A closeup image of three credit cards held in a person’s hands. Using a credit card balance transfer, credit card debt can be consolidated and paid off more easily.

Put simply, a credit card balance transfer is when debt is moved from one account to an account with a lower interest rate. The balance transfer card allows you to repay your debt at a lower interest rate, which means you can make payments directly to your balance faster. You can also save money by reducing the amount of interest you pay back each month.

If you’re dealing with troublesome debt and you’re looking for a way to decrease your balance more easily, a credit card balance transfer with People's Community Federal Credit Union could be the perfect solution. Read on to learn more.

What to Look For in a Balance Transfer Card

Since you’re moving your debt from one account to another, it’s important to look for a credit card with a lower interest rate than your current account. Many cards require a balance transfer fee, but not all of them.

At People's Community Federal Credit Union, we offer balance transfers at lower interest rates than many other credit cards on the market – with low annual interest rates and no balance transfer fees. This sets you off on the right foot, giving you an advantage on repaying your debt and getting back to a debt-free life.

Benefits of a Credit Card Balance Transfer

Is a balance transfer card right for you? The best way to answer this question is to consult with the team at People's Community Federal Credit Union – but, to get you started, here are some of the potential benefits you can gain when you apply for a balance transfer.

Save on interest payments. By choosing a card with a lower interest rate than your existing one, you can make meaningful dents in your principal balance more easily. The VISA Platinum card offered by People's Community Federal Credit Union is perfect for this purpose, among others. It offers a low introductory rate and no transfer fees.
Consolidate debt. You may be able to combine multiple balances on a transfer card and then pay them all back at once. This way, you only have to worry about one interest rate – and repayment date.

Balance Transfer Cards and The Holidays

The holidays are a notoriously expensive time of year. Many people accrue debt as a result of holiday spending, so it’s important to have a plan before you get started. It’s important to set spending limits before you start buying. This will help you keep yourself from overspending.

If you need a little extra help recovering from the holiday season this year, don’t hesitate to contact us. We’re ready and waiting to help you out.

When Should I Transfer My Credit Card Debt?

The most important thing to understand is that a balance transfer card is best used when you have a manageable amount of debt and you aren’t expecting to take on more debt anytime soon. Your individual situation will naturally present unique challenges – which is why we advise you to talk with us and build a plan that suits those challenges.

Count on People's Community Federal Credit Union’s People-First Policies

We’re a member-owned credit union; all of our members have a voice, and there are no stockholders for us to answer to. If you want financial advice from a company that will always act in your best interest, look no further. When you call us, you’ll always get the best financial advice we have to offer and numerous suggestions for resolving your specific situation.

Give us a call to get started.

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