Clearing The Air On Credit Card Balance Transfers….Benefit or Waste of Time?

Odds are you have probably received a mailing or two talking about credit card balance transfers.  If you’re anything like us, a lot of those mailings end up in your junk mail pile.  Some of them should stay there, but others could truly put you in a better financial situation regarding credit card debt.  Here are a couple of reasons you should look twice at credit card balance transfers, especially when they are with your local credit union, like Honor!

• Consolidate Your Debt – If you are like a large number of people, there is probably more than one credit card in your wallet that has a balance on it.  This is where doing a balance transfer to pull all your credit card debt into one card at your local credit union can really help you.  You will save time when it comes to making your payments each month because you will have a one stop shop, and you will be able to make a plan to pay off your debt faster when it is all under one roof!  At the end of the day, the best loan is a paid off loan and a balance transfer can get you set on that path!
• Save on interest – This is where reading the fine print on some of those flashy pieces of mail you get regarding balance transfers comes into play.  Not every one of them will truly save you money.  Look for balance transfers that offer a reasonable lower interest rate, like offers from your local credit union!  For example, Honor CU can help you look at all of your credit card debt and then tell you exactly how much we can save you in interest if you were to do a balance transfer to one of our Visa’s!
• Local Member Service – Have you ever had to call the 1-800 number to sort out the problem with XYZ credit card that ends up connecting you to a huge call center that’s not even in this country?!  If you have then you know how frustrating this can be, and if you have multiple cards that means multiple 1-800 numbers and call centers.  Balance transfers to your local credit union allow you to call one number or stop in one local branch and talk to a real person about whatever your issue or question may be.

So overall, you can see there are numerous benefits to a balance transfer, when you choose the right one.  Do your homework and make sure that whatever offer you select will actually put you in a better financial position.  And when in doubt, just pop in to your local Honor branch or give us a call and we can take a look and help you evaluate all of your options with the ultimate goal of saving you the most money and helping you achieve financial success!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu!  

Listen to Honor' Scott and 97.5 Y-Country's Wild Bill talk about the benefits of balance transfers on Mason Jar Monday!