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How much can a balance transfer save you?

September 25, 2020

The current average credit card rate is 14.52% according to the most recent Federal Reserve study published in May 2020.

Ohio Catholic FCU is currently offering a 2.99% APR balance transfer rate for six months! Using the average credit card balance per person from 2019 of $6194 we can run two scenarios.

  1. With a balance of $6194 at the average interest rate of 14.52% you would pay $433.93 of interest over the first 6 months of payments and $294.55 paid towards the principal when making the minimum required payments.
  2. If you transfer $6194 of credit card debt to an Ohio Catholic FCU Rewards Card, at 2.99% APR you would pay only $88.09 of interest over the first six months and $619.00 towards the principal.

Added up you pay $324.45 more towards the principal balance of your card and -$345.84 less of interest over the six month promotional period.  

How much could a balance transfer save you? If you are interested in trying out your specific scenario to see how much you would save, these calculations were done using this calculator.

Click here for our balance transfer application or talk to our LOAN ZONE team at (216) 478-0067 to discuss your options.

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