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Credit Mart - Balance Transfers on Credit Cards
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CreditMart.com.au provides comparisons on credit cards with major suppliers in Australia including AMEX, Virgin, Aussie and ANZ.
Balance Transfers on Credit Cards
Balance transfer credit card offers are used by card providers to entice the prospective customer over from a competitor’s credit card on the assumption that the customer will save on interest costs.
Balance transfer credit card offers can if used correctly, save you on interest however there are some points that you need to be aware of in order to fully maximise the interest saving. Some points are:
- As a general rule, any payments made on the card during the balance transfer period come off the balance transfer amount first. Therefore if you spend up on the credit card and then pay off this amount, it will actually come off the balance transfer amount and not the higher interest rate purchases balance.
- Lowest interest charges are paid off first.
- Once the balance transfer introductory period ends any outstanding balance transfer amounts will attract the higher “cash advance” interest rate. This interest rate can be up to 10% p.a. higher than the standard purchase interest rate on the credit card.
Here are a couple of tips to maximize balance transfer credit card offers:
- When you receive the new credit card that you will transfer balances across too cut up your existing card.
- Arrange the balances to be transferred across as soon as possible. Some balance transfer periods begin once the new credit card has been approved.
- Don’t use the new credit card during the balance transfer introductory period.
- Pay off the balance before the balance transfer introductory period ends. If you don’t think this is achievable look for a low balance transfer offer for the “life of the balance”
- ENSURE YOU READ THE TERMS AND CONDITIONS OF ANY OFFERS BEFORE APPLYING.
CreditMart.com.au provides credit card comparisons across major Australian credit card providers.
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Credit Mart Pty Ltd.
ABN: 51 111 630 490
Phone: 0437 997 545
Email: marketing@creditmart.com.au
Web: www.creditmart.com.au
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