Liveslearn good financial choicesrefundFinancial Awareness Video Festivalfinancial concernLTCi ASAPFundsStock Investmentslong term goalETF'sescrowlower premiumMoneylow-cost index mutual fundpay down car loanbe good exampleemergency fund savingsswitch to spouse coveragerequired disclosurelow mileage discountpremiumbe true to yourselfsavings pleasuremultiple lendersMotherfinancing car Mass MutualCommunication Skills closing costs 2% of loanswitch to roth 401(k)real estate mistakesraise insurance deductiblebudgetFRAbetter termshealthy retirement blood pressureroth irabad decisions!00% tuition paiddeath benefit needs for familyfinancial fearsprotect dependent financial aidFinal Goodbyehome buying mistakescollege graduatePrime Rate Rise 2015Auto Savings credit reportretain separate credit cardsBeautyspeak new goaldental insurance 20% down payment avoid feesAARPfinancial independenceat worst still pay 75% benefitdon't ignore open enrollment3 bucket approach8 Rulesdoctor no longer in network3% debt transferred setup automatic savings withdrawspecial saving accountpresident Obamacan you afford itultimate compounding giftSuze approvedpublic service career student loan repayment wives should be involved in retirementDeath Benefit20% down paymentNew York Lifecar buying mistakesproperty taxnear historic lowssmall changes Gift20 to 25 times annual incomeUS Tax CodePhyllis Shelton expert long-term caremoney vowsnegotiate points with bank or sellerallowance taskno life insurance financially irresponsiblemarriage inequalitypermanent life insurancedepreciating asset ritual scheduledebt free15-year refinance dealJose RodriguezFree Debt Eliminatorconfidentjanuary billsorigination feespoint cost offset by savingsbill paying prioritiesStudent Debt Crisisinsuranceis it necessary?summer job match income worst financial mistakehigh deductible health care planincreased auto insurance premiumgift grandchild IRA contributionno splurge rent vs buyclosing feesbuy home you can affordLTC shoppingdoctors in networkoverspend on giftsForbes Top 10fraudulent returnprotect and provide for minor child mobile appdental discount planone credit cardrefinancemoney-aware childdo not pay allowance for good behaviorautomatic paymentone annual feeAdequate Auto and Home InsuranceHeartWall Streetdental savings planPrime Rate IncreaseSandy Hook Promisepercentage men widowed 75-84HDHP's are good for youstay positiveno interestFICO credit score credit card mortgagelong-term care Mortgage Credit Availability IndexCollege of Veterinary Medicineage appropriate goalsteens and moneyFinancialCory Bookerhigh down paymentloan big picture home related tax break bonus studentmaintain standard of livingmax benefit coveredmax employer matched 401(k) contributionaffordable premiumFinancial Power of AttorneyNewtownplanpush yourself to save more for retirementPBS SpecialVeterinary Schoolpublic service loan forgiveness programCOLA20% equitycalculate dependents annual income needsraise deductiblesdon't defer interest paymentslong term caresocial security not going brokeoverspend on dining outmeet monthly home buying seasondon't cover cosmetic dentistrycar loanstudent loan repayment planNew american Dream pay off debtCPI-Whome buying budgetlousy investmentloan necessitylive below your meansreduce interest ratelow credit scorePost-Divorcepay high rate off firstgay marriage ban end Florida Richheartacheovercome financial fearsreplace permanent life insurance with termalternative FICO scoreautomate student loan paymentsAlarm Clockchildren's bookdangerous retirement planchildren under 18Influential CelebritySpending15 year mortgageadult childrenLong Term Care premiumsreduce monthly paymentSchool of Social WorkHDHP/HSAonly offered while employed high FICO scorehealthy gumsenjoy saving not gender specific Revocable Living Trustcharges on credit cardunder 18 financial giftincrease emergency savingsbuy homeemotional stakesget over life insurance phobiaHigh FICO Score = Better RateSwap Older Annuities or Life Insurance 40% toward financial goalholiday spendingterm insurancezero rate transfer dealsPersonal Financeallowancewaive home inspection bidCommencementnon conventional routeno waiting periodRoth 401(k)life insurance name trust as beneficiarycontribution kids schedule paymentsFinancial Advicepay down student loan debtleave a legacyadvice for college graduatesbecome member no fee transferCNBC6 month