March 28, 2024Your Balance Transfer Checklist: Before & After

Credit card debt has a way of sneaking up on you. Before you know it, the balances can become a financial burden and a challenge to pay off. This is especially true if you’re managing multiple cards with different balances, payment amounts, and due dates. 

Finding the right tools to alleviate debt is an essential step on your path to financial freedom. One solution that can help you in your journey is called a balance transfer. Balance transfers enable you to streamline your financial obligations into one solution – providing immediate financial savings and stress relief.  

If you’re committed to freeing yourself of credit card debt, follow the steps outlined below to make the process quick, easy, and rewarding.  

How a Balance Transfer Can Help You Save  

A balance transfer allows you to move your current credit card balance(s) from one or more cards to a new one, ideally with a much lower interest rate. Balance transfers are useful financial tools that help you consolidate credit card debt into a single, more manageable payment. This way, you only have one credit card balance at one interest rate with one monthly payment and due date – rather than juggling multiple.  

When you transfer high-interest balances to a lower-rate card, you’ll instantly reduce how much you pay in interest monthly. That’s money you can now put directly toward your principal balance – helping you to reduce debt much faster. 

There are no balance transfer fees when you transfer a balance to a PEFCU Visa(R) Credit Card, and our credit card rates are lower than the national average! Click here for more information. 

Checklist: Before Your Balance Transfer 

Want to make sure you are prepared for the process and ready to secure the best offer? Follow these steps before applying for a balance transfer. 

  1. Check Your Credit: A crucial component of a balance transfer is to take advantage of a new credit card with a lower interest rate. To ensure you qualify for the best rate possible, review your credit before applying. If there are any errors in your report, file a dispute with the credit bureaus to have them removed. 
  2. Make a List: List your credit cards with their outstanding balances and interest rates. Reviewing your most recent credit card statements will simplify the process. 
  3. Compare Offers: Compare a variety of balance transfer offers to make sure you get the best deal. Many creditors will offer promotional incentives, but you should always read the fine print. Many offers come with costly balance transfer fees that can outweigh savings. At PEFCU, our balance transfers are designed to help you get back on the right financial track quickly and affordably—with no hidden fees!  
  4. Request a Balance Transfer: Once you know your current credit standing and have found the best offer, you’re ready to apply for a credit card and transfer your balance. We’ve made our application process simple and efficient. Just include in your application the details about your debts you’d like us to pay off, or provide copies of your recent account statements, and we’ll take it from there!   
  • Credit Card Issuer Name  
  • Dollar Amount to Transfer  
  • Account Number 

Note: If you’re already a credit card holder, you can just call in to request a balance transfer. 

Checklist: After Your Balance Transfer 

Congratulations! Now that your balance transfer is in motion, you are officially on the path to financial freedom. But what happens next? Follow these steps to ensure you use the balance transfer effectively to regain control of your finances.  

  1. Create a Plan: Establish a repayment plan and stick with it. Now that you’ve secured a lower interest rate and consolidated your credit card debt, it will be much easier to prioritize paying it off once and for all. Commit to paying off your credit card debt as quickly as possible so you can enjoy your newfound financial freedom.
  2. Set Up Autopay: Take advantage of automatic payments (for at least the minimum payment amount) to ensure you never miss another payment or incur late fees. You can also use a credit card payoff calculator to help determine how much you need to pay monthly to be debt-free by a specific goal date. 
  3. Make It Work: Make your balance transfer work for you by taking full advantage of the special promotions and introductory offers. If you received a limited-time low-rate APR, commit to paying off your balance by the time the promotional period ends so you can save substantially on interest payments. If your balance transfer credit card earns rewards like bonus points or cash back, you may be able to use those to help you pay down your debt faster. Just remember to read the fine print on any promotional offer to ensure you understand any restrictions, requirements, or possible fees. PEFCU’s balance transfers have no hidden fees, and the rate stays the same for the life of the card! 

We’re Here to Help! 

Eliminating credit card debt can be challenging, but we are here to support you every step of the way. We want to help you achieve your financial goals and are happy to provide one-on-one financial guidance.  

If you want to know more about balance transfers or other debt consolidation solutions, we’re ready to help. Please stop by any of our convenient branch locations or call 800-226-6673 to schedule an appointment today. 


Each individual’s financial situation is unique and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.  

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