If you have accumulated high-interest debt, there are strategies to help reduce payments and pay it off quicker. One great strategy is transferring your balance to a Camino Visa Platinum with Rewards Credit Card. At Camino Federal Credit Union, we have served Montebello and the surrounding area since 1941 with competitive rates, favorable terms, and attentive member service. We are committed to your financial success.
Our passion is providing the financing you need to build a brighter financial future. Lower rates, perks, and benefits? Learn how we can help you pay down your debt faster and earn rewards while you do it in our blog.
What is a Credit Card Balance Transfer?
A credit card balance transfer is a credit card transaction that could move debt from one card to another. This strategy could be beneficial for people paying off high-interest debt. Using a balance transfer could save significant money on interest charges.
One significant benefit of moving the amount you owe to a card like the Camino Visa Platinum with Rewards Credit Card is that it has a great, low rate and benefits which enable you to earn cash back or points for everyday spending and pay your debts faster.
How to Transfer High-Interest Rate Balances to Your Camino Visa Platinum with Rewards Credit Card
A balance transfer can be an excellent way to reduce how much you pay back on your debt. Transferring balances has three main steps: applying for the card, initiating the transfer, and paying off the debt with the new credit card.
Apply for a Camino Visa Platinum with Rewards Credit Card
The first step in this process is selecting the balance you want to transfer and applying for a credit card to transfer the balance to. We advise choosing those with the highest rates.
Still, it doesn’t have to be the full amount you owe. Partial transfers can be a more strategic approach. Then, you need to apply for a Camino Visa Platinum with Rewards Credit Card by applying on the Camino website.
Initiate Transfer
After qualifying for a Camino Visa Platinum with Rewards Credit Card, initiate the balance transfer. With a respected financial institution, you can do this online, through a mobile banking app, or with balance-transfer checks. Be prepared to provide information about:
- The debt you want to move
- The issuer name
- Your account information
After you have initiated the transfer, wait for the approval. The approval time can vary, but your new card will usually pay off the old card directly.
Pay Off Your High-Interest Balance With Your New Camino Visa Platinum with Rewards Credit Card
Because your new Camino Visa Platinum with Rewards Credit Card paid off your high-interest balance directly, the old balance and balance transfer fee will appear in your new account for you to pay off. You still must make monthly payments.
The key difference is that, with your new Camino Visa Platinum with Rewards Credit Card, you can pay off the same debt with a lower interest rate while enjoying all the perks and rewards this card offers.
High-Interest Balance Transfers With the Camino Visa Platinum with Rewards Card
If you have good credit and time to pay off a high-interest debt you have accumulated, a Camino Visa Platinum with Rewards Credit Card could be a great, cost-effective way to pay down this debt. However, depending on your financial situation, using a personal loan to consolidate debt, simplify your finances, and reduce your payments and rates could also be a potential solution. Regardless of your choice, when you partner with a respected local financial institution like Camino, we offer great rates, flexible terms, and opportunities that introduce you to brighter financial horizons.
To learn more about balance transfers, visit our Visa Platinum with Rewards page and apply online today. While you’re at it, sign up for our Banking Basics Virtual Workshop on April 26, 2023, to lay the foundation for your future financial success.