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.

 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!


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, no balance transfer 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.


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.