If you want to use a credit card as an interest-free loan, your best bet is figuring out which credit card offers the perks and benefits you want, along with a lengthy 0% introductory APR offer ...

This is a potential savings of $1,618.74. Before applying for any kind of personal loan, you should see what APR you prequalify for using the loan company's website.

Moreover, if you obtain a personal loan or open a balance transfer credit card with an interest rate higher than your current individual rates, this could cost you more money in the long run.

Our top 4 picks for debt consolidation loan companies Best overall: NetCredit Best for customer service: Lending Tower Best for fast funding: Upgrade Best for a long repayment term: LightStream ...

But if you were to take out a debt consolidation loan with a 17% APR and a two-year repayment term, the new monthly payment would be $445, and you would save $820 in interest.

3. Pre-qualify with a few lenders Debt consolidation lenders offer widely different loan amounts, interest rates and repayment terms, so it’s important to shop around before you commit to a lender.

The average rate on a 24-month personal loan is 11.66%, compared with 21.91% on credit card plans that charge interest, according to the Federal Reserve.