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Ditch Your Debt And Get On With Life
Transferring a high-interest balance is like telling a credit card company what you really think of them. Not only do you get to take control of your money, you never have to deal with them again. And the best part? When you transfer your balance from another high-interest card to a Grow Visa® Preferred Credit Card, there’s no transfer fee, no cash advance fee, and no annual renewal fee.1 That’s right, your debt will actually start to go down right from the start.
Balance Transfer Benefits
If you’re stuck accumulating high interest, you might feel like you’re taking one step forward and two steps backward with each monthly payment. We want to help you ditch high-interest debt for good. Debt consolidation and interest reduction are two excellent pieces of a long-term debt-reduction strategy, and we’ve got a great option to help you with both.
With a Grow Visa Preferred Card, you can consolidate debt into one monthly payment with a low introductory APR of 1.99–4.99%. After six months, or if you do not qualify for an introductory rate, enjoy a low standard APR of 7.24%–17.74%, which is a variable rate, on purchases and balance transfers.1
ZERO BALANCE TRANSFER FEES
LOW APR FOR SIX MONTHS
ZERO ANNUAL FEE
How does a balance transfer help you save money? Reducing your APR can mean big savings on interest.
The average credit card balance for consumers in 2021 was $5,525, with an average annual percentage rate (APR) of 17.13% on credit card accounts assessed interest, according to Experian and the Federal Reserve.2,3 If this is you, you’d spend 36 months paying off your balance and spend a total of $1,566 on interest alone, assuming monthly payments of $200. But, let’s say you move that balance over to Grow and enjoy a low introductory APR of 3.99% for six months, then a standard APR of 7.99%. You could pay off the same debt in 31 months and spend $481 on interest, assuming the same $200 monthly payment — an immediate savings of $1,085 in interest.
This example serves as an illustration only and assumes no additional charges are made to increase the balance. The actual amount you could potentially save depends on how much you already owe, how frequently you use your credit card, your current APR and what APR you qualify for at Grow. See disclosures for details.
Balance Transfer FAQs
A balance transfer is essentially moving debt from one place to another. Benefits include a consolidated monthly payment and typically lower interest, which can save you money over time. Balance transfers can be a smart move as part of your financial plan to pay off debt.
Some banks, credit card companies and other financial institutions charge fees to consolidate your balances with a balance transfer, but we don’t. There is no fee to transfer a balance to Grow.1
Yes, you can make payments as frequently as you’d like, and many people do opt to send in an additional payment when they’re able as part of a debt-reduction strategy. Paying down balances aggressively is an excellent way to get out of debt quickly. You’ll want to note that sending in additional payments doesn’t change your next billing due date, though. It just helps you knock down your balance faster.
The time it takes to pay off your credit card depends on multiple variables, including your outstanding balance, your APR, what you choose to pay each month and whether you continue to use the card for new transactions. According to the Consumer Financial Protection Bureau (CFPB), you should always pay as much of your full credit card balance as you can.4 Paying only the monthly minimum will stretch your timeline to pay off, so we encourage you to pay as much toward your monthly bill as you can.
We know that the task of building credit or repairing damaged credit can be daunting. Luckily, with consistency and timely payments, anyone can work to raise their score. We’ve got a lot more information on our Credit Education page, including tips to raise your credit score.
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
Subject to credit approval.
1Introductory Rate as low as 1.99% to 4.99% APR. The introductory rate is effective for the first six billing cycles for purchases and balance transfers. After the introductory period expires, or if you do not qualify for an introductory rate, your standard APR will range between 7.24% to 17.74% for purchases and balance transfers. This is a variable rate. The rate you receive will be based on your credit worthiness. This rate will vary with the market based on Prime Rate as published in the Wall Street Journal “Money Rates” table on the last day of each calendar month. The APR will not exceed 18.00%. If the minimum monthly payment is 60 days late twice in a twelve month period, the rate will revert to a default rate of 18.00% for six (6) billing cycles. Other APRs: Cash Advances 18.00%, Overdraft to Share Account 18.00%. A finance charge of 1.00% will be charged on foreign transactions. Rates are effective as of 04/16/2022 and could change without notice. Annual Percentage Rate (APR).
2Experian. State of Credit 2021 Report.
3Federal Reserve. Consumer Credit Outstanding.
4CFPB. Credit Mistakes That Could Be Costing You Money.
Verified by Visa | Disclosures | Agreement
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
When it comes to making payments, we try to make it as painless as possible to pay your loan every month. We have several different ways to pay, including convenient online options.
You have two ways to pay online by transferring funds from another bank or credit union.
- Grow Online Banking (Preferred payment method for any loan)
This is the simplest way to pay your loan. You can make one-time payments or set up automatic recurring payments in Grow Online Banking. Once you log in, select “Transfer/Payments” from the menu. If you’re not enrolled in Grow Online Banking yet, you can set up your account in just a few minutes.
- Debit Card or ACH (Available for auto, personal and home equity loans and HELOCs)
Note: ACH and debit card payments are not available for credit cards or most mortgages, except HELOCs.
We accept ACH payments with no additional fees or Mastercard® and Visa® debit cards with a convenience fee of $4.95. To get started with an online ACH or debit card payment, select Pay Now below.
Pay by Mail
You can also pay any Grow loan by check through the mail. Please remember to include your account number and Grow loan number on the check. (For credit card payments, please do not write your 16-digit credit card number on the check, which can cause a delay in processing the payment.)
Address for auto, credit card and personal loan payments:
Grow Financial Federal Credit Union
P.O. Box 75466
Chicago, IL 60675-5466
Address for mortgage and home equity payments:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733