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- 1.9% p.a. for 12 months balance transfers..
- Minimun $50,000 income to apply.
- 3 Miles per $1 spent up to 200,000 Miles
- Complimentary lounge access in Australia and Dubai.
- Complimentary Chauffeur-drive service.
- Earn and redeem Skywards Miles on Virgin Blue flights.
- Free international travel and purchase cover insurance.
- 24/7 Personal Concierge around the world.
- Full terms and conditions.
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| Purchase Rate |
Balance Transfers |
Card Type |
Annual
Fee |
Interest Free |
| 20.74%p.a. |
1.9%p.a. 12 months |
Mastercard |
$229 |
up to 55 days |
|
CREDIT CARD BALANCE TRANSFER
Balance transfer credit cards can be difficult to understand, therefore Credit Card City has put together a guide that can help you decide whether a balance transfer credit card is right for you. If you have an exceptional amount owing on you credit card debt we recommend that you seek the help of a financial adviser. See more information on financial help or call ASIC's Infoline on 1300 300 630.
BALANCE TRANSFER CONSIDERATRIONS
A balance transfer is an offer, that gives you the opportunity to transfer the outstanding balance on your current credit card, or credit cards, to a new card with a special introductory period with little or no interest rate owing on the outstanding balance. However there is normally a fee associated with a credit balance transfer, be sure the read the full terms and conditions of the providing lender before applying.
SHOULD YOU APPLY FOR A BALANCE TRANSFER?
If you have any doubt over whether you should apply for a credit card balance transfer offer we recommend that you seek the help of a financial advisor. In order to get the best balance transfer offer for you, it is important to shop around and compare the transfer terms.
ADVANTAGES OF A BALANCE TRANSFER CREDIT CARD
If you are paying a high interest rate around the 20% mark, and have a high outstanding balance, then a balance transfer can benefit you. Many banks are giving a special introductory rate of 0% for 6 months, this gives you the opportunity to pay off your previous balance within a 6 month period, saving you money with interest rate repayments. These credit cards also have interest rates of around 11%, giving you a lower interest rate on future charges you may make. The only thing to look out for is that if you do not pay the outstanding amount within the allocated period, the interest rate reverts back to a cash advance rate, that is normally around 20% for most banks.
BALANCE TRANSFER FEES
Each bank differs, when it comes to fees and charges for a balance transfer. In order to get the exact cost involved with making a transfer, be sure to read the fine print of the credit card offers.
FINDING THE BEST BALANCE TRANSFER CARD
The best way to get the best balance transfer credit card for you is to shop around, compare and don't rush into any deal. Banks and credit card providers offer a wide range of balance transfer deals every year. These deals can range from 5.99 percent for a year to 0% for 6 months. Shop around and decide for yourself, what is the best offer for me?
RELATED RESOURCES
Balance Transfer Offers
Low Interest Platinum With Rewards
Your Guide to Balance Transfers
Get a Better Credit Card
Voted Best Balance Transfer Credit Card for 2008
*Disclaimer - This website and the information contained within it, is intended as a comparison tool to obtain information on financial products in Australia. The contents of the website should not be taken as professional advice, or recommendation of any product or service offered by the companies providing such products and services. Credit Card City features a small proportion of the total credit cards in Australia. Credit Card City receives commissions from 3rd party affiliates.