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  A typical consumer could save more than $4,000 per year by switching all their banking products and services from the most expensive providers to the cheapes.....
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Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
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Credit Cards
 Credit Card Balance Transfers
 Watch out for the 'revert rate' on balance transfer offers
 Watch for different interest rates on the one card
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 Don't compare against the so-called 'standard variable rate'
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Balance Transfer Credit Selector Service

Institution Product
Name
Purchase
Rate
(% p.a.)
Cash
Advance
Rate
(% p.a.)
Balance
Transfer
Rate
Interest
Free
Days
Annual
Card
Fee($)
Rewards
Program
Compare Apply Contact Bank
You can further compare up to 3 products by checking the boxes and clicking the compare button    
Citibank Citibank Clear Platinum Card 11.49% 20.99% 0.99 55 $85 Yes
Apply
Contact
Bank
ANZ ANZ Low Rate MasterCard
Special Balance Transfer Offer
12.49% 20.74% 2.9% for first 12 months 55 $58 No
Apply
Contact
Bank
ANZ ANZ Balance Visa
Special Balance Transfer Offer
13.49% 20.74% 2.9% for first 12 months 55 $79 Yes
Apply
Contact
Bank
ANZ ANZ Low Rate MasterCard 12.49% 20.74%   55 $58 No
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank Gold Credit Card 19.74% 20.74% 5.99 55 $114 Yes
Apply
Contact
Bank
Suncorp Suncorp Clear Options Gold 19.25% 19.75% 1.9 55 $99 Yes
Apply
Contact
Bank
Aussie Aussie MasterCard.
2.99% Intro 6 months
Top Pick Low Rate
2.99% Intro
(12.29% std)%
18.79% 2.99% for 6 months 55 $49 No
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank Platinum Credit Card 19.74% 20.74% 5.99 55 $200 Yes
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank Awards Credit Card 19.74% 20.74% 5.99 55 $59 Yes
Apply
Contact
Bank
Citibank Clear Card. 15.49% 20.99% 2.9% for 6 months 55 $65 No
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank Low Fee Credit Card 19.24% 20.74% 5.99 55 $24 No
Apply
Contact
Bank
Woolworths Everyday Money Woolworths Everyday Money Credit Card
$50 Bonus Card Offer
18.49% 20.99% 5.99% for 6 months 55 ($0 yr1)
49
Yes
Apply
Contact
Bank
CUA CUA Gold Rewards MasterCard. 17.99% 18.90% 2.9% for 9 months Up to 55 $85 Yes
Apply
Contact
Bank
IMB IMB Gold Rewards MasterCard. 17.99% 18.90% 2.9% for 9 months Up to 55 $99 Yes
Apply
Contact
Bank
ANZ ANZ Balance Visa 13.49% 20.74%   55 $79 Yes
Apply
Contact
Bank
ANZ ANZ First Visa 18.24% 19.99% 7.99 44 $30 No
Apply
Contact
Bank
