Make your balance transfer count.
The success of your credit card balance transfer is in your hands – but RCU is here to help. With these simple tips, you can be sure to get in on all of the financial benefits of a balance transfer while avoiding potential risks.
- Resist the temptation to close your old account – Unused credit lines have a positive impact on your credit ratings, so unless the credit card you transfer your balance from has an annual fee, leave the account open.
- Avoid using your new card for new purchases – Promotional interest rates do not typically apply to new purchases, so avoid digging yourself deeper into debt by not making purchases with your new card.
- Maximize payments during the promotional period – Estimate what your monthly payments need to be in order to pay your balance off before the promotional period ends and interest rates goes up.
- Don’t max out your new card – High credit utilization hurts your credit ratings, so try to keep your balance below 70% of your card’s available credit.
- Don’t become a repeat offender – Avoid making it a habit to transfer balances from one card to another (and another), or lenders may start to view you as a risk and become reluctant to approve future credit requests.
For more money tips & tools, visit RCU’s Online Financial Wellness Center. If you need to transfer your other balances to an RCU Visa credit card, we're here to help. Let’s get you started >