Locations
Key takeaways:
- You may be able to save money and pay off your credit card debt faster by transferring your credit card balance to a Global Visa® Credit Card with fixed rates and lower interest.
- You could save even more when you increase your monthly payment. By paying even a few extra dollars each month, you can save hundreds.
- It’s easy to transfer your credit card balances to a Global Visa Credit Card, and we charge no balance transfer fees.
If you have credit card debt, a balance transfer to a low fixed-rate credit card like the Global Visa Credit Card could save you a lot of money—and get you out of debt faster.
Why a balance transfer can make a huge difference
For this example, let’s say you have $1,000 of credit card debt on a typical travel-reward credit card, which tends to come with a higher annual percentage rate (APR) of around 18.00%. You don’t use the card often but somehow manage to end up with a balance of $1,000. Even if you stop using the card but only make the minimum payment of $25 a month, you’ll pay $538 in interest over the 62 months it will take to finally pay off that debt.
Now consider moving that balance to a Global Visa Credit Card with an APR of 10.50%, 12.50%, or 14.50%, assigned based on your credit score. Even at 14.50% APR, if you made just the minimum payment without using the card, you’ll pay just $374 in interest over 55 months—that’s a savings of $164 and 7 months of time to pay off the card.
| Global Visa Credit Card | Other Credit Card |
|---|---|
| 14.50% APR | 18.00% APR |
| $1,000 Balance | $1,000 Balance |
| $25 Minimum Payment | $25 Minimum Payment |
| 55 Monthly Payments | 62 Monthly Payments |
| $374 Interest Paid | $538 Interest Paid |
Plus, no balance transfer fees
Global does not charge a balance transfer fee. A typical balance transfer fee is 3%, or in this example $30 to transfer $1,000. It may sound small, but fees add up. And if you transferred a higher balance, you would have paid even more in fees.
Bonus: You can do multiple balance transfers from different credit cards into one Global Visa Credit Card, consolidating your debt under a lower interest rate and making it easier to create a repayment plan so you can pay down your debt faster.
Pay off your debt faster
Of course, if you really want to save money, you’ll want to pay down your debt as fast as possible. Even adding $5 more to your monthly payment will help. A little goes a long way!
See how much you should pay each month to pay off your credit card within your desired timeframe.
How much could you save?
What happens if you transfer your balance to a Global Visa Credit Card and you pay a little more than the minimum each month? If you have $1,000 of credit card debt, you could save $251 and pay off your card balance in 3 years and 7 months by transferring that balance to an Global Visa Credit Card and by paying an extra $5 each month. With your old card and just the minimum payment, it would have taken 5 years and 2 months to pay off that debt.
| Global Visa Credit Card | Other Credit Card |
|---|---|
| 14.50% APR | 18.00% APR |
| $1,000 Balance | $1,000 Balance |
| $30 Minimum Payment | $25 Minimum Payment |
| 43 Monthly Payments | 62 Monthly Payments |
| $287 Interest Paid | $538 Interest Paid |
