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Tips & Tricks
Credit Cards
 
Not all credit cards are created equally. And so it makes it that much harder to decide which
 

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
HomeLoans
 Don't compare against the so-called 'standard variable rate'
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Balance Transfer Credit Card 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 Personal Credit - Visa Debit 12.99% 12.99% 6.9% for LIFE of balance transfers   $69 No
Apply
Contact
Bank
ANZ Bank ANZ Low Rate MasterCard 12.99% 20.99% 0% for 6 months on balances transferred 55 $58 No
Apply
Contact
Bank
St. George Bank Vertigo MasterCard 11.89% 20.49% 0% p.a. for 6 months 55 $45 Yes
Apply
Contact
Bank
NAB Low Rate Visa Card 12.95% 19.99% 0% for up to 6 months 55 $49 No
Apply
Contact
Bank
Citibank Clear Card. 11.99% 17.99% 0% for 6 months 55 $65 No
Apply
Contact
Bank
ANZ Bank ANZ Balance Visa
Top Pick Rewards & Low Rate
13.99% 20.99% 0% p.a balance transfers for 6 months 55 $57 Yes
Apply
Contact
Bank
St. George Bank Platinum 14.25% 20.49% 3.99% p.a. for up to 6 months 55 $89 Yes
Apply
Contact
Bank
ANZ Bank ANZ First Visa 19.99% 19.99% 7.99% for the first six months upon approval 44 $30 No
Apply
Contact
Bank
American Express Qantas American Express Premium Card
Top Pick Big Spender
7,500 bonus points offer
19.89% 19.89% 6.99% life of balance 55 $195 Yes
Apply
Contact
Bank
American Express Platinum Credit Card 19.99% 19.99% 6.99 life of balance introductory offer 55 $395 Yes
Apply
Contact
Bank
American Express Qantas American Express Ultimate Card
Top Pick Big Spender
7,500 bonus points offer
19.89% 19.89% 6.99% life of balance 55 $395 Yes
Apply
Contact
Bank
Citibank Gold Card. 20.24% 20.24% 2.9% for 18 months 55 $119 Yes
Apply
Contact
Bank
Citibank Platinum Card. 20.24% 20.24% 4.9% life of balance transfer 55 $250 Yes
Apply
Contact
Bank
American Express Gold Credit Card 15.99% 15.99% 6.99 life of balance introductory offer 55 $70 Yes
Apply
Contact
Bank
ANZ Bank ANZ Frequent Flyer Visa. 20.74% 20.74% 2.9% for first 12 months 44 $40 Yes
Apply
Contact
Bank
ANZ Bank ANZ Frequent Flyer Visa Gold. 20.74% 20.74% 2.9% for first 12 months 55 $95 Yes
Apply
Contact
Bank
Aussie Aussie MasterCard. 11.99% 15.99% 0% for 6 months from date of card approval. 55 $49 No
Apply
Contact
Bank
Aussie Aussie MasterCard
Special BT Offer
Top Pick Balance Transfer
11.99% 15.99% 3.99% 12 months from date of card approval. 55 $49 No
Apply
Contact
Bank
GE Money GE Money eco MasterCard 18.49% 19.49% 0% for upto six months 55 $49 Yes
Apply
Contact
Bank
Citibank BP- Mastercard. 19.49% 19.49% 2.90% for 12 months 55 $79 Yes
Apply
Contact
Bank
Bank of South Australia Platinum 14.25% 20.49% 3.99% for up to 6mths 55 $89 Yes
Apply
Contact
Bank
Bank of South Australia Vertigo MasterCard 11.89% 20.49% 0% p.a. for first 6 months 55 $45 Yes
Apply
Contact
Bank
NAB Velocity NAB Gold Card (American Express and Visa card) 19.99% 19.99% 3.99% p.a. for up to 6 months 44 $150 Yes
Apply
Contact
Bank
ANZ Bank ANZ Everyday Visa Debit         $72 No
Apply
Contact
Bank
NAB Velocity NAB Credit Card (American Express and Visa Card) 19.99% 19.99% 3.99% p.a. for up to 6 months 44 $65 Yes
Apply
Contact
Bank
NAB Visa Mini 19.74% 19.74% 5.9% for up to 6 months 55 $24 No
Apply
Contact
Bank
ANZ Bank ANZ Gold 19.99% 19.99% 7.99% for the first six months upon approval 55 $87 No
Apply
Contact
Bank
   

Credit Card Balance Transfer Offers

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. Don’t 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: Don’t 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 don’t, 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. Don’t forget to look at the ongoing interest rate for both purchases and cash advances.

 

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