Doing This Could Cut Your Credit Card Interest Rate To 0.99% APR
Written by
Jennifer Taylor
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Paying down credit card debt can feel like an uphill battle. If you look closely at your latest statement, you’ll see just how much of your monthly payment is going toward your interest rate instead of your principal.
It’s not fun, to say the least.
If you’re looking for relief, the Navy Federal Credit Union Platinum Cardcould be the answer. This balance-transfer credit card offers a 0.99% introductory APR on balance transfers for 12 months. Plus, you’ll pay no balance-transfer fees.
This is your chance to make real progress toward reducing your debt. Instead of a huge chunk of your monthly payment covering interest, more of your money can work toward lowering your credit card balance.
Why Your Interest Rate Is Holding You Back
Carrying credit card debt can be frustrating, but you’re not alone.
In 2023, the average credit card balance in the U.S. was $6,501, according to Experian. As of Jan. 22, 2024, the average credit card interest rate is 27.70%, according to Forbes.
This can take years to pay off — and it can put a serious strain on your budget.
For example, paying off a $6,501 credit card balance with a 27.70% APR over a 14-month period would mean you’re making payments of $550 per month, paying a total of $990 in interest. Conversely, with an interest rate of 1%, you could pay down a $6,501 credit card balance in 12 months, making payments of $545 per month, paying a total of just $30 in interest.
Taking the latter approach allows you to pay your credit card balance off two months earlier and save $960 in interest payments. If you’re like most people, you could definitely put that extra money toward a much better cause than credit card interest.
How To Save Money on Your Credit Card Interest
You already know you can save hundreds — or even thousands — in interest by opening the NFCU Platinum Card, but the savings don’t stop there. As a cardholder, you’ll get many perks designed to help you keep more of your hard-earned money.
You’ll pay no balance-transfer fees, annual fees, foreign-transaction fees or cash-advance fees. If you continue to hold a balance after the 12-month introductory period, you’ll transition to a still-low variable APR of 11.24% to 18%.
Bottom Line
Many credit cards make it hard to get out of debt — or even lower your principal — due to excessive interest rates and fees. This can cause you to feel like you’re in a debt cycle that just won’t end.
However, the NFCU Platinum card is different. Designed to help improve your financial health, this is an opportunity to make serious changes.
For those with average to excellent credit, transferring your existing credit card balance(s) to this card can provide the relief you’ve been seeking.
It’s simple to apply for the NFCU Platinum Card and start saving money on your monthly credit card interest.
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