Five tips for a successful balance transfer.

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.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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 >