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Balance Transfers

Balance transfers can slash your interest rate and accelerate your debt repayment. 

Consider the below comparison, between a credit card with a 16% APR (the current nationwide average for variable rate credit cards), vs. doing balance transfer to our card for during our 0% APR for six months promotion:

Credit Card XYZ

Credit Card Balance: $5,000

Nationwide Average Variable Rate Credit Card Interest Rate = 16% APR

Minimum Payment: Interest Plus 1% of Balance

Month Payment (Interest + 1% of Balance) Principal Interest Remaining Balance
1 $116.67 $50.00 $66.67 $4,950.00
2 $116.67 $50.67 $66.00 $4,899.33
3 $116.67 $51.35 $65.32 $4,847.98
4 $116.67 $52.03 $64.64 $4,795.00
5 $116.67 $52.72 $63.95 $4,743.23
6 $116.67 $53.43 $63.24 $4,689.80
Total Paid Over Six Months $700.02 $310.20 $389.82  

Total Interest Paid over Six Months = $389.82

 

BlueOx Credit Union Visa Platinum

Transferring Credit Card Balance: $5,000

0% APR for Six Months

Minimum Payment: Paying Same Payment as Other Card, $116.67.

3% Balance Transfer Fee Due with First Payment ($116.67 + $150.00 = $266.67)

Month Payment (Interest + 1% of Balance) Principal Interest 3% Balance Transfer Fee Due w/ First Payment Remaining Balance
1 $116.67 $116.67 $0.00 $150.00 $4,883.33
2 $116.67 $116.67 $0.00   $4,766.66
3 $116.67 $116.67 $0.00   $4,649.99
4 $116.67 $116.67 $0.00   $4,533.32
5 $116.67 $116.67 $0.00   $4,416.65
6 $116.67 $116.67 $0.00   $4,299.98
Total Paid Over Six Months $700.02 $700.02 $0.00    

Total Interest Paid Over Six Months, Plus Balance Transfer Fee = $150, for a Total Savings of $239.82.

Using this example, assuming our lowest available APR of 8.24%, if the balance was paid off over the subsequent 24 months, you could save $442.50 in interest, for a total savings of $682.32.

We think that's pretty significant, plus going forward, you'll have a Visa Platinum card with a local institution at competitive rate!  Find out more here.

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