Is a Balance Transfer right for me?

A balance transfer is a type of credit card transaction in which debt is moved from one account to another. Why transfer your debt? Because moving high-interest debt to a credit card with a low APR can be a big money-saver.

Transferring your high credit card balances or other high interest debt to a lower-rate card can save you excessive high-interest payments! The biggest factor in determining if you should do a balance transfer is your plan to get out of debt. To maximize the advantage of a balance transfer, make a plan to pay down your debt and try not to incur any new debt. If the balance transfer offer includes a promotional period with a special rate for a limited time*,  make sure to try to pay down as much of your debt as possible on that card during the low interest period. This way you pay more of your hard-earned money toward the debt and not the interest.

There are some pros and cons about taking advantage of a balance transfer, but most agree in the long run, it can be a money saving tool. A balance transfer may not make sense for everyone, but utilized correctly it can be a way to save a lot of interest and get you out of debt faster.

Calculate your interest savings on a balance transfer to see if it is right for you.

https://cucalc.org/025451/CardOptimizer3.php

*Right now, through June 30, 2021, we have a special balance transfer promo with rates as low as 1.99% APR for 12 months based on credit. The standard APR after the promotional period is as low as 7.99% APR. And there are no balance transfer fees. Learn More.

 

Common Questions:

How do I begin a balance transfer?

It’s simple, just contact us today or apply online for your Firefighters & Company FCU VISA card. We even offer a balance transfer calculator on our website so you can see how much you will save and help you decide if a balance transfer makes sense for you!

https://www.financial-net.com/ffcocu/lending/InternetLoans

https://cucalc.org/025451/CardOptimizer3.php

 

Will it hurt my credit to do a balance transfer?

Transferring your balance will not hurt your credit score directly, but applying for a new card could affect your credit. A balance transfer could affect three of the five factors that determine your score, such as New Credit, Length of Credit History, and Credit Utilization (how much of your available credit you are using). Also, a hard inquiry on your credit will be done anytime credit is pulled.

Multiple inquiries for new credit in a short time can hurt your score. The new credit card for the balance transfer can affect the average age of accounts which can affect the length of credit history. Adding a new credit card can affect your credit utilization. Experts say aim to use less than 30% of your available credit on each card and overall. Depending on your individual situation, your credit utilization could improve with a balance transfer to a new card.

 

What happens to my old credit card?

When your balance transfer is complete, your old card isn’t automatically closed. You may be required to close it to qualify for the VISA depending on your total outstanding unsecured debt, etc. Closing a credit card could negatively affect credit factors such as credit utilization and credit length of history.

If you are making a debt reduction plan, a balance transfer can be a very smart move in the long run. If you have questions if a credit card balance transfer is right for you, contact us at 937-228-1614.

Our Firefighters & Company VISA has a great low rate, rewards (choose to redeem your points for travel, merchandise or cash) no hidden fees and even a “Secure Lock App” option to protect your card! You can even pay your VISA payment at the credit union or online.

Limited Time VISA Credit Card Offer!
Balance transfer rate as low as 1.99% APR!
No Balance Transfer Fees!
Extended to June 30, 2021
 

Apply Now Balance Transfer Calculator More InfoVISA Disclosure

Click above to apply, then select "personal loan" for regular VISA or "other secured loan" for Secured VISA and complete the application. Please note "VISA" in the notes section on the online application.  

APR=Annual Percentage Rate. The balance transfer rate as low as 1.99% APR (up to 7.99% APR) based on creditworthiness and other factors. Balance transfer rate is not valid on purchases or cash advances. New purchases and cash advances are subject to current rates. Balance transfer rate is for new money only and does not apply to FFCOCU loans (including existing FFCOCU VISA balances) currently financed with the credit union. The as low as 1.99% APR (up to 7.99% APR) is valid for 12 months from the time the balance transfer was posted to your account within the promotional period. Offer ends June 30, 2021 and is subject to change. Any balance transfer request received after June 30, 2021 will be subject to the standard APR assigned based on credit. After 12 months from the balance transfer date, your rate will revert back to the standard APR based on credit worthiness. Eligibility and offer rate may vary based on creditworthiness. Balance transfers are posted as cash advances and do not qualify for a grace period. Balance transfers must be processed by a FFCOCU staff member to qualify for balance transfer rate. Please continue to pay all minimums payments required on any balance transfer requests until the transaction is posted to your account. Balance transfers can take up to three weeks to complete. Balance transfers will not be completed if transfer information is incomplete or invalid. Balance transfers are only valid up to the assigned limit available at the time of transfer. Balance transfers are not valid on share secured VISAs. Minimum of $100 balance transfer. If your account is past due 30 days, your balance transfer rate will revert back to your standard APR based on creditworthiness. If your account is past due 90 days, your balance transfer rate will revert to the penalty rate. Not all applicants will qualify. Offer subject to change at any time. For complete details, contact the credit union.