Has your credit card balance gotten out of control? We are here to help! Transfer your credit card balances to a SIU Credit Union credit card and save. When you transfer balances to an SIU Credit Union Visa®, you will receive a low balance transfer rate good for 15 months. And the best part is, there is no balance transfer fee.
Check out this advice for controlling your credit card use:
- Actively manage your account. Open and examine your credit card statements promptly. Look for unauthorized use, of course, but also look for announcements from the issuer. Under the new rules, you must have 45 days’ notice of a change in your card’s terms, such as an interest rate increase. If you choose to “opt out” of the change, you no longer will be able to add new charges to your card, and will want time to get a replacement while you pay off the old balance.
- Keep your credit score healthy. This number between 300 and 850 is a measure of your trustworthiness as a borrower. The higher your score, the easier it is to get a loan and, often, the more favorable the interest rate. The most important ways to maintain and improve your credit score is by paying all your bills on time and not taking on excessive debt.
- Watch your card balance-to-limit ratio. It’s OK to occasionally “max out” your credit card for important purchases, as long as you can pay it off in a few months. But over the long term, try to keep your total credit card debt to a reasonable 10% to 20% of your total credit limit. If the ratio gets much above 20%, and you can handle the payments, ask for a higher limit on your current card or get another one. Don’t add new cards too often, though, and don’t close several unneeded accounts in a short period—either move can lower your credit score.
- Transfer your balance to a SIU Credit Union credit card. If you don’t already have a SIU Credit Union credit card, now is the time to get one. Visit a location near you, or call us today at 800-449-7301. NOTE: if you want to join our Rate Loss Program, bring in a Completed Balance Transfer Form, and your most recent statement.