To save money and reduce credit card debt, many people opt to transfer their credit card balances to cards with a lower rate.
TRANSFER YOUR BALANCES AND SAVE
With a balance transfer, you move the amount you owe on a credit card (i.e., your balance) to a card with a lower interest rate. If you’re carrying a balance on a credit card that isn’t from Sunward, you could save money while paying off the debt. Depending on the amount you transfer and the difference in your rate, the potential savings could be significant.
NO BALANCE TRANSFER OR ANNUAL FEES
Many banks charge a fee to transfer balances to their credit card: 3% to 5% of the balance is common. For example, if you transferred a $4,000 balance to a card that charges a 3% balance transfer fee, you would pay $120 just for the transaction alone. Sunward does not charge any balance transfer or annual fees on our credit cards, which can help you pay off your credit card balance faster.
WATCH OUT FOR SPIKES
Some “big bank” cards offer a 0% introductory annual percentage rate (APR) on balance transfers for a set period, such as the first 12 months. After that period ends, though, the APR you pay could shoot upward to 18%, 22%, or even more. Sunward’s credit cards offer lower APRs than most big banks.
READY TO MOVE FORWARD?
Learn about our low-rate card options and apply online at slfcu.org/CreditCards. You can transfer a balance to your new Sunward credit card in online banking, by calling 505.293.0500 or 800.947.5328, or by stopping by any branch.
