Reducing Your Credit Card Interest Rate to an Impressive 0.99% APR
Paying off credit card debt can be really tough. When you check your latest statement, you might notice that a big part of your monthly payment goes towards interest rather than reducing the actual debt. This can be quite discouraging.
If you’re seeking some relief, the Navy Federal Credit Union Platinum Card might be a good option. This card offers a 0.99% introductory APR on balance transfers for the first 12 months, and there are no balance-transfer fees. This means more of your payment can go towards reducing your debt rather than paying interest.
Why High Interest Rates Are a Problem
Carrying credit card debt is frustrating, and you’re not alone. In 2023, the average credit card balance in the U.S. was $6,501, and as of January 22, 2024, the average credit card interest rate was 27.70%. This high interest rate can make it take years to pay off your debt and can seriously strain your budget.
For instance, if you have a $6,501 balance with a 27.70% APR and you aim to pay it off in 14 months, you’d need to make monthly payments of $550, totaling $990 in interest. On the other hand, with a 1% interest rate, you could pay off the same balance in 12 months with monthly payments of $545, paying only $30 in interest. This approach allows you to pay off your debt two months earlier and save $960 in interest, which you could use for something more beneficial.
How To Save Money on Credit Card Interest
By opening the NFCU Platinum Card, you can save hundreds or even thousands in interest. As a cardholder, you’ll enjoy several perks that help you keep more of your money. There are no balance-transfer fees, annual fees, foreign-transaction fees, or cash-advance fees. After the 12-month introductory period, the card transitions to a variable APR of 11.24% to 18%, which is still relatively low.
Bottom Line
Many credit cards make it difficult to get out of debt due to high interest rates and fees, making you feel stuck in a never-ending cycle. However, the NFCU Platinum card is designed to help improve your financial health. For those with average to excellent credit, transferring your existing credit card balance to this card can provide the relief you need. It’s easy to apply for the NFCU Platinum Card and start saving money on your monthly credit card interest.