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Is a Balance Transfer Right for You?

Is a Balance Transfer Right for You?

If you carry a balance on any of your credit cards, you’re accumulating interest on that balance every month. Not only does that add to your overall amount owed, but it also makes it harder to chip away at your debt. If that sounds accurate to your current situation, then a balance transfer may be a good choice.

Balance transfers allow you to take your high-interest credit card balance and transfer it to another card with a lower interest rate for an introductory period, usually about 12 months. The lower interest rate lets you save money on interest over time while putting more toward your principal balance.

How do they work?

In order to transfer your balance, you first have to get approved for the credit card you’re transferring to. Some cards may still require you to have good credit in order to get approved.
  • If you’re not sure where you stand with your credit, or want to get your ducks in a row before making a final decision, we can help with our Financial Wellness Plan.
  • If you’re up to date on your finances and are ready to apply, then get started! You’ll start a credit card application as normal, and once you’re approved, you can apply for a balance transfer. The actual transfer process can take some time to complete, so be sure you stay on top of your current credit card payment to avoid any potential late fees.
Clearview has some added perks that make balance transfers an easy decision. We don’t have a balance transfer fee like some other financial institutions, and all of our cards have no annual fee. That way, you can stay focused on what’s important: getting your finances in order!
 

Think a balance transfer is right for you? Check out our credit card options and apply today! Already have one of our cards? Get started on your balance transfer form.
 
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