Factors to Consider When Transferring a Credit Card Balance

Millions of Americans are currently struggling with out-of-control credit card debt. For some of us, a balance transfer may be the best option to start tackling our debt. A balance transfer moves your high-interest credit card debt to a credit card with a lower interest rate, saving you money. Transferring your credit card balances gives you the chance to consolidate your debt onto a single card with a lower interest rate. Consider these factors to determine if a balance transfer is the right decision for your situation.


Pay attention to the APR. When exploring balance transfer options, start your search for cards that are specifically advertised as balance transfer cards since they typically have lower promotional interest rates. This can help you save on interest charges during the introductory period.

Know the terms. Read the fine print carefully. Be aware of any fees associated with the transfer, such as a balance transfer fee, and understand the duration of the promotional interest rate. Is it a limited-time offer, and what happens after the introductory period ends?

Explore cards with no balance transfer fee. Some credit cards offer no balance transfer fees as part of their promotional offers. Our Rate Preferred Mastercard and Rewards Preferred Mastercard never have annual or balance transfer fees.

Don’t skip payments on your old cards. It may take a few days or weeks for the balance transfer to process. Keep making payments on your existing cards to avoid late fees or penalties. It’s important to keep your spending plan up to date during this process.

Be cautious when charging new purchases. If you’re using the same card for both balance transfers and new purchases, be aware that the zero percent introductory APR typically applies only to balance transfers. Separate your spending by using a different card for new purchases to avoid unexpected interest charges.

Make your payments on time. Late payments can severely impact your credit score. Ensure that you make timely payments on both the transferred balance and any new charges.


A balance transfer can be an excellent option to help you save on interest and manage your debt more effectively. To discuss all your options regarding tackling credit card debt, make an appointment with a Member Relationship Specialist. We’re here to help support you in any way we can.