Citibank Citibank Gold Card 20.49% 20.99% 1.9 55 $119 Yes
Apply
Contact
Bank
MyState Gold MasterCard 17.99% 18.90% 2.9% for 9 months 55 $85 Yes
Apply
Contact
Bank
Citibank Platinum Card. 20.49% 20.99% 4.9% for Life of Balance 55 $250 Yes
Apply
Contact
Bank
Citibank Emirates Citi Platinum Card 20.49% 20.49% 3.9 55 $199 Yes
Apply
Contact
Bank
Citibank BP- Mastercard. 20.39% 20.39% 2.90% for 12 months 55 $79 Yes
Apply
Contact
Bank
NAB NAB Visa Mini Credit Card 19.24% 19.24% 5.9 55 $24 No
Apply
Contact
Bank
Big Sky Credit Union Big Sky Credit Union Low Rate Credit Card 12.3% 12.3% 7.30 45   No
Apply
Contact
Bank
Bankwest Bankwest Zero Platinum MasterCard 15.99% 15.99% 1.99 55   Yes
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank Low Rate Credit Card 12.49% 20.74% 5.99 55 $48 No
Apply
Contact
Bank
HSBC HSBC Platinum Credit Card 18.74% 19.99% 5.99 45 $129 Yes
Apply
Contact
Bank
Australian Central Credit Union Australian Central MasterCard (Rewards) 17.99% 17.99% 4.9 55 $85 Yes
Apply
Contact
Bank
Citibank ReadyCredit - Visa Debit 2.9% 2.9% 2.9     No
Apply
Contact
Bank
NAB NAB Low Rate Visa Card 12.24% 20.74%   55 $49 No
Apply
Contact
Bank
ANZ ANZ Frequent Flyer - Special Offer 18.74% 19.99% 2.90 44 $95 Yes
Apply
Contact
Bank
Defcredit True Blue Credit Card 11.49% 11.49% 4.99 55 $36 No
Apply
Contact
Bank
CUA CUA Silver Rewards MasterCard 17.99% 17.99% 4.9 55 $45 Yes
Apply
Contact
Bank
NAB Velocity NAB Gold Card 19.24% 19.24% 3.99 44 $150 Yes
Apply
Contact
Bank
NAB NAB Qantas Gold Card 19.24% 19.24% 6.99 44 $145.5 Yes
Apply
Contact
Bank
NAB NAB Qantas Platinum Card 19.24% 19.24% 6.99 44 $290 Yes
Apply
Contact
Bank
Newcastle Permanent Building Society Newcastle Permanent Business+ Credit Card 12.34% 16.34% 16.34 44 $55 No
Apply
Contact
Bank
BankSA BankSA Vertigo MasterCard 11.74% 20.49% 2.99 55 $55 Yes
Apply
Contact
Bank
Bankwest Bankwest Lite Platinum MasterCard 9.99% 20.99% 1.99 55 $120 Yes
Apply
Contact
Bank
Bankwest Bankwest Zero Gold MasterCard 15.99% 15.99% 1.99 55   Yes
Apply
Contact
Bank
Citibank Citibank Silver Card 20.49% 20.99% 2.9 55 $69 Yes
Apply
Contact
Bank
Citibank BP-Citi Mastercard 20.39% 20.39% 2.9 55 $79 Yes
Apply
Contact
Bank
Citibank Citibank Personal Credit - Visa Debit 14.99% 14.99% 7.9   $69 No
Apply
Contact
Bank
NAB Velocity NAB Standard Card 19.24% 19.24% 3.99 44 $65 Yes
Apply
Contact
Bank
St. George Bank St.George Platinum 14.99% 20.49% 3.99 55 $89 Yes
Apply
Contact
Bank
St. George Bank St.George Vertigo MasterCard 11.74% 20.49% 2.99 55 $55 Yes
Apply
Contact
Bank
Woolworths Everyday Money Woolworths Everyday Money Credit Card 18.74% 20.99% 5.99 55 $49 Yes
Apply
Contact
Bank
Aussie Aussie MasterCard 12.29% 18.79% 2.99 55 $49 No
