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benefits of a balance transfer

So you’ve racked up some credit card and loan debt. While the only way to live life completely debt-free is to pay off those monthly balances in full, there is a viable way to manage high-interest debt by cutting back on the added costs attached to your credit card and loan bills. With the completion of a balance transfer from one or multiple credit cards to a new card with a lower APR and zero balance transfer fees, you can say goodbye to those hidden costs that are making your debt even more debilitating. Take a look at the benefits of a balance transfer with 1st Ed Credit Union and start managing your high-interest debt:


Consolidate Your Debt

Multiple credit cards mean multiple monthly balances to pay off, and the combination of debt can be seriously overwhelming. By consolidating all of your debt onto one credit card, you can rid yourself of the inconvenience of making various payments per month. After finally paying off those accounts attached to your old credit cards, you’ll begin managing your debt by reaping the benefits of only one monthly payment. 

By eliminating those balances that present a wide range of high-interest rate amounts, you should expect to reduce your monthly payments and start paying off debt faster. And while taking care of monthly payments easier is a win of its own, a Classic or Platinum VISA credit card with 1st Ed Credit Union comes with even more to celebrate. Through our VISA Rewards Program, you earn reward points each time you use your VISA platinum credit card. Consider yourself spending and earning whenever you swipe!

Save Money with Lower Interest Rates

Credit card debt is enough of a burden — why suffer from added hidden costs due to high-interest rates? By transferring your balance to a new card with a low Annual Percentage Rate (APR), a bigger chunk of your monthly payment will be attributed to your actual credit card balance instead of its interest rates. With 1st Ed’s Classic and Platinum credit card programs, you can expect an APR as low as 9.50%* — an extremely competitive offer for anyone looking to cut back on interest costs. Living debt-free and obtaining financial security is on the horizon!

Take Advantage of Better Credit Card Features

Hidden credit card fees come in many forms, and sometimes it’s not just high-interest rates that are hurting your ability to pay off debt. 1st Ed Classic and Platinum credit cards come with desirable features including no annual fee, no cash advance fee, and zero bank transfer fee. On top of all that, payment deadlines are flexible with a 25-day grace period on purchases. And since transparency is the key to success when it comes to managing finances, 1st Ed’s tools such as online banking and card controls make monitoring your credit card usage easy. While better credit card features than that of your current card may seem minuscule in the grand scheme of things, you’ll be happy you made the switch when more of your dollars go towards your balance, and debt can be paid off in full sooner.

It’s impossible to eliminate the stress of debt completely, but the benefits of a balance transfer prove this method to be a practical way to pay off debt faster and gain financial peace of mind. Learn more about the perks of switching to a 1st Ed VISA credit card or apply for a balance transfer from other financial institutions today.

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