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Skyline 101: Balance Transfers

1.10.2024

Dear members:

When it comes to saving money, there's a ton of ways to do it. Have you considered looking at a balance transfer on your credit card and what that means for you? This month's Skyline101 will focus on Balance Transfers and how they'll be helpful if you get the right interest rates!

Frequently Asked Questions:

What is a balance transfer?

  • This is when you transfer the balance of one credit card or loan onto another credit card or loan that has more favorable rates or conditions than what you currently have.

What is the benefit of a balance transfer?

  • If you have a balance of $9,000 in credit card debt and are making monthly minimum payments of $285 and are being charged 28% interest, it will likely take over 20 years in order to pay off that card, and you would have paid over $46,000 in interest.
    • If you were to transfer the $9,000 balance to a card that is only charging 9.90% interest, it will take only three years to pay off, and you would pay about $1440 in interest over three total years.
  • So the overall benefit is decreasing your long-term expense by about $44,000 in interest, and the credit card would be paid off within 3 years instead of 22 years, even though the monthly payment is still roughly $285. 

Where do I apply for a balance transfer?

  • Fill out the Application by clicking the yellow button.
  • Choose "Visa" in the application process. 

What do I need to provide to get approved?

  • Proof of income (last two pay stubs)
  • Valid Photo ID
  • Credit Check 
  • Forward a copy of the credit card statement you would like for Skyline to transfer the balance from. 

What happens after I'm approved?

  •  Skyline will transfer the balance and make the payment to your credit card company for you.
  • After the payment has been processed, see your next monthly statement from your existing credit card company. You may have some residual interest to pay, in most cases, it's less than $10.00 in total.
  • Make sure you open all your mail regarding your credit cards. You do NOT want to assume anything is all done. 

Happy balance transfer!

-James A. Higgins, MBA, CUDE

President and CEO