Benefits of Transferring Your Balance
Are you continually paying on high interest rate credit cards and not seeing your balances go down much? Higher interest can slow you down when it comes to paying off your debts. Consider transferring high interest balances to a lower interest card and eliminate debt faster. Here’s how it can benefit you.
By moving balances to a lower interest card, you reduce the amount of interest you pay, which saves money on finance charges and can lower your monthly payments.
Pay Balances Faster
Apply the money you save on interest to your new payment. Do this consistently, and you could see your balances decrease at a faster rate.
Simplify Your Finances
It’s also easier to keep track of one payment and balance, instead of managing multiple accounts.
Things to Consider
When choosing a low-rate credit card, look out for fees and terms that may end up costing you more than you think. Remember, most cards with introductory balance transfer offers. Often, new purchases don’t have the introductory rate.
If you want a low-rate, low-fee card, check out TFCU’s Visa Platinum card and compare it’s features with other cards.