If you have high-interest credit cards or personal loans at a variety of financial institutions, consider transferring your balances to a credit card with a lower rate.
By consolidating high-interest debt to a lower rate, you can pay off your balance quicker and save on finance charges. Plus, a Balance Transfer helps you combine multiple payments into one — so you just have to remember one due date, not several.
The CEFCU® Advantage
Many lenders charge a Balance Transfer fee that can cost up to 6 percent of the transferred amount, but CEFCU charges NO Balance Transfer or annual fee. You can transfer your balances to a CEFCU Mastercard® Credit Card with no up-front cost and start saving on interest immediately.
When you submit a request for a Balance Transfer, CEFCU will review your Credit Card account to confirm you have enough available credit to accommodate the new balance. If you do not have enough, you can apply to have your credit line increased at cefcu.com/apply.
Balance Transfers can be approved the same day the request is received; however, if you submit a Balance Transfer request immediately after opening a new Credit Card account, there will be a 10-day delay in processing the Balance Transfer.
For a limited time, take advantage of CEFCU’s special Balance Transfer promotion.
Balance Transfer Facts
Credit rating: To be approved, you need to have an active CEFCU Credit Card account in good standing, and it must have the available credit to accommodate the balance you want to transfer. A Balance Transfer will not fix a poor credit rating.
Inventory: A Balance Transfer could help you keep better track of how much you owe, especially if you have several credit cards with balances.
Transfer vs. payoff: Just because you transfer your balance doesn’t mean it is paid in full. You will have to make payments on the new card.
New credit: A new credit card may cause your credit score to go down slightly. However, if you are getting a better rate and can pay off your balances faster, it can help your score more than the negative impact.
Balance Transfer Tips
- Be sure there are no hidden or annual fees.
- Avoid adding new purchases.
- Find out how payments are allocated — avoid an unexpected rise in payments.
- Avoid applying for another card when the introductory rate ends.