Balance transfers can be tricky. You never know if a balance transfer will end up costing you more money or improve your financial situation in the long run. At Members Exchange, we’re dedicated to helping you get on top of your financial situation, so we designed our program with the best credit card in mind to fit your needs.
What is a Balance Transfer?
A balance transfer is a transaction that lets you move debt from one credit card to another. It can be a smart way to consolidate your debt into one place, reducing your incurring interest rate from a high-interest card to a low-interest one. Most balance transfer credit cards will offer 0% interest rates over a particular time period, so you can pay your actual balance down before getting slammed with high-interest rates.
Balance transfers can be an ideal way to pay off more debt over the course of several months; however, there can be transfer fees associated with the transaction that range from 3%-5% of the amount transferred. Secondly, if you sign up for a balance card with a low limit, and your amount transferred is higher, you may not be able to transfer your full balance.
Do Balance Transfers Affect Your Credit Score?
Initiating a balance transfer will typically not affect your credit score. There are several factors however that can lower your score when you open a new line of credit, like the average age of credit or a hard inquiry. Take this example from CreditCards.com.
“Let’s say you have two credit accounts: a student loan you’ve had for four or five years and a credit card you’ve had for two years. Between the two, your average age of accounts is 3.5 years. If you open a balance transfer credit card, though, the average age drops to 2.33 years because the age of the new account is zero years.”
How Balance Transfers Work:
First and foremost, if you haven’t done so already, contact our team of financial advisors today so that we can help you get your finances on the right track. We’ll walk you through the process of transferring your balance so you can rest assured that your financial goals are in safe hands.
- Apply for a VISA credit card through Members Exchange. Take advantage of our card transfer program offering some of the best rates available to anyone who meets our eligibility requirements.
- Initiate the balance transfer. This can be done over the phone or online easily when you sign up to receive convenience checks through MECU. To help you initiate your transfer and start paying off high-interest balances, become a member, and get saving today.
- Allow the transfer to go through. It may take up to two weeks for your transfer to be approved. Once the transfer is approved, your previous debt will be paid in full and your new balance including possible transfer fees will be activated on your Members Exchange VISA credit card.
- Start paying off your new balance. Once your Members Exchange VISA credit card is activated, you’ll be responsible for monthly payments. Taking advantage of our special offers during your first few months of payments can save you money in the long run.
Why should I transfer my balance at Members Exchange?
Typically, it’s in your best interest to avoid additional transfer fees and pay off your current balance within the credit line that you’ve already established; however, with Members Exchange balance transfer program, you can receive the following benefits you won’t find anywhere else:
- No Annual Fee
- Credit lines up to $25,000
- FREE, 24/7 online access through Home, Mobile, and Audio
- 25-day grace period on purchases
- Introductory 0% APR* on balance transfers for the first 6 billing cycles after the credit card is opened.
- And more!
Get Rid of Credit Card Debt with Members Exchange
Why pay a high-interest fee when you can save on a new balance with Members Exchange Credit Union? At MECU, our balance transfer program is designed for you to get on top of your credit card balance. We offer the best transfer rates in the Greater Jackson metro area and will help you position your credit in a way that is manageable for you.
Cut your cards and live debt-free when you inquire about our balance transfer program by contacting your dedicated financial advisor today. If you live, work, worship, or attend school in Hinds, Madison, Rankin, Simpson, and Copiah Counties in Mississippi, you could benefit from our services. Learn more about why you should become a member of Members Exchange Credit Union today!