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Updated on Monday, May 11, 2015
If you’re looking to transfer your credit card debt to a low interest rate, you’ve probably noticed there are many balance transfer promotions available on the market. With so many options you may be having trouble figuring out which one will help you pay off your debt the fastest and save you the most money over time.
Here we’re going to put one balance transfer, the TruWest Visa® Signature Card, under a microscope to help you decide if it’ll work for you. We’ll examine the perks, fees and compare it to the competition to help you weigh it as a balance transfer solution for your credit card debt.
The TruWest Visa® Signature Card Balance Transfer At A Glance
A quick overview of the very basic terms and benefits of the TruWest balance transfer.
- $0 annual fee
- 0% introductory APR for 18 months on all purchases and balance transfers, then an APR between 7.90%-8.90% Variable applies
- Balance transfer fee of 3% of the amount of each balance transfer.
- You can earn $100 when you spend $100 in the first 90 days of opening the credit card account. It’ll be credited back on your credit card statement, but we don’t recommend spending on a balance transfer card. That’s how you get trapped into generating more debt
- As a cardholder you can earn up to 1.5% cash back with the TruRewards program. Receive up to 1 point for every dollar that you spend. And earn up to 10 extra points per dollar for making qualifying purchases in the Get Extra Points Portal of TruRewards, but again we don’t recommend using this card for rewards
Are you eligible for a TruWest Visa® Signature Card?
To apply for this balance transfer offer you must be a member of the TruWest Credit Union and a minimum deposit of $5 is required to become a member. There are a few eligibility options for joining. You can live, work or own a business in the following counties:
- Maricopa County, Arizona
- Pinal County, Arizona
- Travis County, Texas
- Williamson County, Texas
If you’re a resident of or work at the Riata Apartment Community in Austin, Texas or The Shady Hollow Homeowners Association in Austin, TX you’re also eligible for membership. Some other ways to qualify include being related to a member or working for certain employers like Motorola or Compass Group PLC. To find out if you qualify check out the TruWest eligibility page.
Fees and Gotchas
The most obvious fee you must calculate to decide if this balance transfer is worth your while is the 3% of the amount of each balance transfer. fee. This is especially important to note if you have multiple credit card balances to consolidate.
Other fees include penalties for late or returned payments. The fee for both late or returned payments is the amount of your minimum payment due, but no more than $25. There’s no fee for over-the-credit limit charges. The cash advance fee is 4% of the amount of each cash advance. There’s also a foreign transaction fee of up to 0.8% of the amount of each transaction if there is no currency conversion; 1% of the amount of each transaction if there is currency conversion.
This card does receive a C transparency score for its fine print.
Pros and Cons
Now that we’ve discussed the basics of this balance transfer, let’s cover the pros and cons of transferring your balance to the TruWest Visa® Signature Card.
- There’s a $0 annual fee for the credit card
- The 0% introductory APR for 18 months is for both balance transfers and purchases. After the introductory period, the APR goes to 7.90%-8.90% Variable
- All balance transfers are charged a fee of 3% of the amount of each balance transfer. If you have a lot of credit card debt to consolidate you should be mindful of how much it’ll cost you
- Once the promotion period ends, standard interest applies to all unpaid balances including your transfers
Balance Transfer Alternatives
You can search for a variety of other balance transfer options including ones with promotional 0% interest and even ones offering 0% with no fee. Find our list of no fee balance transfer offers here.
If you’re still interested in considering other cards, which may have a longer duration but charge a fee, then explore our balance transfer marketplace here.
Who will benefit the most from this balance transfer?
This credit card will work well for you if you have few balances to transfer and you plan to make purchases and pay them off within the first 18 months. The 18 month interest free promotion for new purchases with rewards is a pretty good deal.
If you wish to transfer several balances the balance transfer fee may become pricey at 3% of the amount of each balance transfer. So calculate the money you save on interest vs the amount you’ll spend on fees to make the best decision for you