Apply
Contact
Bank
ANZ ANZ Everyday Visa Debit         $72 No
Apply
Contact
Bank
Citibank CitiBusiness Gold Card 20.49% 20.99% 2.9 55 $130 Yes
Apply
Contact
Bank
Citibank Citibank Clear Card 15.49% 20.99% 2.90 55 $65 Yes
Apply
Contact
Bank
Commonwealth Bank Commonwealth Bank No Annual Fee Credit Card 17.74% 20.24% 5.99     No
Apply
Contact
Bank
Bankwest Bankwest Zero MasterCard 15.99% 15.99% 1.99 55   Yes
Apply
Contact
Bank
Bankwest Bankwest Lite MasterCard 9.99% 20.99% 1.99 55 $59 Yes
Apply
Contact
Bank
Bankwest Bankwest Lite Gold MasterCard 9.99% 20.99% 1.99 55 $89 Yes
Apply
Contact
Bank
Bankwest Bankwest MasterCard Debit           No
Apply
Contact
Bank
Bankwest Bankwest Business MasterCard Low Rate 11.99% 11.99% 7.99 45 $39 Yes
Apply
Contact
Bank
Bankwest Bankwest Business MasterCard Large Rewards 15.99% 15.99% 7.99 55 $69 Yes
Apply
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Bank
BankSA BankSA Platinum 14.99% 20.49% 3.99 55 $89 Yes
Apply
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Bank
American Express American Express Business Accelerator Credit Card 19.99% - - 55 $160 Yes
Apply
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Bank
Citibank Citibank Platinum Card 20.49% 20.99% 4.9 55 $250 Yes
Apply
Contact
Bank
Citibank Citibank Cash Back Card 20.74% 20.99%   55 $69 Yes
Apply
Contact
Bank
Community CPS Australia Community CPS Low Rate MasterCard (Gold) 11.85% 11.85% 4.90 55 $75 No
Apply
Contact
Bank
Community CPS Australia Community CPS Low Rate MasterCard (Silver) 11.85% 11.85% 4.90 55 $35 No
Apply
Contact
Bank
Community CPS Australia Community CPS MasterCard (Silver) 17.99% 17.99% 4.90 55 $45 Yes
Apply
Contact
Bank
Community CPS Australia Community CPS MasterCard (Gold) 17.99% 17.99% 4.90 55 $85 Yes
Apply
Contact
Bank
CUA CUA Low Rate MasterCard - Silver 11.85% 11.85% 4.9 55 $45 No
Apply
Contact
Bank
CUA CUA Gold Rewards MasterCard 17.99% 17.99% 3.90 55 $85 Yes
Apply
Contact
Bank
CUA CUA Low Rate MasterCard - Gold 11.85% 11.85% 4.9 55 $85 No
Apply
Contact
Bank
GE Money GE Money Low Rate MasterCard 14.99% 20.49% 4.99 55 $58 No
Apply
Contact
Bank
GE Money Coles Group Source MasterCard 18.99% 21.99%   62   Yes
Apply
Contact
Bank
Macquarie Credit Union Visa 55 13.14% 13.14% 6.95 55 $15 No
Apply
Contact
Bank
Suncorp Suncorp Clear Options Platinum 19.99% 19.99% 3.9 55 $205 Yes
Apply
Contact
Bank
HSBC HSBC Classic Credit Card no interest free days (not for sale) 20.49% 21.75% 5.99   $59 Yes
Apply
Contact
Bank
HSBC HSBC Classic Credit Card 45 days interest free (not for sale) 19.99% 21.75% 5.99 45 $59 Yes
Apply
Contact
Bank
HSBC HSBC Gold Credit Card 18.99% 21.75% 5.99 45 $89 Yes
Apply
Contact
Bank
