The Best of Both Worlds
One of the rarest things in the credit card balance transfer world is getting a low interest rate and some kind of reward at the same time.
After all, credit card issuers and banks need to make money somehow, so if they’re giving you a rock bottom interest rate and cash back it’s pretty hard to profit.
Still, because it’s such a competitive landscape, some banks and more often credit unions, will go out on a limb to gain your business, even if it appears to be a money-loser for the bank.
Get 10% Back on Your Balance Transfer
That brings us to an interesting balance transfer promotion I came across over the weekend offered in my own background, Los Angeles.
This is one of the best balance transfer deals I’ve ever seen, though it’s only available to folks who live in Southern California.
The way it works is relatively simple. If you transfer $1,000 or more to Los Angeles Federal Credit Union, they’ll give you a $100 bonus.
That works out to a 10% cash back bonus if you transfer exactly $1,000. Consider that most banks charge 3%, or $30, if you transfer $1,000 to them.
So this is a huge promotion for customers with credit card debt of $1,000 or more.
In order to earn the $100, you need to execute a credit card balance transfer within 90 days of joining LA FCU and fill out a Visa rebate form on their website.
Get $200 Cash Back with Your Balance Transfer
To sweeten the deal, you can also earn another $100 when you sign up for paperless statements and initiate a recurring direct deposit into an associated savings account with LA FCU.
The minimum amount to trigger that bonus is $500 and will be deposited into the member’s account after the second direct deposit is received.
There is a $5 one-time membership fee to open a savings account and a $50 balance must be maintained to avoid a monthly fee on the savings account.
But if you’re able meet the terms of the deal, you can snag $195 in bonuses. Oh yeah, and your credit card debt can be moved to a 0% APR Visa credit card at the credit union.
Their Signature Rewards Platinum comes with an intro rate of 0% APR for 12 months and no annual fee. It also doesn’t appear to charge a balance transfer fee, though I couldn’t verify that on their website.
If that indeed is the case, you’re looking at 0% APR for 12 months and $195 in net cash back, which could equate to hundreds in savings if your current credit card debt is subject to sky-high APR.
You may want to check out this deal if you live in Los Angeles or nearby. It’s certainly one of the best offers I’ve come across since I began tracking balance transfer offers.