Unless you live in a pineapple under the sea, you’ve likely seen, heard or experienced first-hand recent downward shifts in the economy. Egg prices are soaring, layoffs are common and the stock market seems stuck on the corrections setting. These moves, combined with consumer spending habits mean we’re carrying more debt than ever. According to the most recent data from the Federal Reserve, credit card balances increased by $45 billion in the fourth quarter of 2024 to $1.21 trillion.
The average borrower carried $6,580 on their card at the end of 2024, according to data from TransUnion. The average credit card account assessed interest has an APR of 22.8% as of November 2024, according to the most recently available data from the Federal Reserve’s Consumer Credit Report.
Using those numbers, here’s how much you could potentially save with a balance transfer with the U.S. Bank Shield Card. If you make monthly payments of $274.17 over the 24-month period, you’ll have eliminated the $6,580 debt entirely without accruing any interest charges, saving you $2,289 in finance charges. Factoring in the 5% of each transfer amount ($5 minimum) balance transfer fee of $329, you’d save a net total of $1,960.