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4 Tips for Credit Card Balance Transfers

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Are you paying a high interest rate on your credit card? If so, there may be something you can do about it by making a balance transfer to a card with a lower Annual Percentage Rate (APR).

Depending on the quality of your credit, moving some or all of your balance over to another card could save you hundreds or even thousands of dollars in interest over time. 

So how do you know if a balance transfer is a good idea for you? Here are some tips as you consider your options: 

  • Consider whether there’s a transfer fee. Some financial institutions charge a fee ranging from 3% to 5% of the total balance. This should be taken into account as you make your decision, while also factoring in the lower APR on the card.
  • Check to see if there is an annual fee on the new card. That should also factor into your analysis of whether a move is a smart thing to do.
  • Make more than the minimum payment each month, regardless of the APR. Have a plan for paying off the debt – otherwise, it’s a financial road to nowhere.
  • Work on improving your credit score. Those with good to excellent credit will be able to take advantage of the best balance transfer offers.

For qualified cardholders, Achieva Credit Union is offering an introductory 2.3% APR on balance transfers until January 2023. Also, the card has no annual fee and includes the opportunity to avoid a balance transfer fee. 

You don’t have to be an Achieva member to talk things through with us; you would join the credit union if you decide a transfer to Achieva’s card will work for you.

To learn more visit www.achievacu.com/credit or contact us at 800-593-2274, and we can help you determine if a balance transfer is right for you.

*APR = Annual Percentage Rate. The promotional balance transfer APR of 2.3% will be applied to balance transfers which post to your account through your March 2022 billing cycle. The promotional APR of 2.3% will apply to transferred balances until the January 2023 billing cycle. Following the January 2023 billing cycle, your standard APR of 9.9% to 17.9% for balance transfers, purchases and cash advances will apply based on your creditworthiness. Achieva reserves the right to cancel, extend or otherwise modify promotional rates and terms at any time before a balance transfers posts. Offer open to existing and new cardholders subject to credit approval. Additional limitations, terms and conditions may apply.

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