Balance transfer credit cards
Looking at your credit card statement after racking up a hefty bill can be a bit alarming. If you can’t or don’t pay off your balance in full by the due date, you might have to pay interest on your debt and some credit cards carry interest rates up to 20% p.a.!
There are many options that can help you minimise the spending hangover. One option is to take advantage of a balance transfer offer. Let’s go over the basics.
What is a balance transfer?
A balance transfer allows you to take the balance owing on an existing credit card and transfer it over to a new credit card.
What is the benefit?
A balance transfer offer comes with a special interest rate that lasts for a defined period of time. For example, a credit card provider might offer you 0% p.a. for 12 months on balances transferred.
What should I look out for?
Below are a few things you should watch out for when you’re comparing balance transfer deals:
- Minimum and maximum amounts that a credit provider will allow you to transfer
- The rate that any unpaid balance will revert to once the special offer period has ended
- Any upfront fees charged for transferring a balance
- Try not to make any purchases on your new card as you won’t be able to take advantage of interest free days
- Read the fine print as many credit providers require that you transfer your balance from another credit provider
- Don’t apply for too many credit cards as each application can show up as an enquiry on your credit file and can impact your credit score
Check out our list of balance transfer offers below or head over to our credit card comparison service to see the latest deals.
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