What is a Balance Transfer and how does it work?

»

What is a Balance Transfer and how does it work?
A Balance Transfer is a credit card transaction where you use one credit card to pay off what you owe on another credit card or loan in exchange for a lower interest rate and to consolidate monthly bills.

Things to Consider:

  • How much lower is the APR for the card you plan to transfer the balance to?
  • Find out if there is a fee for the credit card you are moving the balance to. These can range from 0% - 5% of the balance being transferred.

How it Works:

  • Provide your account information for the card with the balance you want to transfer to your Golden 1 credit card.
  • You can do more than one balance transfer at a time but cannot exceed your credit limit.
  • Any debt being paid off needs to be in the name of the individual requesting the balance transfer.
  • Golden 1 will pay the amount you request to transfer to your previous credit card. This process could take up to 30 days.
  • Continue making payments on your old credit card until you see the balance transfer transaction has cleared.
  • Payments will now be due to your Golden 1 credit card. Please refer to your most recent statement for payment amount and due date.

 

How to do a Balance Transfer with Golden 1

Click the option below to expand the details.

Online Banking
  1. Sign into Online Banking.
  2. In the top navigation menu, click Manage Cards.
  3. Select your credit card from the Switch or Add Card drop-down list.
  4. Select Balance Transfer.
Mobile Banking
  1. Sign into the Mobile Banking app on your device.
  2. Select Cards from the bottom menu navigation.
  3. Swipe through the card carousel to select your credit card.
  4. Select Balance Transfer.
Convenience Check

On occasion Golden 1 will mail convenience checks to credit cardholders with a promotional offer. You can use these checks as payment to other lenders which will
then shift the balance to your Golden 1 credit card. We cannot issue convenience checks upon request.

In Branch or Over the Phone

You can complete a balance transfer at a Golden 1 branch or by calling us at 1-877-GOLDEN1 (1-877-465-3361). A Balance Transfer Authorization form will need to be completed and will allow you to transfer a balance from another credit card company or loan.

Did You Find This Article Helpful?