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Balance Transfers: Reduce and Consolidate Payments With Lower Rates and No Transfer Fees

Feb 1, 2024

Are you feeling the financial strain of high-interest credit cards eating away at your monthly budget? 

There is a better way, a clearer path to paying off credit card debt in a shorter amount of time and with less money. 

How? 

Shift your high-interest credit card balances over to a Georgia United Visa® Credit Card with no transfer fees attached.  

By doing a balance transfer you could reduce your monthly payments and consolidate numerous credit card bills into one combined monthly payment. The result: You can save a fortune on interest. 

Financial experts agree that to save the most and pay off debt quicker when transferring a high-rate credit card balance, you should look for a new card that has no annual fee, low or no balance transfer fees and an extended period of low percentage APR (annual percentage rate). Transferring a balance to a Georgia United Visa® Credit Card hits all three of those recommendations. 

“All of our variable credit card interest rates are capped, making Georgia United a competitive option for completing a balance transfer at any time,” said Georgia United Director of Electronic Solutions Katie Kosmala. “Additionally, unlike many institutions, Georgia United offers this balance transfer service at no charge, making it even more enticing to someone whose goal is to save money and get out of debt faster.” 

How can a balance transfer help reduce debt faster? 

The significant reduction in monthly interest payments gives you a chance, budget permitting, to put the extra funds towards the principal, which accelerates your balance payoff. 

“This will allow you to pay off your balance quicker, leading you one step closer to financial freedom,” said Kosmala. “You will immediately begin seeing your cost-savings grow.”  

What’s the catch? 

There really is not one when it comes to transferring balances to a Georgia United Visa® Credit Card, however, take note that the low, 1.99%* APR (annual percentage rate) is for a limited time. That The introductory rate is for the first 12 billing cycles after the balance transfer is completed.  

“After this introductory period, the member’s APR on these balance transfers will be a variable rate based on their credit history and underwriting factors,” said Kosmala. “Members may complete balance transfers after this introductory period, of course, and the APR on the balance will default to their variable rate.” 

If you are curious – or skeptical of – how much can be saved by completing a balance transfer, try our online calculator, a convenient tool that can help you understand how a balance transfer could positively impact your finances.  “As always, Georgia United team members are available to assist with reviewing the results and may be able to provide valuable input based on a review of the new or existing member’s account,” said Kosmala.  

If you are not yet a Georgia United member, a team member can help you apply for membership as well and you can apply online or visit a branch location.  

Transferring your balance from a high interest rate credit card is a breeze once your Georgia United Visa® Credit Card account is open. Log into Online Banking or the Mobile App and click on ‘Services’ from the main menu, then select ‘Balance Transfer’ to submit your request. You can also request a balance transfer by visiting a branch location. 

What happens next? 

Georgia United’s E-Solutions team ensures that the member has enough available credit on their loan to cover the transfer amount that was requested. Once confirmed, we will move forward with advancing the member’s Georgia United loan with the requested balance transfer and send a check to pay off the balance to the other financial institution. 

Since balance transfer checks those checks are sent via US Postal Mail, it might take a couple of weeks for the payment to be processed on the old high interest rate card you are paying off; therefore, it’s best practice to continue to make scheduled payments during the interim to avoid incurring late fees or interest accrual. 

For more information, visit gucu.org/balancetransfer.  

 

*Introductory 1.99% Annual Percentage Rate (APR) is available on purchases and balance transfers for 12 billing cycles. Balance transfers must occur within the first three billing cycles of account opening to qualify for the introductory rate. Balance transfers incur interest charges from the transaction date. After introductory period, your APR on purchases and balance transfers will be a variable rate and may change based on Prime Rate, as of 8/27/23, rates are 13.24% to 22.99% for the Platinum Visa Credit Card and 15.24% to 22.99% for the Cash Back Visa Signature Card. Qualified rates vary based on credit history and underwriting factors. Not all applicants will qualify. To avoid paying interest on purchases, you must pay the entire balance by the due date, including transferred balances under this promotion. For other fees that may apply, call 888.493.4328 or see our credit card disclosure