Save Big by Refinancing Your Balances
Credit cards can be an essential tool for managing everyday expenses, but the high interest rates often associated with them can set you back financially. Many financial institutions charge credit card rates at or above 22% (Nerd Wallet), and the average retail card charges rates at or above 30% (Bank Rate). This means a large portion of your monthly payment goes toward paying off interest instead of reducing your balance.
“For credit card accounts that were assessed interest, the average annual percentage rate was 22.80% as of November 2024, according to data from the Federal Reserve.”
Source: “What Is the Average Credit Card Interest Rate?,” Nerd Wallet, November 2024. Retrieved from: nerdwallet.com/article/credit-cards/what-is-the-average-credit-card-interest-rate.
“The average retail card, for instance, charges about 30 percent.”
Source: “Credit card interest rate forecast for 2025: Rates will only fall a bit,” Bank Rate, January 2025. Retrieved from: bankrate.com/credit-cards/news/credit-card-rates-forecast/.
But there’s good news—Limestone FCU can help you lower those rates and make paying off your debt easier!
At Limestone Financial Credit Union (LFCU), we offer a variety of refinancing options to help you lower your interest rate, reduce your monthly payments, and pay off your credit card debt more quickly. Here’s a breakdown of how high credit card interest could be costing you and how refinancing with LFCU can make a significant difference.
Why High Interest Rates Are a Problem
Let’s say you have a $5,000 balance on a credit card with a 22% interest rate. Over the course of a year, you could end up paying about $1,100 in interest—just to maintain your balance! That’s money you could be using to reduce your debt faster and put towards your financial goals.
Now, imagine if you could lower that interest rate! That’s where we come in. With our Debt Consolidation Loans, you can refinance your credit card balances to a rate as low as 12.566% APR¹. That means more of your payment goes toward actually paying off your debt instead of just covering the interest.
Our Credit Card Refinancing Options
In addition to debt consolidation loans, we offer two credit cards with competitive rates:
- VISA Classic Credit Card: With a low 15.90% APR², the VISA Classic provides a great option for those looking to transfer balances and pay off debt at a more affordable rate.
- VISA Platinum Credit Card: For those with excellent credit, our VISA Platinum card comes with an even lower 12.90% APR², providing additional savings and flexible terms.
Whether you are consolidating debt or simply seeking to lower your credit card interest, refinancing through Limestone FCU offers significant savings and helps you pay less in interest and pay down your debt faster.
Why Refinance with Limestone FCU?
Refinancing your credit cards or consolidating debt with Limestone FCU means:
- Lower your interest rate: No more high-interest credit card bills draining your budget.
- Reduce your monthly payments: Free up more cash for other priorities by consolidating your balances into a lower-rate loan or credit card.
- Pay off your debt faster: With a lower APR, more of your payment goes toward reducing your balance instead of covering interest charges.
Refinancing with LFCU can help you manage your finances more effectively and make progress toward financial freedom.
Ready to Save?
Ready to save money and take control of your credit card debt? Check our Debt Consolidation Loans to learn more about our refinancing options or our VISA Credit Card options to get started on your journey to financial freedom. We’re here to help you make the most of your money and achieve your financial goals. If you have any questions or would like to work with one of our Loan Officers, text our Lending Team at 906-341-3118.
Disclosures
¹A.P.R. = Annual Percentage Rate. Rates subject to change. 12.566% APR is based on a loan of $5,000.00 with a rate of 10.75%, processing fee of $90 and monthly payment of $236.56 for 24 months. Must be a member of Limestone FCU in good standing. Credit card eligibility is subject to a credit pull and credit approval. Terms and conditions apply. Contact Limestone FCU for complete details.
²A.P.R. = Annual Percentage Rate. Rates subject to change. Must be a member of Limestone FCU in good standing. Credit card eligibility is subject to a credit pull and credit approval. Terms and conditions apply. Contact Limestone FCU for complete details.
Limestone FCU NMLS# 405435
