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Balance Transfer

Balance Transfers Can Equal BIG Savings!

A balance transfer provides the opportunity to transfer higher-interest debt from another credit card to your UVA Community Credit Union Credit Card.

Benefits of a Balance Transfer:

Save Money

Paying a lower rate on existing balances could save you money on your interest payments.

Simplify Monthly Payments

Balance transfers can help you consolidate debt, combining balances from multiple lenders. You can make fewer monthly payments and keep track of debt more easily.

No Ongoing Balance Transfer Fee

Many cards charge a fee for balance transfers, usually 3%-5% of the balance you want to transfer on an ongoing basis. Currently, UVA Community Credit Union does not charge an ongoing balance transfer fee with its standard rates. There is a 4% balance transfer fee when short-term reduced rate balance transfer promotions are offered.

Does a Balance Transfer Make Sense for Me?

This is a question only you can answer, but for many, this may be a great way to save money. To see if a balance transfer might help you, list your debts and run the numbers. We have a few steps you can take and resources that can help below.

List Your Debts:

Be sure to include your balance, minimum payment, and interest rates
Get started with our Know What You Owe Worksheet

Run the Numbers:

Use our Payment Calculator to determine how many months it will take to pay off your card(s) and the total amount of interest you will pay
- You will need to know the current payment, interest rate, and balance of your card
Then, you can repeat the process using current balance transfer rates with the existing payment and balance of your current card and compare the difference in months and total interest
- If you plan to consolidate, you can use the total balance of all cards and the total payments

Learn the Best Tips:

Pay down debt faster by targeting the debts with the highest interest rate first
Learn more about paying down debt:
- It's a Money Thing

Get Help:

If you're a member, one of our financial coaches can help with a FREE personalized session to help you:
- Create a budget
- Improve your credit
- Develop a strategy to pay down debt
- Establish financial goals
- Give you tools and advice to help you start saving

How Do I Complete a Balance Transfer?

If you're not a UVA Community Credit Union existing cardholder, apply now for our Member Rewards, Platinum, Classic, or Secured Credit Cards and request a balance transfer!

Credit Card Options

If you have one of our Credit Cards, transfer a balance over the phone, at any branch, or by filling out the form below!

Balance Transfer Form

Balance Transfer FAQs

How much of my total credit limit can I use for a balance transfer?

The total amount of your transfer cannot exceed your available credit limit. Before accepting any offers, please check your outstanding balance as well as any transactions that have not yet posted to your account. Any remaining amount, up to your total credit limit, is available to use.

What types of balances can I transfer?

Transfer balances from other credit cards, personal loans, student loans, and auto loans. You will not be able to transfer a balance from another UVA Community Credit Union loan or credit card.

How long does a balance transfer take?

Balance transfer can take up to 10 business days. Be sure to confirm remaining balances after transfer is complete.

How are my payments applied after I transfer a balance?

We generally apply payments, up to your minimum payment, first to the balance with the lowest Annual Percentage Rate (APR), including 0% APR, and then to balances with higher APRs. We apply any part of your payment exceeding your minimum payment to the balance with the highest APR, and then to balances with lower APRs.

Once I complete a balance transfer to UVACCU, do my other cards close?

No, your other cards will not automatically close. You must contact your issuer should you want to close your accounts. Always consider how closing existing accounts may impact your credit score.

All loans subject to credit approval. Other restrictions may apply. Membership eligibility required. Minimum ongoing balance of $5 is required in a UVA Community Credit Union Share Savings Account. A one-time $5 membership fee may apply if not currently a UVA Community Credit Union member.