IMB IMB Low Rate MasterCard 11.85% 11.85% 4.9 55 $55 No
Apply
Contact
Bank
IMB IMB Reward Mastercard 20.24% 20.24% 4.9 55 $55 Yes
Apply
Contact
Bank
Austral Credit Union Ltd Visa Credit Card 11.45% 11.1% 11.45 55   No
Apply
Contact
Bank
Macquarie Bank Macquarie Bank Platinum Card 19.7% 20.7%   55 $200 Yes
Apply
Contact
Bank
Macquarie Bank Macquarie Bank RateSaver Card 12.7% 19.7%   55 $50 No
Apply
Contact
Bank
Australian Central Credit Union Australian Central MasterCard (Low Rate) 11.85% 11.85% 2.9 55 $45 Yes
Apply
Contact
Bank
ANZ ANZ Balance Visa - Special Offer 13.49% 20.74% 2.90 55 $79 Yes
Apply
Contact
Bank
ANZ ANZ Low Rate MasterCard - Special offer 12.49% 20.74% 2.9 55 $58 No
Apply
Contact
Bank
ANZ ANZ First Visa - Special Offer 18.24% 19.99% 2.90 44 $30 No
Apply
Contact
Bank
Newcastle Permanent Building Society Newcastle Permanent Value+ 11.34% 15.84% 15.84 55 $45 No
Apply
Contact
Bank
Police & Nurses Visa Debit           No
Apply
Contact
Bank
Police Credit PC Visa Silver Credit Card 11.95% 11.95% 11.95 44   No
Apply
Contact
Bank
Police Credit PC Visa Gold Credit Card 16.95% 16.95% 16.95 55 $50 Yes
Apply
Contact
Bank
RESI Mortgage Corporation RESI Credit Card 19.99% 19.99% 7.99% 55 $25 Yes
Apply
Contact
Bank
Suncorp Suncorp Clear Options Plus 19.49% 19.99% 2.9 55 $63 Yes
Apply
Contact
Bank
United Community United Community Low Rate MasterCard (Gold) 11.85% 11.85% 4.90 55 $75 No
Apply
Contact
Bank
United Community United Community Low Rate MasterCard (Silver) 11.85% 11.85% 4.90 55 $35 No
Apply
Contact
Bank
United Community United Community MasterCard (Gold) 17.99% 17.99% 4.9 55 $85 Yes
Apply
Contact
Bank
United Community United Community MasterCard (Silver) 17.99% 17.99% 4.9 55 $35 Yes
Apply
Contact
Bank
Westpac Westpac Earth 18.79% 20.29% 0.99 45 $75 Yes
Apply
Contact
Bank
Westpac Westpac Earth Gold 18.79% 20.29% 0.99 45 $125 Yes
Apply
Contact
Bank
Westpac Westpac No Annual Fee 18.99% 20.49% 3.99     No
Apply
Contact
Bank
Westpac Westpac 55 Day 18.59% 20.49% 3.99 55 $30 No
Apply
Contact
Bank
Westpac Westpac GM Holden Mastercard 19.95% 19.95% 3.99 55 $55 Yes
Apply
Contact
Bank
Westpac Westpac 55 Day Gold 18.59% 20.49% 3.99 55 $90 No
Apply
Contact
Bank
Westpac Westpac Low Rate 12.49% 20.49% 3.99 55 $45 No
Apply
Contact
Bank
Westpac Westpac Altitude Platinum 18.79% 20.69% 3.99 45 $295 Yes
Apply
Contact
Bank
Westpac Westpac Altitude Gold 18.79% 20.69% 3.99 45 $150 Yes
Apply
Contact
Bank
Westpac Westpac Altitude 18.79% 20.69% 3.99 45 $100 Yes
Apply
Contact
Bank
Westpac Westpac Earth Platinum 18.79% 20.29% 0.99 45 $250 Yes
Apply
Contact
Bank
Wizard Home Loans Wizard Clear Advantage 18.49% 18.49% 4.99 55   No
Apply
Contact
Bank
   

