A balance transfer allows you to move debt from one credit card or loan to another card, usually to take advantage of a lower interest rate. Many people use a balance transfer to save on interest, pay off debt faster, or consolidate multiple credit card balances into a single account.

An introductory rate is a special, lower interest rate offered for a limited time when you open a new credit card account. It’s designed to give cardholders a head start on paying down debt. Legacy offers a six-month introductory rate of just 2.99% APR* on balance transfers, after which the standard rate of 8.90% APR* applies.

Once your new card account is open, you can request a balance transfer. Legacy will contact the accounts you specify and pay off the full balance. That debt is then moved to your new Legacy credit card account.

While many issuers charge a 3%–5% balance transfer fee, Legacy charges no balance transfer fee on our VISA® Platinum Preferred credit card.

Applying for a new credit card may cause a small, temporary dip in your credit score. However, transferring and paying down debt can reduce your overall credit utilization, which may improve your score over time.

Most banks and credit unions do not allow balance transfers between cards they issue.

Yes. You must be a Legacy member to apply for a card and request a balance transfer. If you live, work, worship, or attend school in Jefferson, Shelby, Blount, St. Clair, Walker, Chilton, or Bibb counties in the greater Birmingham area, or are a dependent of someone who does, you’re eligible for membership.