Credit Union Balance Transfers Explained
Looking for a better way to manage high-interest credit card debt? Apply for a credit union credit card at Shell Western States Federal Credit Union (SWSFCU) and take advantage of competitive rates, no balance transfer fee and flexible card options. A credit union balance transfer could help you consolidate debt, lower your interest payments and make progress toward paying down your balances.
What Is a Credit Card Balance Transfer?
A credit card balance transfer allows you to move debt from one credit card to another. Cardholders typically transfer balances to take advantage of lower interest or better terms, making a transfer a useful debt consolidation strategy.
By moving high-interest debt to a low-interest credit union credit card, more of your payment can go toward reducing your balance rather than covering interest charges. Depending on your balance, current rate and repayment timeline, the result could be significant savings over time.
Benefits of a Credit Union Balance Transfer
Balance transfers to a credit union can be greatly beneficial, especially for those with high-rate credit cards. Credit union cards often offer low introductory APRs compared to many bigger banks, which can save consumers a great deal of money over the life of the balance.
When comparing major banks vs. credit union cards, look beyond the advertised rate and consider factors like transfer fees, ongoing interest rates, annual fees and other costs that can affect your overall savings.
Potential benefits of choosing a credit union balance transfer include:
Low introductory APR: A competitive introductory APR can reduce the interest you pay while you work toward paying down your balance. When comparing offers, check how many monthly billing cycles the introductory APR lasts and what rate will apply once the promotional period ends.
No annual fee: Often the best credit union credit cards for balance transfers offer no annual fee, helping you to maximize your savings.
Low to no balance transfer fee: Some financial institutions charge a percentage of every balance transferred. Choosing a no balance transfer fee credit card from a credit union can save you from incurring that additional cost.
Fixed interest rate: A credit union fixed-rate credit card offers a predictable rate that won’t change, which helps you plan your payments and manage your budget.
Debt consolidation: Moving high-interest balances onto one card can simplify your payments and make your debt easier to manage.
SWSFCU Visa Credit Cards and Balance Transfers
At SWSFCU, our Visa® credit cards offer competitive, fixed interest rates and features designed to help you manage your card with confidence. With no annual fee, no balance transfer fee and a variety of card options to fit your needs, you can choose the card that works best for your unique financial goals.
Platinum Visa
Rates as low as 7.90% APR* for purchases and balance transfers
Credit limit up to $20,000
Gold Visa
Rates as low as 9.90% APR* for purchases and balance transfers
Credit limit up to $10,000
Classic Visa
Rates as low as 10.92% APR* for purchases
Rates as low as 13.92% APR* for balance transfers
Credit limit up to $6,000
Credit Builder Visa
Rates based on creditworthiness
Credit limit up to $500
Not sure which card is right for you? SWSFCU’s loan officers provide personalized assistance to members in Martinez, CA, and throughout Contra Costa County. They can help you compare your options and find a card that fits your financial needs.
Cash Advances: Another Way to Access Funds
Low rates and convenient balance transfers aren’t the only benefits available with an SWSFCU Visa credit card. A cash advance allows you to access funds from your available credit when you need cash, rather than making a traditional credit card purchase.
A big appeal of cash advances is that they can provide additional financial flexibility for unexpected or short-term expenses. Because rates and terms for cash advances may differ from regular purchases and balance transfers, be sure to review your card’s disclosures and understand the costs before using this feature.
How to Apply for a Credit Union Credit Card
Ready to make the most of your credit? Become an SWSFCU member and apply for a Visa credit card online to find the card that works for you. Once you join, you can request a balance transfer to start moving high-interest debt to your new SWSFCU Visa card.
Make the most of your credit with an SWSFCU credit union fixed-rate credit card. Apply today to get started!
Frequently Asked Questions
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A credit card balance transfer moves an existing balance from one credit card to another. Transferring higher-interest debt to a lower-rate card may help you reduce interest costs and make debt consolidation easy.
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A balance transfer may affect your credit score, particularly if you apply for a new credit card to complete the transfer. Applying for new credit can result in a hard inquiry, while changes to your credit utilization – the amount of available credit you’re currently using – can also impact your score. Making payments on time and keeping your balances low compared to your total available credit can help support a healthy credit score over time.
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SWSFCU offers no balance transfer fee credit cards, allowing eligible cardholders to move existing credit card balances without paying a transfer fee.
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Yes, depending on eligibility and your available credit limit, you can transfer eligible credit card debt from a major bank or another financial institution to an SWSFCU Visa credit card.
