Take charge of your credit
Transfer an existing Canadian credit card balance to your new Servus Mastercard and receive a special introductory 3.99% interest rate for 10 months, with a 1% balance transfer fee* of the amount advanced or a $7.50 minimum fee, whichever is greater.
Did you know that this introductory interest rate offer also applies to a Funds Transfer? Move available credit from your Servus Mastercard into your Servus daily banking accounts to give you access to immediate cash flow.
Why transfer a balance?
A balance transfer can help you pay off your outstanding credit card balances faster, helping you to pay off your debt faster and save on interest charges.
Cost comparison is based on interest accumulated over a 10 month period on a $5,000 balance transfer at the promotional balance transfer annual interest rate of 3.99%. Assuming that only a minimum payment of $10 is made in each billing cycle for the applicable credit card account over that 10 month period and no other transactions are posted to the applicable credit card account during that 10 month period.
You could save over $600 in interest charges on a $5,000 balance transfer! That's money you can use to pay off your balance before the special rate expires.
Transfer a balance
To qualify for a balance transfer with the special interest rate, you must:
- Apply within 30 days of receiving your new Servus Mastercard
- Activate your new card
To request a balance transfer:
The balance transfer you request will appear on your Servus Mastercard account within 7-10 business days.
Balance Transfer Frequently Asked Questions
How can a balance transfer help my finances?
There are a few ways a balance transfer can help your finances:
- Reduce high-interest credit card debt. If you’re paying high interest rates on store cards (e.g. 29.99% or more), or even average credit card interest rates (e.g. 19.99%), a balance transfer gives you the chance to potentially save hundreds of dollars in interest fees over 10 months. When you’re paying less in interest, you can pay off your principal balance faster, save more for retirement or an emergency fund.
- Increase cash-flow in an emergency. With a balance transfer you can move available credit from your Servus Mastercard into your chequing or savings account, giving you access to cash when you need it.
- Improve debt management. A balance transfer also makes it easier to track your total outstanding balance by consolidating multiple card balances into one, easy-to-read statement.
When do I start paying interest on my balance transfers?
Interest applies starting on the day the balance transfer amount is transferred to your Servus Mastercard account and continues until the balance transfer amount is paid in full. Unlike a purchase, there is no interest free grace period for balance transfers.
What happens to my interest rate after 10 months?
At the end of the ten month period, the interest rate that will apply on any remaining amount of the balance transfer will increase to the Mastercards cash advance rate.
Are there any other fees for my balance transfer?
All balance transfers are subject to a fee of 1% of the amount advanced or a $7.50 minimum fee, whichever is greater.
The fee is applied to your account on the day the balance transfer amount is transferred to your Servus Mastercard account or on the day that you have transferred funds from your Servus Mastercard to your chequing or savings account. The same interest rate applies to the balance transfer fee as the rest of your balance transfer: 3.99% for the first 10 months, and after that, the same rate of interest that applies to cash advances.
How much can I transfer?
You can transfer any amount you like up to the available credit limit including the transfer fee on your Servus Mastercard account less any outstanding balance.
* Request the balance transfer on your non-Servus Credit Union Credit Card or request to transfer funds from your Servus Mastercard to your chequing or savings account for Canadian dollar payments that do not exceed the sum of your current credit limit minus your current outstanding balance. The balance transfer amount(s) will be charged to your credit card account at a promotional interest rate of 3.99% from the initial transaction date. You can continue to enjoy this promotional rate for the first 10 consecutive months following the initial transaction date, provided that you make your monthly minimum payments on time. All balance transfers are subject to a fee of 1% of the amount advanced or a $7.50 minimum fee, whichever is greater. See your Cost of Borrowing Disclosure Statement on servus.ca/mastercard for more details on cash advance rates.