waiting periodyours, mine & ourshome budget after tax costuniversal college accessAccuQuote.commonthly dental insurance premiumbest interest ratesMoney-Savingcollege studentprotect loved ones Student Loanbuying car 2016life insuranceburn outAshley Springerdon't use allowance as bribesocial worksecured cardSuze Orman's Money Warsborrow each year, capitalization is going to pile up title insuranceBaby Boomersschool teach your child good money habitsreduce withholding401(k) Contributions740 credit scoreCivil Rightsspring summer Retirement Incomeconfident of solutionmortgage disclosuredo you need life insuranceget the most out of social security taxesignore 6 month grace period create new truthfinancial argumentsSuze is my biggest mentorcompare monthly expensesreferrals teach importance of helping otherspurely financial standpointdon't buy wantspositivelower mortgage interestgift not loanhigh premiumsaffordabilityFinancial AwarenessdebtrolloverPay Off Debt Before RetirementLong Term Care shoppingFixed Rate Mortgageinterest capitalizationdangerous money seasonretirementearn more on savingsGracedream schoolbest loan deal strained relationshipinsurance yearly reviewfederal student loan deferment Americans don't use all paid vacation timeautomatic withdraw to savings paid in fulllowest cost fund optionFederal Stafford loansave home insurancepay more than minimumverify wellness screening and programsCombo Insurance ProductsARM Cautionvalue moneygrandchild summer job IRA contributionapproved medical 100% tax-freefocus on new truth Holidaylow down paymentcouple financesget credit cardunexpected expensestudent loan repaymentForbesdebit carddon't derail retirement savingsInfluentialsCredit Card Rate Increasetax refund fraudBankruptcywomen long term carereal estate marketno late fee is it kind?would you decline a bonusLifestyleback door Roth IRALTCthree year car loanage appropriate choreeight month living expense derailed planno negativityhousing marketcredit unionwrite new goalaccelerate dental workCredit scoreCiti Simplicity Card shorter payback periodInvest for savings growthHigh Credit Score50 over 50store credit cards8 month safety netkeep a schedule10% donate to charitymanage student loanshome ownershiptelevision hostback-to-school budget3 step financial road mapstretch out haircut appointmentsdon't spend focus on needscar leasingoverspend on nights outRevocable TrustCredit Card Interest Rateno private loans30 year mortgage financial goal phraselong-term care premiumsincentives for health care wellness screeningpay 100% cashBill and Pennypercentage of women widowed 75-84Telepicturescompare provider pricing2017 Taxesdon't extend mortgage Financial EducatorMost Influential Celebrities Listis it true? women live longerSelectQuote.comHow To Build CreditHDHP FICO Scoresocial security never insolventexercise reguarlyonly refinance if it paysdeath benefit 20 to 25 times annual incomeface your financial fearFICO at least 720itemized deductionis it necessaryFederal PLUS loanraising mortgage rates loan is gifthigher monthly paymentcomparison shoppingmonthly benefit cnbc alarm clockmental healthcostly insurance mistakeHDHP'stoo expensive schoolExhibitionsocial securityUniversity of Floridastaycationpay interest while in schoolHoliday Shoppingcommunity bankunsubsidized Stafford loanteensGay Couplesstandard deduction always use all paid time offwomen longer life spanOverspendingbetter loan dealsConventional loan PMIhighest possible benefitForeclosureconsider roth 401(k)One Wallet At A TimeInterestFiscal ResponsibilityAARP Social security calculatorFinancial Solutions For Yourequire chore in exchange for allowanceannual cost of living adjustmentMoney MarketEasy Life Insurance LoveMarlo Thomas2016 adjust withholdingUniversity of IllinoisStaffords this year have a fixed 6.8% interest ratebad retirement planningsame sex marriage band end Floridaclosing disclosurecredit utilization rateno tax on withdrawlsCD'sdon't do five year car loanretirment savingsraising interest ratesWarner Bros Television Grouphealthy aging lower interest ratecontribute household expenses be kind to yourselfAmy LacyetLegal Guardianlet them have 50% controlshort term goal 2015 financial roadmapsavingsgrandparent IRA contribution 401Kterm life insurancepowerfulprotect your familyhealthy retirement weightopen enrollment review Will

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel