Join Us

Forgot Password / Enroll

Online Banking Login


Everything You Need to Know: Balance Transfers

By VerityCU January 19, 2022 Financial education

Credit card balance transfers can be a bit confusing and frequently seem to be “too good to be true.” Well in some cases they can be, but in others they are exactly what you are reading. Our goal is to be as transparent as possible, and if you have any questions at the end of this please give us a call or visit your local branch.

There are plenty of reasons to do a credit card balance transfer. Most of the time it is to give an opportunity to bring down that stubborn credit card balance that never seems to go down. To be transparent, we do charge a one-time 3% fee but after that, say “hello” to no interest!

We have put together a few key points of information that will benefit you when deciding to start a balance transfer.

  • What is a balance transfer? It is moving a debt balance from one account to the other. The most common types are moving a credit card balance with Bank A to another credit card with Bank B.
  • What is the benefit of doing one? Starting a balance transfer can seem a little daunting at first but overall it can improve your financial life. Typically, you initiate a transfer to another bank/credit union that is offering a lower interest rate. For example, if you have a balance on your current credit card and pay 18.99% APR at Bank A and Verity is offering 0% APR for the first 12 months, that gives you a year to pay towards the principal (which is your balance without including interest). This quick transfer can save you hundreds and sometimes thousands of dollars.
  • What does a 3% fee mean? At Verity, this means there is an initial charge on the balance that you bring over to a new credit card. For example, if you transfer $10,000 to the new card, there would be a $300 fee.
  • What happens after the first 12 months? Once the promotional period has ended, you start paying interest on the balance you hold at that time. Your interest rate is determined based on your credit profile when you opened your card and the current credit card rate.
  • How much can a balance transfer at Verity actually save me? Glad you asked! Check out the chart below for some comparisons with other (unnamed) financial institutions. For example purposes, let’s assume the balance transferred was $10,000 and the required minimum monthly payment is 2.5% of the balance (which is a common requirement with credit cards).



Total Interest for first 12 months

Total paid to principal in first 12 months

Balance Transfer Fee

Verity Credit Union





Bank A





Bank B





Bank C






This blog was posted on 1/20/2022 so please call or visit a branch to see if we are still offering it. For all of our credit card information, visit If you spent too much during the holiday season, had an unexpected emergency, or just do not want to pay a high interest this could benefit you. Make sure to act fast because this offer won’t be available forever and the earlier you act, the less interest you will pay. So grab that coffee, roll up your sleeves and get the process started. You deserve a break and Verity has got you covered.