A balance transfer is the movement of monies owed from one line of credit to another.  For example, if you’ve currently got a $4,000 balance on Credit Card X that charges you 23% APR but you can get a 14% APR on a new offer from Credit Card Y then you may want to do a balance transfer to Credit Card Y so that you save money by paying less interest.

To do a balance transfer onto a Redwood Credit Union card, you must first have - or be approved for - the RCU credit card.  Once you have signed all documentation to obtain the card, you will need to fill out the Visa Balance Transfer Authorization now available in online banking. The form is also located on our website under About RCU, then Forms & Applications, under the Loans and VISA Cards section and select Visa Balance Transfer Authorization form.

The form will require your name, daytime phone number, and RCU Visa credit card number.  You will also need to provide the name(s) of the institution(s) that you want paid, their payment address, your account number with them, and the amount you want them to be paid and transferred to your RCU card. The completed and signed form can be returned to any Branch or mailed to the P.O. Box address listed at the bottom . Although payment to the other creditors is sent as quickly as possible, it can take up to as long as two weeks for them to credit your payment so be sure to continue to make your scheduled payment(s) as necessary.