Streamline your finances: Using low-interest credit cards to consolidate debt

How can you get your card strategy back under control? One solution to consider is to transfer and consolidate those balances under a low-interest or 0% introductory annual percentage rate (APR) credit card. Debt consolidation through a balance transfer isn’t about financial rescue; it’s about smart optimization. Transferring balances from high-interest cards to one with a significantly lower rate can reduce how much interest you pay over time, allowing more of your payments to go directly toward the principal. The result: potentially faster debt elimination and lower overall costs, all while keeping your cash flow intact.

For example, if you're carrying several balances with interest rates over 20%, you might be paying thousands of dollars a year in finance charges alone. By moving those balances to a card with a 0% introductory APR for 12 to 18 months, you essentially buy time to pay down that debt—interest-free. You’ll maintain liquidity while improving your credit profile and protecting your future borrowing power.

In addition to financial savings, there’s the benefit of simplicity. Instead of juggling five or six payment dates, you’ll just have one, reducing the risk of missed payments and late fees. It also frees up valuable time and mental bandwidth—something that’s particularly important if you’re a high-net-worth individual who manages a complex schedule of personal and professional commitments and financial instruments.

Moreover, if you have a strong credit profile, you’re likely to be eligible for more favorable balance transfer offers. These can include extended interest-free periods, low transfer fees and even rewards programs that let you keep earning perks as you more effectively pay down your debt.

It’s also worth noting that using a balance transfer to consolidate some cards doesn’t mean you need to close your other accounts. In fact, keeping those cards open (without running up new charges) can help improve your credit utilization ratio—a key factor in maintaining a high credit score.

Remember: consolidating your debt through low-interest credit cards isn’t really a sign of hardship—it’s a tool for financial efficiency. If you understand the value of money, time and control, if you’re looking to simplify your financial life, reduce interest expenses and optimize your credit management strategy—this can be a targeted, strategic move worth considering.

If you'd like to find the right credit card to help you manage your debt, set up an appointment to visit a local branch and speak to one of our bankers. They can give you personalized recommendations based on your goals and financial situation.