Save with no-fee balance transfers

The post-holiday credit card blues are upon us. Whether you’re paying the debt off card by card, or tackling the higher debt first, a balance transfer may be your next move. A balance transfer is when you move outstanding credit card balances from one credit card to another. Balance transfers can be a good option for those who have high-interest debt they would like to pay off with a better interest rate. As the New Year rolls in credit card companies send offers touting balance transfers; often times those same offers are littered with gimmicks and fine print. Before transfering a credit card balance to another credit card or company, educate yourself on the process so you are able to make an informed decision that will benefit you in the long run. 

How much does a balance transfer cost and what is transfer limit?
Often there is a fee ranging from 2 to 5 percent of the balance transferred and is sometimes capped when you get to a certain dollar amount. Make sure to read the fine print to determine what applicable fees come with the balance transfer.  At TruStone Financial, our credit card program offers a no-hassle, no-fee balance transfer for the first 30 days and 2 percent thereafter. All three Visa Credit Cards that are offered by TruStone Financial have no annual fees and rewards programs.

Does the promotional interest rate apply to new purchases?
Not always. Just because you transfer your balance to a card with a zero percent interest rate now, doesn’t mean your new purchases on the card are interest-free too. Some credit cards only apply the low-interest rate to the transferred balance not to new purchases. However, some cards do apply the low-rate to new purchases but only for a limited amount of time. Make sure to always read and understand the fine print. 

How does it affect my credit score?
By using a balance transfer to help you pay debt, you can improve your credit score. Increasing your available credit and reducing your overall debt will have a positive effect on your credit score. However, if you close your first account when it’s paid off and your new balance is close to your credit limit you might see your credit score decrease until the balance is paid down.

Save today with a no fee balance transfer from TruStone Financial. Your neighborhood credit union offers rates as low as 9.15% APR* on our Visa® credit cards. For more information, visit your local branch or call us at 800.862.1998.

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*APR=Annual Percentage Rate. View credit card terms and conditions.