Credit Card Balance Transfer Offers

 

Balance Transfer Credit Cards

Balance Transfer Credit Cards

Credit Card Balance Transfer - How to maximise your savings

As competition in the Australian market intensifies, we have seen more credit card issuers introduce low introductory interest rate periods as a means of acquiring new customers. Many of these promotional deals are offering 0% for an introductory 6 month period, or a rate around the 6% mark for the life of the balance transfer period.

Simple steps to follow

1. Do not use the new card: Balance Transfer amounts transferred over onto your new card are actually paid off first. For example: if you transfer $5000 onto your new card at the introductory rate of 0% and you then make purchases in the month of $500, your new balance will be $5,500.

If you then make a payment of $500 , this $500 will go off the balance transfer amounts and not the new purchases. So your new outstanding balance amounts will be:
- $4500 at 0%
- $500 at (assume) 12%.

Suppose the next month you make purchased of $2000 and then pay this amount off. Your new balance will be:
$2500 at 0% $2500 at (assume) 12%.

As you can see, by using your credit card during your introductory period you are actually not maximizing the potential interest saving

2. Cancel up your old card: Do not fall into the trap of keeping your old credit card. As soon as you have received the new card you should cancel the old one. If you do not, then you can quickly find that your outstanding debt has quite quickly increased.

3. Pay off the balance within the introductory period: Once the introductory balance transfer period has ceased any outstanding balance transferred amounts will revert to a higher interest rate. Make sure you understand if this revert rate is the purchase rate or the cash advance rate.

4. Watch our for the revert rate: Make sure you understand what rate any existing into balance transferred amounts revert to att he end of the intro period. Some cards revert to the cash advance rate while others revert to the purchases interest rate

Balance Transfer Credit Card offers if used correctly can be an effective way to reduce interest rate charges in the short term, but you also need to take into consideration if the credit card is best for your needs in the longer term. Do not forget to look at the ongoing interest rate for both purchases and cash advances.

 

Balance Transfer Market In Australia 2009

Balance Transfer Market In Australia

Credit Card Balance Transfer Market In Australia

The credit card balance transfer market in Australia has now matured during 2009 and as a result there are a wide range of offers to consider. The current range of offers (as at June 2009) range from 0% for 6 months, 2.9% for 12 -18 months and around 4.9% for the life of the balance transferred.

The process to undertake the balance transfer is generally offered during the application process for the new card. The customer is asked to supply details of their existing credit card account and the amounts they wish to have transferred across to the new card. The alternative method is that once your card is approved you can then apply to have an amount transferred over to the new card. Understanding your terms and conditions is extremely important here, as in many cases the balance transfer promotional period starts once your new card account has been approved, so the longer you take to get any amounts transferred over to the new card, the less promotional period left to take advantage of the lower interest rate. Other promotional interest rate periods start once you transfer the amounts over, so you need to be clear here so you can plan your repayments.

Once the promotional period has expired, any outstanding balances from the initial balance transferred amount that were not paid off will revert to a non promotional interest rate. This rate varies amongst lenders with some reverting to the general purchase interest rate and others reverting the outstanding balance to a cash advance rate. The later means that in most cases the cash advance rate will be higher than the purchase rate, and in the case of a low interest credit card this can mean a difference of 10% in the rates. so again it's important to understand how these terms and conditions will affect you.

 

 

Credit Card Articles & News

Balance Transfer Traps

Recent data from the Reserve Bank analysed by banking research company Infochoice, indicated that consumers with a credit card debt of $10,000 can save up to $4,300 by using the balance transfer offers now in the marketplace.

However analysts say that most people end up paying more, because they are being caught out by a myriad of complex terms, conditions rates and loopholes which are usually only disclosed in long legal contracts.

For example, what is not so prominently revealed is what you will be charged once that promotional period runs out – it is often much more than the headline card interest rate.

What is also not highlighted is the fact that there is often no interest free period on new purchases while part of the transferred balance remains unpaid. And interest on those purchases could keep accruing for months or years because you can't pay them off until the transferred balance is paid off in full.

Other traps also apply to the highly popular balance transfer offers.

For example, if you miss a monthly minimum repayment on some cards, the deal is off and the whole balance begins to be charged at a higher interest rate.

One card issued by one of the big banks is offering a zero rate on balance transfers for six months. The balance then attracts a rate of 19.99 per cent, despite the card being a 'low-rate' card.

Shaun Cornelius, chief executive of Infochoice, says the devil is in the detail of credit card contracts, and the detail often escapes ordinary consumers.

"It is a bit concerning really – the promotion of the zero rate balance transfer offers. The big headline 'zero per cent for six months' is what catches people’s attention but the contracts can be complex beasts. There are a lot of conditions and various rates."

 

 

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