Balance transfer credit cards are intended to permit the transfer of existing credit card balances to an account with a set period during which a very low rate (in some cases 0%) is applicable. Any balance remaining after the promotional offer expires will then accrue interest at the standard purchase rate for the credit card. The following is a quick guide to help you choose the best balance transfer credit card offer available. More…
You need to know what a balance transfer is, and how shifting existing balances to a balance transfer credit card can help you pay off your debt faster. In order to select the card that will benefit you most, you must compare all of the balance transfer credit cards to find the best deal and value.
Here are the main things to check in the fine print before applying:
Before reading further, understand that most balance transfer offers require good credit – bad credit history will in most cases disqualify you.
Only the balance you transfer will be qualified for the low interest or no interest rate. Most card issuers will charge standard rates on any purchases made with the card, but will apply payments you make only to the interest free or reduced rate balance – meaning your other balance will accrue interest compounded monthly.
Unless there is a clause stating that you can make additional payments and specify that they can go towards the high interest balance, don’t use a balance transfer credit card to make purchases until you have paid off the transferred balance.
In most cases, one or at the most two missed payments – or even late payments – can kick in a higher interest rate. You have to stay aware of this risk and keep your payments current at all times to benefit from the lower or interest free rate offered by balance transfer credit cards.
With the BoQ Low Rate Visa Card you get a 13.49% pa Interest Rate.
With the BoQ Low Rate Visa Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Low Rate Visa Card you get a 21.49% pa Cash Advance Rate.
With the BoQ Low Rate Visa Card you get up to 55 Interest Free days.
With the Citibank Clear Platinum Card you get a 11.99% pa Interest Rate.
With the Citibank Clear Platinum Card you get a Balance Transfer Rate of 2.90% pa for 12 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Clear Platinum Card you get a 21.74% pa Cash Advance Rate.
With the Citibank Clear Platinum Card you get up to 55 Interest Free days.
The Citibank Clear Platinum Card has an Introductory Annual Fee of $49 for the 1st year then $99 thereafter.
With the Virgin Flyer Credit Card you get a 20.99% pa Interest Rate.
With the Virgin Flyer Credit Card you get a Balance Transfer Rate of 1.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin Flyer Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin Flyer Credit Card you get up to 44 Interest Free days.
The Virgin Flyer Credit Card has a $99 Annual Fee.
With the BP-Citi MasterCard you get a 20.89% pa Interest Rate.
With the BP-Citi MasterCard you get a Balance Transfer Rate of 0% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BP-Citi MasterCard you get a 21.39% pa Cash Advance Rate.
With the BP-Citi MasterCard you get up to 55 Interest Free days.
With the CitiBusiness Gold Card you get an Introductory Interest Rate of 0% pa for 4 months then 20.74% pa thereafter.
With the CitiBusiness Gold Card you get a Balance Transfer Rate of 0% pa for 4 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the CitiBusiness Gold Card you get a 21.49% pa Cash Advance Rate.
With the CitiBusiness Gold Card you get up to 55 Interest Free days.
With the Citibank Rewards Credit Card Platinum you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Platinum you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Platinum you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Platinum has a $199 Annual Fee.
With the Citibank Rewards Credit Card Signature you get a 20.99% pa Interest Rate.
With the Citibank Rewards Credit Card Signature you get a Balance Transfer Rate of 0.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get a 21.74% pa Cash Advance Rate.
With the Citibank Rewards Credit Card Signature you get up to 55 Interest Free days.
The Citibank Rewards Credit Card Signature has a $395 Annual Fee.
With the BoQ Platinum Card you get a 20.74% pa Interest Rate.
With the BoQ Platinum Card you get a Balance Transfer Rate of 1.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the BoQ Platinum Card you get a 21.74% pa Cash Advance Rate.
With the BoQ Platinum Card you get up to 55 Interest Free days.
With the Emirates Citi Platinum Card you get a 20.99% pa Interest Rate.
With the Emirates Citi Platinum Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Emirates Citi Platinum Card you get a 21.24% pa Cash Advance Rate.
With the Emirates Citi Platinum Card you get up to 55 Interest Free days.
The Emirates Citi Platinum Card has a $229 Annual Fee.
With the Virgin No Annual Fee Credit Card you get a 18.99% pa Interest Rate.
With the Virgin No Annual Fee Credit Card you get a Balance Transfer Rate of 2.90% pa for 6 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get a 20.99% pa Cash Advance Rate.
With the Virgin No Annual Fee Credit Card you get up to 44 Interest Free days.
The Virgin No Annual Fee Credit Card has a $0 Annual Fee.
With the Citibank Select Credit Card you get a 20.74% pa Interest Rate.
With the Citibank Select Credit Card you get a Balance Transfer Rate of 6.90% pa for 9 months then any outstanding transferred balance will revert to Cash Advance Rate.
With the Citibank Select Credit Card you get a 21.24% pa Cash Advance Rate.
With the Citibank Select Credit Card you get up to 55 Interest Free days.
The Citibank Select Credit Card has a $700 Annual Fee.
These minimum requirements are intended as a guide only. Your application may still be rejected by the card issuer even if you can answer 'Yes' to all of these requirements. The final decision regarding your application is solely up to the card issuer.
