If you’re one of those people who likes to get their cake and eat it too, you might be interested in this balance transfer offer from Citadel Federal Credit Union.
The Pennsylvania-based credit union is offering a very low 2.99% APR on balance transfers for six months if you move non-Citadel credit card debt to them.
They don’t charge a balance transfer fee or an annual fee, but that doesn’t quite make this offer free because the APR is above 0%.
However, they have a special balance transfer bonus that can effectively make the transfer free and possibly even earn you some dough in the process.
Most of the time, promotions like this are offered on credit cards with relatively high balance transfer APR, making them a mug’s game. But this one is different.
How to Get the $150 Balance Transfer Bonus
It’s pretty straightforward. If you transfer a minimum of $500 in non-Citadel debt to the credit union, they’ll credit your primary Citadel savings account with 3% of the amount(s) transferred.
So let’s say you move $1,000 from a Chase credit card and $1,000 from a Discover card. You’d get $30 for each transfer deposited into your Citadel savings account. That’s $60 total.
Meanwhile, you’d only pay 2.99% APR on that $2,000 for the first six months. That equates to roughly $5 a month in interest in our example. So you can make money with this offer and pay off your debt at the same time. Not a bad deal.
The balance transfer bonus will be deposited within 60 days from the date of the transfer(s). Your account must be in good standing to earn the bonus.
This is good for both new and existing Citadel credit card holders, but it’s better for those getting the promotional 2.99% APR.
After the promo APR ends, the rate can be as low as 11.24%, which is somewhat average but you’ll probably be better served moving any remaining debt to a new 0% APR credit card instead.
If you want to earn the maximum $150 bonus you need to transfer $5,000. This could be a moneymaker even if you planned to pay off your balance in full with your original issuer.
Simply move the balance to Citadel and pay it off in full right away and you should be able to earn close to the full $150 bonus with minimal interest paid.
See also: A 0% APR cash back balance transfer!