Member Saving Stories

From high rates to lower payments--this member’s financial situation is better, thanks to Gurpreet!

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One day in the Renton branch, I educated this member about the personal loan he was pre-approved for and when he said, “I am interested” I asked about credit cards he might have at other banks. He said, “Yes I do have many cards.” So then I asked, “Do you know with a Qualstar Visa Gold card you can do a balance transfer from your higher rate cards with no fee, and we give you 1% cash back?” Then he said, “Can I just consolidate all my credit cards?” I said we can do that and also asked if he had any equity in his vehicle. When he said he did, I made sure he sat down with Ivonne.

We helped him consolidate all his credit cards from various banks, finance companies and department stores – he ended up using his new Qualstar Visa credit card for balance transfers (with the 1% cash rebate) and the rest of the balances were covered by a" low rate personal loan":/loans/loan-rates/convenience-loan-rates and auto refinance (because his auto was worth more than he owed.) His credit card interest went down from 20% to 12.99%, and all his monthly payments dropped from $897 to $406.23 which is saving him $490.77 each month ($5,889.24 for the year.) Not to mention, he received his 1% cash rebate of almost $100 as a credit to his card and his financial situation is better than what he had before. That’s what our goal is for our members!