Free Balance Transfer
Free yourself from spending tons of coin on high-interest-rate credit cards! UMe offers our members free balance transfers with lower, fixed-rate APRs* so you can pay off your debts quickly. What’s not to love about that?
Free Balance Transfer Details
Ready to get started saving money? Here are the deets U should know:
- When you do a UMe Credit Union balance transfer, you’ll pay ZERO fees.
- We offer FIXED rates as low as 12.90% APR*, so you won’t see any surprise rate hikes from us!
- Our free credit card transfer balance deal lets you secure better terms than what you currently have.
Benefits of a Credit Card Balance Transfer
What are the benefits of a free balance transfer, you ask? Here are 3 major perks you’ll find hard to beat!
Lower Interest Rates
Why pay more in interest than you need to? (Hint: Don’t!) The lower the interest rate on your debts, the better. Reducing your interest rate lets you pay off your balance sooner, since more of your monthly payment goes to your principal balance instead of pesky interest charges.
Better Terms
You want a credit card that treats you right! Taking advantage of credit card transfer balance deals lets you secure better terms. Maybe you’ll pay lower fees overall. That’s more money in your pocket and less in ours. Cha-ching!
Debt Consolidation
Do you want to take more things off of your To-Do list? When you consolidate your debts, you’ll be making fewer payments each month. Doing so makes it easier to pay your bills, and reduces the chance that you’ll miss a payment and get stuck with a late fee.
What Is a Credit Card Balance Transfer?
Great question! A credit card balance transfer is when you take an existing credit card debt (or balance) and move it over to a different credit card.
Why would you do that? If the interest rate you’re paying on the original card is extremely high, you can switch to a new credit card with a lower, fixed interest rate. This means you’ll pay less interest overall in a year, save a significant amount of money, and potentially pay off your debt faster.
Let’s look at this side-by-side comparison:
-
Other Credit Card – 24.99% APR*
Let’s say you have a credit card balance of $4,500, here are your payoff stats at a 24.99% APR*:
- If you pay $150 per month, it will take you 48 months to pay off.
- 37% of your total payments will go to interest.
- You’ll pay $2,608 in total interest.
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UMe Credit Card – 12.90% APR*
Now, let’s say you move over your $4,500 balance (for free) to a credit card at a 12.90% APR*:
- If you pay the same $150 per month, you’ll pay off your balance in just 36 months.
- Only 18% of your total payments will go to interest.
- Now, you’re only paying $686 in total interest.
By transferring your balance (at no charge), you’ll save almost $1,646 in interest payments and pay off your credit card debt 12 months sooner. It’s a no-brainer!
Additional Features
Low FIXED rate
One and done. No unwanted surprises.
Zero balance transfer fees
Move expensive balances from high, variable rate cards and save.
Zero cash advance fees
Our cash advance rates are the same as our purchase rates. Period.
No annual fee and no application fee
More fabulous free stuff.
Low foreign-transaction fees
We only pass through Visa’s low conversion charges.
Instant card issue
Stop by our branch, and get that sweet piece of plastic on the very same day.
Enhanced security
Manage your cards: Use our free mobile app to enable and disable your care, in real time. Anytime, from anywhere.
How to Apply for a Balance Transfer
Apply for a New Card or Credit Increase
Simply apply online for a UMe Visa Platinum Card to do your balance transfer. Or if you already have a UMe Card, you can request a credit limit increase to cover the transferred amount.
Request a Balance Transfer
Get in touch with a friendly member of our team and let us know you want to use your UMe credit card for a balance transfer. You can do this online or over the phone.
We Pay Off Your Balance for You
Once we receive your request, we’ll ask for the details of your old credit card issuers and accounts and then we will pay off your balance(s) electronically or mail a paper check.
Balance Transfer FAQs
Still have some questions? No worries—here are the answers to the most common questions about balance transfers.
Completing a balance transfer is a smart way to manage and repay your debt. Doing a balance transfer is most helpful when you need more time to pay off debt, and you want to avoid paying high interest rates. Doing so can save you on interest while allowing you to pay off your debts faster. You may also have fewer monthly payments than before, which means less stress.
You’ll know it’s right for you when you look at the numbers to see how you’ll benefit. You should review the details of the transfer along with the pros and cons to determine whether you should move forward. Hint: If you have high rate card balances and can move your debt for free, it’s usually the right choice.
No, doing a balance transfer should not affect your credit score. However, keep in mind that a hard inquiry will lead to a slight decrease (just a few points) in your credit score initially, but it should bounce back in no time.
When you complete a balance transfer, you pay off your existing high-interest debt by moving it to another credit card. The purpose is usually to reduce the interest you’re paying, so you can save on interest and pay off your debt sooner.
With UMe balance transfers, we’ll pay off your debts for you. Simply give us the details of your old credit card issuers or lenders and we’ll pay off your balance(s) electronically or by paper check.
Some balance transfer cards have a limited promotional offer, where you get a low APR on balance transfers for a certain period of time or a number of months from account opening. After that, your rate may jump to a higher rate.
A downside of 0% credit card balance transfer offers is that you might not pay off your balance during the promo period, and then you could wind up paying a higher interest rate than before (from the date you did the balance transfer, on the original balance). That’s no good!
Another risk of 0% credit card transfer balance deals is if you use your new card to keep making new purchases instead of focusing on paying down your debt. When you see a 0% offer, make sure you check the rate you’ll pay on new purchases and balance transfers during the promo period and once it ends.
Thankfully, at UMe, our credit card balance transfer offer comes with no balance transfer fee, no annual fee, and a low, fixed rate — so you don’t have to worry about a rate hike in the future.
They’re hard to find, but we’ve got one! We believe in helping you save without making you pay, that’s why our UMe Visa Platinum Credit Card has a $0 balance transfer fee. You’re welcome!
It depends on how your transfer(s) can be processed. Typically, it takes 3-5 business days, if we can make the payment electronically. However, if we have to mail a paper check, that can take up to 14 days.
You can transfer balances from credit cards, personal loans, student loans, and auto loans. Essentially, you can transfer almost anything with a balance as long as your credit line is sufficient enough to cover the balance.
Contact Options
Disclosures
1 Bonus Points offer good for new cards only, one per account.