A balance transfer is when you take the balance you owe on one credit card and transfer it to another. This way, you move your balance over to a credit card with a lower interest rate, better benefits, and fewer fees.

While doing a balance transfer isn't a "Get-out-of-debt-free" card, many savvy consumers take advantage of balance transfers to save money on interest and fees, all while paying down their balance.

But there are certain things to watch out for! Many cards will charge a balance transfer fee based on a percentage of the total amount being transferred to the new card. Additionally, what do those cool new benefits look like after the promotional period ends? If you are still carrying a balance once the promotional period is over, you may find yourself paying a higher interest rate and more fees. Be sure to read the fine print and be on the lookout.

All in all, a balance transfer is a great opportunity to save yourself money and give yourself peace of mind. Visit our website to learn more about Balance Transfers at Vibe Credit Union and get a great low rate.