• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Credit Card DebtHow Much Does A Credit Card Cost?
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

How Much Does A Credit Card Cost?

January 18, 2013 by National Debt Relief

Long line of credit cards (generic)If you’re new to the world of credit cards you may be wondering what they actually cost. Last I read there were about 1000 different credit cards available here in the US so it can be confusing. There are 0% interest balance transfer cards, low interest credit cards, cards with rewards, no-frills cards and plenty of other types.

0% interest cards

Let’s start by taking a look at those 0% interest credit cards. Those I‘ve ben able to find are all 0% interest balance transfer cards. In other words, they’re designed to get you to transfer your balance or balances from other credit cards to theirs. The major incentive is that if you do so you will not have to pay any interest for a period of time ranging from 6 to 18 months, depending on the card you choose. Let’s say that you owe $5,000 on two credit cards that have an average APR of 19%. If you were to transfer the balances to a card where you’d be required to pay no interest for six months, you would have six months to pay down that $5,000 balance before you would need to pay a single cent of interest.

If you don’t pay off the entire balance

If you don’t pay off your entire balance before your promotional period ends, you’d start paying interest at the rate of 10.99% – 20.99%, variable. Assuming that you are able to pay your balance down to $3000 and your interest rate went to 18% APR, your card would cost you about $40 a month.

How to keep from paying anything

While a credit card can be a very helpful tool, the important thing is to pay off your balance at the end of each month. If you do this, your interest rate will be irrelevant because you won’t be paying any interest at all. In other words, don’t buy that $100 coat unless you know you will have $100 to pay off that month’s statement.

Make sure there’s no annual fee

If you want to have a “free” credit card, make sure you don’t choose one that has an annual fee. I saw a survey recently that about one in four credit cards requires an annual fee of around $50. However, in many cases their cardholders are not really required to pay the $50.

The road to debt hell

No matter which credit card you choose and no matter its interest rate or rewards, the important thing is to not carry a balance forward from one month to the next. If you’re not careful, this can easily turn into debt hell, especially if you try to get by paying just the minimum monthly payment required. For example, let’s suppose you let your credit card debt accumulate to a total of $3,000 and your minimum monthly payment was $100. In this case, it would take you 40 months to pay off that debt – assuming you added no new charges to the card.

Be careful. Be very careful

The credit card companies have become very adept at tempting you with offers of cash back, frequent flyer miles and other rewards. While these offers can seem great, you need to weigh what you have to spend to earn them and whether you will be able pay off your balance each month.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"Review"

Agent was very courteous and to the point and helped me get my debt settlement started. I would highly recommend them at this point in my journey. I look forward to resolving all of my debt. It definitely takes a lot of stress off.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Jim Clements
ConsumerAffairs Reviews

Latest Credit Card Debt Posts

  • Making Your Credit Card the Enemy: How to Fight Credit Card Debt
  • 4 Habits That Will Keep You In A Credit Card Debt Pit
  • 4 Debt Management Money Saving Experts To Make Sure You Follow
  • What Is Credit Card Churning And Should I Try It?
  • Help! I Am 5 Years From Retiring With Huge Credit Card Debt!
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Bad Credit
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer