While a credit card can be used for debt consolidation, typically interest rates are higher on a credit card than on other types of loans used for the purpose such as home equity loans. However, transferring credit card balances to a new card using a zero APR balance transfer option can help to consolidate credit card balances into one payment and reduce interest. The Discover it Card currently offers zero APR on balance transfers for up to 14 months, as does the Capital One Platinum Prestige card. The Citi Diamond Preferred and Simplicity cards are offering zero APR on balance transfers for 18 months. All of these cards can be applied for online through the banks' websites.
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