Balance Transfer Q&A
Understand how a credit card balance transfer works to help decide if it’s the right choice for your needs.
If you’re resolved to say goodbye to credit card debt this year, a balance transfer may be right for you. Read our Q&As to learn more about the process and determine your next steps.
What Is a Balance Transfer?
A balance transfer is when you pay off existing credit cards by transferring the balance to another credit card. This can benefit you if the new card has a lower rate, which can potentially save you hundreds, even thousands, of dollars in interest. Some credit cards offer special introductory or promotional balance transfer rates that can help you save even more money.
How Does a Balance Transfer Work?
Click here for an example balance transfer and the rates a member would pay during and after a balance transfer promotion. An individual’s promotional and standard rate are based on their eligibility and creditworthiness.
What Would You Do with Extra Cash?
The savings from a balance transfer can free up some extra money in your monthly budget. Take a weekend getaway, pay off bills, put a little away in savings – the choice is yours!
Ready to Transfer & Save?
Explore microchip and contactless payment technologies available with UW Credit Union debit and credit cards.