Credit card debt can quickly get out of hand. High interest rates cause your balance to grow while paying fees across multiple banks adds unnecessary financial strain. The good news is that consolidating your credit card debt can save you time and money. An OCU Collabria credit card can help you pay of your debt, with a 0% balance transfer for 9 months.
What does it mean to consolidate your credit card debt?
Consolidating debt means rolling all your debt into one account with one monthly payment. Essentially, you would use one credit card to pay off all your other credit cards and then close those accounts. Then, you focus on getting that singular remaining credit card debt paid off. It’s also known as a balance transfer and the credit card you use to consolidate the payments is sometimes called a balance transfer card.
How a balance transfer can save you money:
Consider this quote from a Global News article about a recent report on debt:
“A new report from Desjardins shows Canadians are facing high levels of debt, leaving a majority facing a “fragile situation.”
Where that credit card debt is scattered across various credit cards, each with their own annual fees, then you’re paying additional fees on top of that interest.
If that credit card debt is consolidated onto one credit card with a lower interest rate, you’ll reduce the total amount of money required to pay back the debt over time.
Balance transfers may reduce late fees and penalties
After you consolidate your debts, you only have one monthly payment so you’re less likely to forget to pay it on time. This means you’re less likely to be hit with penalties for late payment, so you’ll save even more money.
This means you can pay off your credit card debt faster.
- Debt Consolidation: If you have balances on multiple credit cards you can consolidate them onto one credit card, making it easier to manage your payments.
- Pay off Balance Faster: With a 0% interest rate (see offer below), more of your payment goes to reducing the principal amount, helping you pay off your outstanding balance much faster.
- Save on Interest: Take advantage of the 0% balance transfer rate on your OCU credit card, allowing you to reduce the overall amount that you pay in interest. Refer to the graphic below to see how much you can save!2
Consolidate your credit card debt with OCU
Osoyoos Credit Union’s credit card partner, Collabria, is offering an introductory special 0% annual interest rate on balance transfers to any Collabria* credit card. By taking advantage of this special rate, you’ll get to:
- Consolidate your balances and pay only one interest rate on balances
- Save on annual fees from multiple cards
- Enjoy this 0% balance transfer rate on as many balance transfers as your credit card limit allows for the next nine months from the date of transfer
This offer is available until December 31, 2024.
Your financial well-being is our priority. Here’s how you can take advantage of the offer:
1. Apply for a credit card by doing one of the following:
- Online Application
- Visit the Credit Card section of our website
- Click the ‘All Cards’ tab located at the top of the page.
- Select ‘Personal Cards’ or ‘Business Cards’.
- Choose the eligible card3
- of your choice.
- Click ‘Apply now’
- Call us at 1.855.341.4643
- Visit your local branch to start your application
2. Activate your card and transfer your balance.4 You can do both steps in-branch, by calling cardholder services, or on through CardWise Mobile on your mobile device or CardWise Online on your computer.
- To learn more about CardWise, click here.
- To learn how you can transfer your balance using CardWise, click here.
4A minimum transfer amount of $500 is required. You can transfer as many balances as your credit card limit allows during the promotional period if each transfer is $500 or more.
Factors to consider before transferring your balance
Consolidating debt isn’t a strategy that will work for everyone so there are a few things you should consider before you do, namely:
Can you pay off the debt before any promotional interest period ends?
If not, you should consider whether you’ll be able to manage the payments and interest after the promotional period ends.
Why you got into debt in the first place
Poor money management and poor spending habits don’t go away overnight. You should speak with a professional to get your spending habits under control and pave the way for a brighter financial future.
Remember: you should read all the terms and conditions to determine whether this offer is right for you.
If you’re not sure about whether consolidating your debt is the right move for you or your business, get in touch with one of OCU’s professional financial advisors for assistance.
Together we’re better.