Skyline 201: Balance Transfers, Features and Benefits of Transferring a balance on to a low-interest fixed rate.
1.8.2025
Dear Members,
When it comes to saving money, there are countless ways to achieve your financial goals. Have you considered the potential savings of transferring a balance on your credit card? Balance transfers can be a powerful tool for reducing interest payments and paying off debt faster when done strategically.
This month's Skyline201 is all about Balance Transfers—what they are, how they work, and why taking advantage of a fixed rate of 9.90% APR with no balance transfer fee might be the smartest financial move you make this year!
Frequently Asked Questions:
What is a balance transfer?
A balance transfer involves moving the balance of one credit card or loan to another credit card or loan that offers more favorable terms, such as a lower interest rate. This can save you significant money in interest and help you pay off debt faster.
What are the benefits of a balance transfer?
Let’s break it down with an example:
- You have $9,000 in credit card debt, with a minimum monthly payment of $285 at an interest rate of 28% APR.
- At this rate, it could take over 20 years to pay off the debt, and you’d end up paying more than $46,000 in interest alone.
- Now, imagine transferring that same balance to a card offering a fixed rate of 9.90% APR:
- Your monthly payment remains roughly $285, but the debt would be paid off in just three years.
- You’d pay approximately $1,440 in interest over those three years—a savings of over $44,000 in interest!
- Plus, the absence of a balance transfer fee means you save even more upfront.
This illustrates the tremendous impact a balance transfer can have on reducing long-term debt and achieving financial freedom.
How to Apply for a Balance Transfer
- Start Your Application HERE
- Choose “Visa” as part of the application process.
- Provide Necessary Documents
- Email last two pay stubs and a photo ID to loans@skylineffcu.com
To ensure a smooth application process, you’ll need:
- Proof of Income: Your last two pay stubs or other proof of earnings.
- Valid Photo ID: A driver’s license, passport, or other government-issued ID.
- Credit Check Authorization: We’ll review your credit history to determine eligibility.
- Credit Card Statement: Provide a copy of the statement for the card or account from which you’d like us to transfer the balance
Approval and Processing
Once your application is approved:
- Skyline will handle the payment to your current credit card company, transferring the balance for you.
- You’ll see this reflected on your next monthly statement from the existing credit card company.
Follow Up / What happens after the balance transfer?
- After the transfer, there may be a small residual interest amount (typically less than $10) left on your old credit card. Be sure to pay this off promptly to close the account in good standing.
- Pro Tip: Open all mail and statements from your credit cards to confirm the process is complete and no further action is needed.
Why Choose Skyline’s Balance Transfer Offer?
Features:
- Fixed Rate of 9.90% APR: Lock in an affordable rate for the life of the transferred balance.
- No Balance Transfer Fee: Unlike other cards that charge 3–5% of the transfer amount, Skyline waives this fee entirely, saving you hundreds upfront.
- Streamlined Application: Quick, easy, and handled entirely online.
What are the benefits:
- Significant Savings: Reduce your interest payments dramatically, freeing up money for other priorities.
- Faster Debt Payoff: Pay off balances years sooner, saving time and stress.
- Simplified Payments: Consolidate multiple balances into one manageable payment.
Ready to Start Saving?
Applying for a balance transfer is quick and easy!Our team is here to support you every step of the way.
Happy Saving!
-James A. Higgins, MBA, CUDE
President and CEO