Balance Transfer your Credit Card

Does your current credit card give you a competitive interest rate? You can switch credit card with a balance transfer to get a better interest rate or annual fee.

StGeorge Vertigo MasterCard

2.99% p.a. balance transfer rate for up to 6 months

Low variable purchase rate - just 13.24% p.a. ( 21.49% p.a. variable rate on cash advances)
2.99% for up to 6 months on balance transfers requested at card application
Up to 55 days interest free on purchases when you pay the closing balance of your statement, including the balance transfer amount, in full by the due date
Low annual fee - currently just $55

*Subject to terms and conditions

Purchase Rate	Interest Free	Annual Fee	Balance Transfer
13.24% p.a	up to 55 days	$55.00	2.99% p.a. for 6 months

	Purchase % p.a.	Annual Fee	Interest Free	Balance Transfer
Virgin Flyer Credit Card You'll earn 1 Velocity Point per $1 spent up to $1,500 per month and then 1 Velocity Point for every $2 spent.	20.99% p.a.	$99.00	up to 44 days	0% p.a. for 6 mths
HSBC Platinum Qantas Credit Card + 20,000 bonus points	20.99% p.a.	$199.00	up to 55 days	0% p.a. for 6 mths
StGeorge Vertigo MasterCard 2.99% p.a. balance transfer rate for up to 6 months!	13.24% p.a.	$55.00	up to 55 days	2.99% p.a. for 6 mths

You should compare what your current credit card charges you and what other low rate credit cards could offer you. Even just a few percent interest reduction can save you a lot in the long run.

Most new credit card applications offer a balance transfer period where little to no interest is charged on all of your transferred debt. These interest free periods are there to help you switch credit cards and give you an opportunity to meet all your repayments.

Balance transfers allow you to get ahead on repayments while getting a better interest rate in the long run. If you choose a low interest credit card you will benefit from the lower ongoing interest charges, you can also lower the annual fee and save on extra banking charges

What is a balance transfer?
A balance transfer is a feature of a new credit card which applies to the beginning period of its life. During the balance transfer period a lower interest rate is applied to debt, often for 6 months or more.

Which Credit cards offer Balance transfers?
Not all credit cards offer balance transfer periods. When you’re looking for balance transfers consider the time period as well as interest rate for your situation. If a card offers 0% interest over a short period of time, you might be better with a 1-3% over a longer period.

How do you apply for a balance transfer credit card?
When you begin your online credit card application, you will be asked to provide your credit card details if you want a balance transfer applied to the new credit card application. You just need to apply for a credit card that does offer a balance transfer period. Find the card with the desired balance transfer rate and click apply. You will be taken to the credit card application form which can be filled out online.

What do I need to be aware of when transferring my credit card balance?
Make sure you cancel your old credit card; you don’t want to continue spending on two cards if you’re trying to reduce your debt. Check the balance transfer terms to see if you can us the credit card while in the balance transfer period. Check for any fees incurred for using the balance transfer period. Pay more than the minimum repayments during the balance transfer period and repay the balance within the period offered to gain the most value.

Transfering your balance
There are many balance transfer credit cards offered from a wide variety of Australian lenders. Changing your credit card for a lower interest rate is a wise descision because it will save you money!

Balance transfers can offer initial zero interest periods when you change cards. The more money you owe on your credit card the more you can benefit if you are willing to change. The balance transfer period will apply for a period of 6 months or more depending on which card you apply for.

Make Regular Repayments
Do you know when you should repay your credit card? as soon as you can? That’s why you should always make a budget to make regular repayments on your credit card. Yes credit cardsare useful for buying anything without cash but you should avoid the interest charges you get for any debt, it’s too easy build the debt up and harder to get it down.

On your credit card statement you will see a minimum repayment amount; this is the amount your credit card lender wants you to repay. If you repayed your credit card at that minimum rate you probably never get rid of your card debt. This is why you should always repay more that the minimum, and probably pay as much as you can regularly.

Stop Spending on your card for a while
If you can resist the temptation, stop using your credit card until you have reduced your cards balance. Debt can creep up on you slowly, especially with credit cards. So if you find yourself in debt difficulty you will want to manage your money better and try to stop spending on it. Which means you stop racking up the debt, start using cash for all purchases and chip away at your credit card debt until it’s gone.

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