What You Need to Know About Credit Card Balance Transfers

 

The Problem With Conventional Wisdom

You’ve heard it before: transferring credit card debt won’t solve your problem. The New York Times says so. So do financial advisors who repeat a similar line: "focus on your spending habits first."

They’re not wrong, but that advice misses the bigger picture.

If you’re drowning in over 20% interest on your credit card balances, you don’t need a lecture. You need a lifeline. And a balance transfer—done the right way—can be exactly that.

What The New York Times Got Right (And Where They Went Wrong)

That New York Times article paints a grim picture: credit card debt is rising, more people are making minimum payments, and interest rates are at decade-high levels.

All true.

But then they go on to frame balance transfers as just “shuffling debt around.” That’s where they lose the plot.

A balance transfer isn’t just a shell game. It’s a strategic move. The key? Locking in a lower long-term rate and avoiding the traps that slick advertising and fine print set up for you.

How to Use a Balance Transfer to Really Pay Off Debt

Here’s how smart borrowers make balance transfers work for them:

1. Forget the 0% Hype. Look at the Long Game.

Yes, 0% intro APR offers look great. But what happens after 12 months? Your rate can spike massively. Suddenly, you’re back where you started.

That’s why a low fixed-rate balance transfer is often the smarter move. It gives you both predictability and real savings over time.

2. Avoid Hidden Fees That Kill Your Savings

Many banks charge 3-5% of your balance just to move your balance. On a $10,000 transfer, that’s up to $500—wiping out much of the benefit.

Always check the math in the fine print before jumping on an offer!

3. Have a Payoff Plan Before You Transfer

This is where spending habits start to play a role. A balance transfer only works if you use the breathing room to pay down debt.

Make a fixed monthly payment plan based on your lower rate. Otherwise, you’re just delaying the inevitable.

Low Fixed-Rate Credit Card Balance Transfers in Lorain County

Unlike big banks, Achieve Credit Union offers a balance transfer in Lorain County and beyond with a lower long-term rate and without the fee gimmicks.

That means no nasty surprises from hidden balance transfer fees. And no jacking up your rate after a 6 or 12-month “introductory period.”

If you’re serious about getting out of debt, don’t fall for flashy zero-percent deals that come with a financial time bomb.

Instead, choose the best balance transfer option that actually works for you.

The Bottom Line

A balance transfer won’t magically erase your debt. But when done right, it can be a smart move you make toward a debt-free life.

So don’t just move your balance. Move forward towards financial success!

Ready to take control? Ask us about transferring your balance today.


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About the Author

Scott Nelson

Scott Nelson has served as Achieve Credit Union’s Marketing Director since 2022. Scott’s a big fan of credit unions and the positive impact they have on the local communities they serve.

Fun fact: You may see Scott at your local high school baseball games - as an umpire.