Balance transfer credit cards let you transfer your current credit card balances so that they can be repaid at a much lower rate, occasionally even 0% interest, over a set amount of time. However, if there is a leftover balance when the balance transfer offer expires, then typically that balance will also begin being charged the regular interest rate for that credit card. More…
Look at the following information to get a complete guide on the benefits of reducing credit card interest payments. You’ll need to start making a comparison of different available balance transfer credit offers and understand what a balance transfer truly is. These things will help you make the best decision for you. Remember that good credit is a requirement for any applications made for balance transfer offers, in order to get approval.
Keep in mind that the balance you transfer is the only amount to which the low or zero percent interest rate applies. Fees that are on the card due to the balance transfer will accrue interest, just as any purchases will. Remember that, just in case you suddenly think you need to use the card to purchase something.
Something else to consider is that the balance transfer amount is paid off first, not anything that you may purchase. In other words, if you are paying every month religiously, you won’t pay for that television you just bought until that transferred balance is paid off first. That may not seem too important, but the purchases do continue to earn interest the entire time you are paying for your balance transfer.
Miss a monthly statement, or even just be a day or two late, and your interest rate will rise quite a bit. While you may have started out with one percentage rate on your original card, one late payment or missed payment may send your interest rate skyrocketing. Be aware that this is a risk when you sign that dotted line for the balance transfer credit cards of your choice.
With the BoQ Low Rate Visa Card you get a 13.49% pa Interest Rate.
With the BoQ Low Rate Visa Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Low Rate Visa Card you get a 21.49% pa Cash Advance Rate.
With the BoQ Low Rate Visa Card you get up to 55 Interest Free days.
With the Citibank Clear Platinum Card you get a 11.99% pa Interest Rate.
With the Citibank Clear Platinum Card you get a Balance Transfer Rate of 2.90% pa for 12 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Clear Platinum Card you get a 21.74% pa Cash Advance Rate.
With the Citibank Clear Platinum Card you get up to 55 Interest Free days.
The Citibank Clear Platinum Card has an Introductory Annual Fee of $49 for the 1st year then $99 thereafter.
With the Virgin Flyer Credit Card you get a 20.99% pa Interest Rate.
With the Virgin Flyer Credit Card you get a Balance Transfer Rate of 1.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin Flyer Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin Flyer Credit Card you get up to 44 Interest Free days.
The Virgin Flyer Credit Card has a $99 Annual Fee.
With the BP-Citi MasterCard you get a 20.89% pa Interest Rate.
With the BP-Citi MasterCard you get a Balance Transfer Rate of 0% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BP-Citi MasterCard you get a 21.39% pa Cash Advance Rate.
With the BP-Citi MasterCard you get up to 55 Interest Free days.
With the CitiBusiness Gold Card you get an Introductory Interest Rate of 0% pa for 4 months then 20.74% pa thereafter.
With the CitiBusiness Gold Card you get a Balance Transfer Rate of 0% pa for 4 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the CitiBusiness Gold Card you get a 21.49% pa Cash Advance Rate.
With the CitiBusiness Gold Card you get up to 55 Interest Free days.
With the Citibank Rewards Credit Card Platinum you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Platinum you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Platinum has a $199 Annual Fee.
With the Citibank Rewards Credit Card Signature you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Signature you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Signature has a $395 Annual Fee.
With the BoQ Platinum Card you get a 20.74% pa Interest Rate.
With the BoQ Platinum Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Platinum Card you get a 21.74% pa Cash Advance Rate.
With the BoQ Platinum Card you get up to 55 Interest Free days.
With the Emirates Citi Platinum Card you get a 20.99% pa Interest Rate.
With the Emirates Citi Platinum Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Emirates Citi Platinum Card you get a 21.24% pa Cash Advance Rate.
With the Emirates Citi Platinum Card you get up to 55 Interest Free days.
The Emirates Citi Platinum Card has a $229 Annual Fee.
With the Virgin No Annual Fee Credit Card you get a 18.99% pa Interest Rate.
With the Virgin No Annual Fee Credit Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get up to 44 Interest Free days.
The Virgin No Annual Fee Credit Card has a $0 Annual Fee.
With the Citibank Select Credit Card you get a 20.74% pa Interest Rate.
With the Citibank Select Credit Card you get a Balance Transfer Rate of 6.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Select Credit Card you get a 21.24% pa Cash Advance Rate.
With the Citibank Select Credit Card you get up to 55 Interest Free days.
The Citibank Select Credit Card has a $700 Annual Fee.
These minimum requirements are intended as a guide only. Your application may still be rejected by the card issuer even if you can answer 'Yes' to all of these requirements. The final decision regarding your application is solely up to the card issuer.
