COVID-19 has stretched the budgets of many non-profits as state governments and local municipalities are under increasing financial pressure. This means cutbacks in revenue and reductions in social service funding which many organizations greatly need to continue operations. A balance transfer hack is a way to get around high-interest rates and reduce costs by transferring the balance of one credit card to another with better interest and options.
Things To Know About a Balance Transfer Hack
For organizations that struggle with high credit card balances, a transfer can offer some quick relief in these ways:
- Better interest rates: Many cards with balance transfer options offer a 0% interest rate for a full year or longer. If the balance is paid off in that time, there is no interest due.
- Good deals: Credit card companies offer different incentives in hopes you choose their cards. Shop around for the best deals and the best short and long-term advantages.
- Fast approval: This is an important feature of a balance transfer hack. Organizations get instant approval and begin saving money right away.
- Great reward offers: Most cards come with rewards that offer reduced costs on goods and services to their members. There are cashback rewards that can add up to significant savings and be redeemed in different ways at the end of the year.
Organizations can also get advice on how to save additional revenue by seeking the services of a risk management specialist.