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Rochester among best cities for balance transfers

Rochester Business Journal
February 8, 2017

Rochester ranks among the best cities for credit card balance transfers, a new report from SmartAsset shows.

SmartAsset—a New York City-based financial technology company that uses data to provide advice on financial decisions—used data from Experian, Credit Karma and the U.S. Census Bureau to determine the places where consumers can save the most on credit card balance transfers. Rochester ranked fourth nationwide.

The report modeled how much the average household could save by doing a balance transfer, moving their credit card debt from a card with a high interest rate to one with a zero interest period, as well as lower rate overall. The report’s authors then looked at total annual savings over a 3-year period, after fees, as a percentage of the original credit card debt balance, as well as median household income for the city.

With a credit card debt of $4,175 and an average income of $28,551, Rochesterians could save $600 by transferring their debt to a lower-interest credit card, the report shows. That is a 2.1 percent savings as a percentage of income. As a percentage of debt, Rochester consumers could save 14.37 percent.

Albany, Ga., residents were first on the list, saving $594 against debt of $4,199 and income of $20,516. That amounts to a 2.89 percent savings as a percentage of income.

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


What You're Saying 

Bob Roeder at 1:32:24 PM on 2/9/2017
Alternate title to this article could be 'Rochester has one of the highest percentage of credit card debt to income'

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