We don’t advise applying for a credit card when you are working to get out of debt, but sometimes there is an offer that might help you get out of debt faster. If you are attempting to pay down your debt but your interest rate is killing you, a credit card without any interest for a certain time or with a lower interest rate might be something worth considering. When you save on interest, you save money over the course of paying off your debt. You can make the same payment now, but more of it will go toward principal balances and less toward interest on your debts.
That’s why we have a thing for the Discover it Cash Credit Card at the moment. It has a lot of perks that might make your debt seem a bit more doable, including the fact that this is one card that offers some serious interest-perks. We’ve already talked about this particular credit card a bit, but we haven’t delved too far into how it can help you pay off your debts a lot faster and for a lot less money. Before we do that, though, we will go over the basics one more time so you know what you are getting into if you decide to make this card your own.
There are several perks associated with the Discover it card, and one of them is the lack of annual fee. You will never pay Discover to carry this card unless you begin paying interest on revolving balances. Another of the best perks of this card is the fact that it is a cash back card with cash that never expires. It can be redeemed as a statement credit any time you have any cash in your reward “jar” and that’s always nice. You will earn 1% cash back on every purchase, but there are a few benefits you can consider at the same time.
Every quarter this card features categories that change. These categories might include anything from gas stations to supermarkets to travel to entertainment to department stores. Any place that is currently being highlighted during any particular quarter offers 5% cash back on all your purchases up to $1,500 per year. If you max those out all four quarters, you’ll earn at least $300 cash back each year. One benefit of this is that it’s usually pretty easy to max out things like gas and groceries, especially if you have a larger family.
One more of our favorite perks includes the fact that you can always use your cash at Amazon checkout, which means you never actually have to pay for anything you buy there if you use your cash back rewards. That’s a nice perk when you think about how much most of us are obsessed with Amazon and having things here at our disposal on a regular basis.
Finally, you’re going to love the fact that Discover allows all new members one of the biggest perks imaginable. You can have your cash back matched 100% at the end of your first year doing business with Discover. If you earn $600 cash back this year, you’ll get another $600 cash from Discover. We don’t hate that at all. Of course, we have other reasons for wanting you to consider this card.
How it Helps You Get Out of Debt
We know that being in credit card debt is a bad situation. You’re working so hard to pay off balances that don’t seem to shrink nearly as much as they should with the amount you’re mailing them ever month, but what are you to do? The only thing you can do at this point in time is watch your hard-earned money go down the drain.
Or is it? No; it’s not. You can apply for this card and buckle down on paying off your debts. Basically, you get to pay off your purchases for six months without paying any interest. That’s nice, but we don’t want you making new purchases and then leaving them on the card for six months. We want you to make no new purchases you cannot pay off in full right now, and we want you to transfer your balances over here and use this card instead.
For 18 full months, you’ll pay no interest. That’s huge. That’s a year and-a-half. That means you can break down your balance and pay it off over the course of 18 months or sooner without spending an additional dime. It helps you save money and get out of debt for what you owe on purchases rather than for what you owe towards interest.
Consider it; it might be the solution you’ve been looking for. At the moment we can find nothing longer than 15 months with no interest, so it also helps that this is the longest interest-free card of the moment, does it not?
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