What is a balance transfer?
A balance transfer is where part or all of a debit balance (or debt) you owe to another lender is transferred from one card to another, usually to save money on interest repayments. A balance transfer from your credit card can be a good way to save money while you pay down your debt.
What NECU Credit Cards can I use for a balance transfer?
Preferred, Signature, Rewards, Classic and Platinum Visa® Credit Cards are all eligible for our current balance transfer promotion of 5.99% APR. (Business Credit Cards and Secure Credit Cards are not eligible).
How long is the 5.99% APR balance transfer rate available?
From January 1, 2017 to March 31, 2017, any balance transfers or cash advances from your NECU Visa® Credit Card are eligible for the 5.99% APR. The promotional rate ends on December 20, 2017 at which time any balances remaining will revert to the standard APR on the credit card.
Does the 5.99% APR apply to purchases?
No. Regular purchases remain at the current rate you have on your credit card. Click here for current credit card rates.
Why would I want to transfer debt to my NECU Credit Card?
Many credit cards, including department store cards offer enticements like discounts when using their charge cards; however, they often have much higher monthly interest rates. When you transfer those balances from your high interest cards to your lower interest NECU credit card, you can experience significant savings.
What fees are charged for balance transfers or cash advances?
Northeast Credit does not charge any fees for balance transfers or cash advances. (Many other cards charge anywhere from 3%-5% for these transfers. That can add up!)
How do I go about doing a balance transfer?
There are a few ways to do a balance transfer. First, we recommend reviewing your bills to make sure you have the amounts needed to pay them off.
Then you have a few options:
Through NECU.org Online Banking: Log into online banking, click ‘Transfer’. In the ‘transfer funds from’ drop down select your credit card. In the ‘transfer funds to’ drop down, select your checking account and that’s it! Funds are immediately available for check writing or electronic bill payments. This is the easiest and fastest!
By Phone: Simply call 1-888-436-1847, choose ‘option 1’ for automated banking and follow the automated prompts to easily transfer funds from your credit card to your NECU checking account.
At a Branch: Stop by any branch location and ask to have funds advanced from your NECU Credit Card to your NECU checking account. *Please note: we must have your physical NECU Credit Card to process this.
Request Checks: Stop by any branch location, request a Visa® convenience check and walk out with a check in hand. Or call 1-888-436-1847, speak to a Member Services Representative and request a check be mailed to you.
Electronic Transfer: Pay off your high interest rate credit card directly from their website using your NECU Credit Card. *Please note: this option is only available if a credit card payment ability is offered.