Grow Financial Federal Credit Union

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Balance
Transfers

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 9.24%–17.99%, which is a variable rate, on purchases and balance transfers.1

1

ZERO BALANCE TRANSFER FEES

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LOW APR FOR SIX MONTHS

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ZERO ANNUAL FEE

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 9.24% to 17.99% 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 08/16/2022 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

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