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Hometown Favorite Loan Special

As a "thank you" for voting ARC the Hometown Favorite Credit Union in 2021, we are offering, for a limited time, 0% APR* for 12 months on Credit Card Balance Transfers. Use this opportunity to move balances from high interest rate cards to an ARC Visa credit card, where you won't be charged any interest for the first year!

The average credit card balance in the United States is currently $5,525 with an average APR* of 16.13%. Let's crunch some numbers for the "average credit card". Assuming you pay $225 per month toward a card with a $5,525 balance and you're being charged a 16.13% interest rate (and you don't add any new debt to the card once you start paying it off), it will take you 31 months to pay off your card. You will also end up paying an additional $1,225 in interest over those 31 months. That means it cost you $6,750 to purchase $5,525 worth of goods/services with that card. Ouch.

Let's take that same balance, move it to an ARC Visa Credit Card during this special, and pay the same $225/month for 12 months at 0% interest. After one year, your card balance will decrease to $2,991. If you were still using the card with the 16.13% APR*, your balance after 12 months of payments would still be $3,576. Note below that we added in a 3% transfer fee for the promotion, so your starting balance with ARC was $5,691. You would end up saving over $750 following the $225/month pay-off model by transferring your balance to an ARC credit card. (Click the images below, then "OK" on the pop-up window, to go to our Banzai calculators and figure out your own pay-offs.)

Credit Card Payoff Calculator screenshot_Year 1

Credit Card Payoff Calculator screenshot_2

Let's say you have an average/fair credit score when the promotional period for the special ends. Your rate for anything from the promotional balance transfer will go to the Cash Advance rate in your card agreement. (This rate varies based on credit score, but it is 3% higher than the rate for normal purchases with your card.) For an average borrower at ARC (600-649 credit score) the Cash Advance rate is 14.99% APR*. Within 15 months you would pay off the remaining $2,991 at the new rate of 14.99% (assuming a credit score between 600-649) with monthly payments of $225. This means you will pay off your entire balance in a total of 27 months. You would save 4 months of payments and $761 in interest just by switching to an ARC FCU credit card during this special promotion.

We want to help you make the most of your income, so what are you waiting for? Talk to a loan officer or apply online now to start saving money on your credit card payments! If you need additional help getting your finances under control, ARC has a certified financial counselor on-staff. Email memberhelp@arcfcu.org to make an appointment today and take advantage of this free member benefit.

Call/Text the Loan Department (814)946-0857

Email a loan officer loan@arcfcu.org

Balance transfers completed from 2/22/22 through 8/31/22 will receive 0% promotional APR* for 12 months from date of first balance transfer. After the promotion time frame expires, the remaining balances will migrate to the Cash Advance APR* applicable on your account. A fee of 3% of the balance transferred, not less than $5, will be assessed. It is your responsibility to verify that the credit cards are paid in full. ARC is not responsible for any remaining balance(s) or additional charges with regard to such account(s), nor for any charges resulting in any delay in the payment and transfer of balances. Must meet eligibility and membership requirements. Post-promotional APR* based on creditworthiness.     *APR=Annual Percentage Rate.