Why Do a Balance Transfer?
If you have another credit card with a higher interest rate, transferring your balance to an Arizona Central Visa® Credit Card may save you money in the long run. By reducing your interest rate, even at a higher balance, you can make sure more of your money is going to the principal balance, not interest.
How Does a Balance Transfer Work?
A credit card balance transfer is where you take the balance of another—usually higher interest—card and charge it to a card with lower interest. Arizona Central will pay off your other creditor, leaving you with one simple bill and saving you money.
No Fee Balance Transfer
While some banks may charge a percentage of the balance, Arizona Central offers no-fee balance transfers, meaning it doesn’t cost you extra to consolidate your debt.
Does a Balance Transfer Hurt Your Credit Score?
A balance transfer can affect your credit score depending on if you open a new card. A new card lowers your average credit age, which can negatively affect your score, while a new card can increase your overall credit limit, which is beneficial.
Additionally, if you complete a balance transfer and don’t work to pay down that amount, you can increase your overall debt, which can negatively affect your credit score.
You may see a positive impact on your credit score if you transfer your balance to a single new card and take action to reduce your debt balances.
Log into eBranch to complete the Balance Transfer Form.
Not already a card holder? Apply for an Arizona Central credit card. We offer high value, low rate Visa® credit cards designed to not only save you money, but to carry balances responsibly.
