Balance Transfers: A Smarter Way to Manage Credit Card Debt

Simplify your finances with a Balance Transfer

Managing multiple credit card payments cna be overwhelming—especially if those cards hav high interest rates. A balance transfer is a smart way to take control of your debt by moving it to a card with a lower interest rate. 

What is a Balance Transfer?  

A balance transfer allows you to move your outstanding balance from one or more credit cards to another card, ideally, one with a lower interest rate. The goal is to save money on interest and pay off your debt more efficiently. Think of it as giving your debt a fresh start, on a card that works harder for you. 

Why consider a Balance Transfer? 

• Save on Interest 
  Transferring your existing balances to your credit union credit card means you’ll pay 0% interest for 12 months, after a one-time 3% administration fee as an example. That means more of your payment can go toward reducing your debt, not covering interest.

• Simplify Your Payments 
  Consolidating multiple balances into one card means fewer payments to track, giving you more control over your finances. 

• Support Your Credit Health 
  Paying down debt efficiently can help improve your credit score over time, especially when you stay on top of your payments. 

Is a Balance Transfer Right for You? 

A balance transfer could be a good option if:

1. You’re carrying a balance on a high-interest credit card. 
2. You want to consolidate multiple credit card balances into one payment. 
3. You have a plan to pay off most (or all) of your balance within the lower-interest period. 
4. You’re looking for ways to manage debt more effectively and save on interest. 

How to request a Balance Transfer? 

Getting started is easy: 

• Online: Log in to your CardWise account via cardwiseonline.ca or the CardWise Mobile App.
• By Phone: Call Cardholder Services at 1-855-341-4643 or the number on the back of your card. 

*Note: Transfers must be $500 or more to qualify for the 0% promotional rate.

Real Savings Example - How much could you save when you complete a Balance Transfer?

Let’s say you transfer $6,000 from a card with a 20.99% interest rate to your credit union credit card.  
With 0% interest for 12 months, you could save hundreds of dollars in interest, making it easier to pay down your balance faster.

(Balance Transfer Calculator Coming Soon)

Ready to simplify your finances?

A balance transfer is a simple step that can make a big difference. Take control of your debt today and start saving.

Request a Balance Transfer Now!

If you're interested in exploring balance transfer options, check out the current offers available through your local credit union: click here 

Frequently Asked Questions

Getting Started with Balance Transfers: The Basics

1. What is credit card interest?

A. Credit card interest is the cost you pay for borrowing money when you don’t pay your full balance by the due date.

2. How can a balance transfer help me save money?

A. A balance transfer can help you save money by moving high-interest debt to a card with a lower or promotional interest rate.

3. When is a balance transfer right for you?

A. A balance transfer may be right for you if you’re carrying high-interest debt and want to reduce your interest costs1 while paying it off faster.

4. Is there a minimum or maximum amount I can transfer?

A. Yes. The minimum amount you can transfer is $100. Transfers under $500 won’t qualify for the 0% promotional interest rate, but you won’t be charged the one-time balance transfer administration fee. The maximum amount you can transfer depends on your available credit limit and your cardholder agreement.

5. What happens if I miss a payment during the promotional period?

A. Missing a payment may result in losing your promotional interest rate. Always make at least the minimum payment, on time, to keep your offer active. For more information, see the Balance Transfer Offer terms and conditions.

6. How do I start a balance transfer with Collabria?

A. Log in to your CardWise account at cardwiseonline.ca or use the CardWise Mobile App. You can also call Cardholder Services at 1-855-341-4643.

7. Can I transfer balances from multiple cards?

A. Yes, you can usually transfer balances from more than one card, and from more than one credit card issuer, as long as you stay within your credit limit.

8. Is there a fee for balance transfers?

A. Yes. A one-time administration fee may apply. Typically, transfers of less than $500 are not subject to the administration fee, but they may not qualify for promotional interest rates. Be sure to review the specific offer terms and your card’s terms and conditions for full details.

Timing and Processing

1. How long does a balance transfer take to process?

A. Balance transfers typically take 5–10 business days, but processing times can vary depending on the card issuer and the financial institution involved. Until the transfer has been confirmed, we recommend that you continue making payments to your existing cards to avoid any missed or late payments.

2. Will I earn rewards on transferred balances?

A. No, balance transfers typically don’t earn rewards.

Interest and Payment Allocation

1. What happens after the promotional rate ends?

A. After the promotional period ends, any remaining balance will be subject to your card’s regular cash advance interest rate, as outlined in your cardholder agreement. To maximize your savings, it’s best to pay off the transferred balance before the promotional period expires.

2. Why are payments applied to the balance transfer before purchases?

A. Balance transfers are treated like cash advances, which are prioritized when payments are applied. This means purchases may accrue interest until the balance transfer is fully paid off. For more information on how we apply payments, consult your cardholder agreement.

3. I usually pay off my purchases monthly. Will I still benefit from a balance transfer?

A. Yes, you’ll benefit from the 0% interest on the transferred balance. However, purchases will be subject to your regular APR and may accrue interest until the transfer is paid off. For more information on how interest is charged and the applicable rates for your card, see your cardholder agreement.

4. Where can I learn more about how payments are applied?

A. Please refer to the “How We Apply Payments” section in your cardholder agreement (Section 19) and page 2 of your monthly statement.