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Recent data from Experian shows how credit card debt varies across generations. Generation-Z carries an average balance of $3,493; Millennials hold $6,961 and Generation-X carries the most at $9,600. Average balances then dip to $6,795 for Baby Boomers and $3,445 for the Silent Generation.
The data reveals that credit card balances have risen faster for Gen-Z and Millennials than for older generations, with their average debts now topping those of Baby Boomers and the Silent Generation. Over the past few years, balances for Gen-X have also jumped sharply. Experian finds that the average Gen-X balance rose by $2,600 in just three years, reaching $9,600 in 2025.
This accelerating debt growth among younger groups, combined with Gen-X’s rising load, suggests that credit reliance is becoming more widespread across age brackets.
For those in the middle generations, choosing a balance transfer credit card with an intro APR may offer an efficient way to reduce debt.
Debt’s on the Rise—Balance Transfer Credit Cards That Can Help
Balance transfer credit cards typically offer promotional 0% APR periods, allowing you to move debt from a high-interest card and gain extra time to pay it down without accruing additional interest.
These cards can be useful tools for eliminating debt, as long as you follow a disciplined repayment plan and pay off the balance before the promotional period ends and interest charges resume.
Here are some of Forbes Advisor’s picks for the best cards for paying off debt, which are scored by weighing card features like introductory APR offers on balance transfers and new purchases, balance transfer fees, rewards earning rates, welcome bonuses and annual fees.
Wells Fargo Reflect® Card
If you’re looking for a long runway to pay off debt, the Wells Fargo Reflect® Card (rates & fees) is a solid pick. It provides a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. A 16.99%, 23.49%, or 28.74% variable APR applies thereafter. Balance transfers made within 120 days qualify for the intro APR and a balance transfer fee of 5%, min $5 applies.
The card charges no annual fee, which is a necessity to keep costs down while paying off debt.
You’ll also get a few handy perks like cellphone protection when you pay your phone bill with the card. While the card doesn’t earn rewards or points, its lengthy intro APR period makes it a useful tool for paying off a balance or covering a large expense without interest piling up.
Citi Double Cash® Card
If your debt is modest or you plan to pay it down quickly—but still want to earn rewards in the interim—the Citi Double Cash® Card strikes the balance. It earns 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off, and earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
When it comes to paying down debt, the $0-annual-fee card offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 17.99% to 27.99%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).
Additionally, new cardholders can earn $200 cash back after spending $1,500 on purchases in the first 6 months of account opening, fulfilled as 20,000 ThankYou® Points. This can provide added value as long as you don’t accumulate additional debt to reach the spending requirement—the card’s intro APR offer only applies to balance transfers, not new purchases.
Discover it® Cash Back
The Discover it® Cash Back is best known for earning 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum when activated. Plus, earn unlimited 1% cash back on all other purchases. But it can also help you chip away at debt.
It offers a 0% introductory APR for 15 months on purchases and eligible balance transfers. Then, a standard rate of 17.99% to 26.99% variable applies. A balance transfer fee of up to 5% of the amount transferred applies. That intro APR period gives you time to tackle existing balances without interest charges piling up.
Plus, Discover will automatically match all the cash back earned at the end of the first year as a cardmember. There’s no minimum spending or maximum rewards. With no annual fee, the Discover it® Cash Back is a practical choice for anyone trying to pay off debt in the short-term and earn a little back on everyday spending in the long-term.
A Smart Move or a Costly Shift? The Math Behind Balance Transfers
A balance transfer may be a smart way to get ahead on credit card debt, but it’s not a free fix. Most cards charge a transfer fee, usually around 3% to 5% of the amount moved. That means if you transfer $5,000, you’ll pay roughly $150 to $250 upfront. Still, the trade-off can be worth it if it helps you avoid months of double-digit interest.
What matters most is what you do during the 0% introductory APR period. Once that window closes, your regular rate kicks in and interest starts accruing again. So, it’s imperative to come up with a plan for making payments against your balance while it is not accumulating interest, rather than using the period as an opportunity to tack on additional charges.
It’s also worth noting that most balance transfer cards are designed for people with good credit—typically a FICO Score of 670 or higher. If your score is lower, paying your bills on time and working to reduce your debt can help improve your score and chances of qualifying for one of these cards in the future.
To see whether a balance transfer makes sense for your situation, use Forbes Advisor’s balance transfer calculator to estimate how much you might save in interest compared to sticking with your current card.
Bottom Line
With credit card balances climbing across nearly every generation, choosing a debt-smart card has become less of a perk and more of a necessity. High interest rates have made revolving debt the costliest it’s been in years, turning even small interest savings into meaningful money in your pocket.
When used strategically, cards offering 0% intro APRs can turn credit from a financial stressor into a pathway toward stability. As always, discipline is paramount—use these cards as a tool and come up with a plan to pay off your balance in full during the promotional period.