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UMe’s Guide To Financial Fitness in 2021: Part 4

Welcome back to our Financial Fitness series! We hope that your 2021 resolutions are still going strong and you’ve been putting your new financial exercises into action! In this post, we will be sharing how you can save money sometimes, simply by transferring a loan balance from one financial institution to another. When it comes to credit cards, this practice is called a balance transfer. Transferring a credit card balance can save you money in the long run, as well as in the short term, which is a win-win that brings smiles to our faces. Now let’s get to it! Here’s a quick guide to balance transfers.

Balance Transfers

Credit cards are kind of like protein shakes: They can help you build up your strength for financial fitness, but too much of a balance can start to whey you down (pun totally intended!). Using a credit card for purchases can help improve your credit, but only if used responsibly. If you overindulge, like many tend to do during the holiday season, you might find a large, hard-to-manage balance on your credit card statement. Credit card balances can be challenging to pay off, due to high monthly interest rates, which can tack on quite a bit more to that balance every month.

Don’t fret, UMe-verse! We’re here to help U – there’s a better way out of this cycle. It’s called a Balance Transfer, and it’s the process of transferring high-interest debt from one or more credit cards to another card that has a lower interest rate. Lowering your rate helps you pay off the balance faster, which means more money stays in your wallet.

Let’s talk about our UMe Credit Card, for example. We offer a low, FIXED rate. That means it keeps your rate from increasing, unlike most of the other cards out there. We also offer ZERO balance transfer fees, which is also a huge plus. Not to toot our own horn or anything, but transferring your balance to a UMe Credit Card can be just the money saving win you need!

Want to learn more about UMe balance transfers? Click here. If you want to get started ASAP, give us a call today at (818) 238-2900.

Next time, we’ll discuss the good impact refinancing your auto loan or home loan can have. Stay tuned!

Credit Card Pro Tip: Always try to pay off your balance at the end of your billing cycle to avoid interest charges. It’s a great financial practice that can help you avoid getting into financial trouble!