Do you know your current credit card balances and what you’re paying as an annual percentage rate (APR) on your credit cards? How long it will take you to pay off the balances and how much will you pay in finance charges or interest?
Information is power. It’s helpful to know the answers to these questions so you can help yourself manage your credit card balances to pay them down more efficiently.
Balance transfer offers can often be helpful. The benefit of RTN’s balance transfer offer that runs from January 2 through February 28, 2104 is that along with great, low rate of 2.99% APR* through April 2015, there is no balance transfer fee that is added on to your balance.
Here’s how RTN’s Visa balance transfer promo rate can help you pay down your credit card balances (please note that amounts are estimates):
If you currently have a balance of $2,500 and that you are paying 12.99% APR. If you make the minimum payment for 13 months, you will be paying more than $324 in interest, and your balance will only go down to approx $2,076.
If you do a balance transfer to an RTN Visa credit card at the promotional rate of 2.99% APR, you could save more than $250 in finance charges. The added benefit is that your payments help pay down the balance faster during the specific.
If you make payment monthly payment of $125 with 2.99% APR, after 13 months you can reduce a $2,500 balance to under $940. The same monthly payment of $125 at a rate of 12.99% APR brings your balance to about $1,140.
(*Annual percentage rate. Offer subject to approval and can be changed at any time.)