Transfer your Credit Card Balance to LEND and start saving today
Credit cards and store cards offer great convenience: online-shopping from your home or buying dinner at an exotic holiday destination – super easy with today’s credit cards, as long as you can pay the monthly balance in full. If you opt for partial payment or even minimum payment of the month-end bill, you automatically start to pay very high interest rates … but there is a solution!
Instead of paying the above than average interest charges of your credit card provider and pay off your debt over a longer than necessary period of time, you can transfer your balances to a low-interest LEND account today. You immediately start to save on your interest charges, you can select the repayment schedule to meet your personal needs and you have your credit card available again for those convenient purchases or to keep it as extra security for unforeseen expenses or when traveling abroad.
Why a LEND loan saves you money
Today’s credit cards and store cards, including their added functionalities like Apple Pay, Samsung Pay or the Swiss Twint solution, are designed to make your shopping experience easy. The associated networks like MasterCard, VISA or American Express reach almost every square metre of today’s world, turning your credit card into a universal payment tool.
The entry fees for this world of convenience are purposefully kept low – Many of the cards have no annual fees. Mileage programs and shopping discounts are providing the cardholders with additional reasons to pull out their card and pay with plastic.
All this credit card convenience comes at a price, though, in the form of high interest rates and unexpected fees.
The effective interest rate is between 4.50% and 10.95% and is dependent on your credit score and selected loan term. The repayment period is a minimum of 12 months and a maximum of 84 months. For a loan of CHF 10’000.- and 12 months the interest cost and fees range between CHF 239.05 and CHF 568.25. The total sum is thus between CHF 10'239.05 and CHF 10'568.25. The grant of a loan is prohibited if it leads to the over-indebtedness of the consumer (Art. 3 UWG)
But what if your monthly budget does not allow you to pay the credit card bill in full, the issuer automatically starts to charge you higher than average interest rates on your card balance. Important to know: Those charges do not begin from the day of your bill, but from the day of your purchase, effectively maximizing the interest period for the credit card company.
It often makes sense to refinance your credit card debt with a personal loan, with considerably lower interest rates. Credit Card interest rates are permitted to be as high as 13% in Switzerland, while interest rates for personal loans at LEND start at 4.5%.
Transferring your balance to LEND is easy
Fill out our online-loan application, submit copies of ID and salary documents and our Team of experts will provide you with interest-saving balance-transfer, offers to meet your personal needs. The same proven and simple application process works for refinancing your credit card as well as it does for auto loans or home improvement loans.
LEND is in a unique position in the Swiss personal loan market in that it sources its financing from the crowd of investors. Borrowers can therefore reach private and institutional money without the high fees and unreasonable margin expectations of traditional banks – LEND gives you low interest rates, no hidden fees and full control over your personal finances. Those are some of the clear benefits of refinancing your credit card debt with LEND today.