Often the best opportunities are fleeting, and you have to make the most of them before they are gone. That is why a 1.9% interest balance transfer offer, for 15 months is such a unique offer, as it offers such a low competitive interest rate, for a period of time which is anything but fleeting.
Having over a year to repay your transferred balances gives you the space and time many people need to successfully take back control over their bad debts. A longer balance transfer period also makes a 1.9% interest for 15 months balance transfer offer perfect for consolidating debts, which can often add up to a larger balance amount. However, with this time to repay your transferred balance you’ll also be able to remain in control of your other expenses.
Featured Longterm Balance Transfer Credit Card
Take control of your finances with the Citibank Clear Platinum Credit Card . Transfer your existing balance over and to take advantage of a low balance transfer rate for 12 months.
- $99 annual fee
- 0% p.a. for 6 months (reverts to 11.99% p.a.) on purchases
- 0% p.a. for 6 months on balance transfers
- Cash Advance Rate of 0% for 6 months thereafter reverts to 21.74% p.a.
- 55 days interest free
Featured Longterm Balance Transfer Offers:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Citibank Clear Platinum Card |
0% for 6 months (reverts to 11.99% ) | 0% for 6 months | $99 | 0% for 6 months thereafter reverts to 21.74% |
  |
 Bank of Melbourne Vertigo Credit Card |
13.24% | 0.99% for 12 months | $55 | 21.49% |
|
 St George Vertigo |
13.24% | 0.99% for 12 months | $55 | 21.49% |
|
 Bankwest Breeze MasterCard |
10.99% | 4.99% for 12 months | $69 | 21.99% |
|
 Citi Select |
20.74% | 6.9% for 9 months | $700 | 21.24% |
|
 Bankwest Breeze Gold MasterCard |
10.99% | 4.99% for 12 months | $99 | 21.99% |
|
 Bankwest Breeze Platinum MasterCard |
10.99% | 4.99% for 12 months | $130 | 21.99% |
|
 Bankwest Zero MasterCard |
1% for 6 months (reverts to 17.99% ) | 4.99% for 12 months | $0 | 18.99% |
|
 Bankwest Zero Gold MasterCard |
1% for 6 months (reverts to 17.99% ) | 4.99% for 12 months | $0 | 18.99% |
|
 Bankwest Zero Platinum MasterCard |
1% for 6 months (reverts to 17.99% ) | 4.99% for 12 months | $0 | 18.99% |
|
What is a 1.9% Interest for 15 Months Balance Transfer Offer?
With a 1.9% interest balance transfer for 15 month, you can enjoy over a year of a very low interest rate on a balance or balances transferred from another provider. You will need to make sure the credit cards you want to transfer from truly are from a different provider than the destination offer, as many Australian banks are now part of the same company. For example, you cannot transfer a balance from a Citibank credit card to take advantage of a Suncorp balance transfer offer as they are the same company.
If you are eligible, you will however, be allowed to transfer numerous balances, up to the limit of the card for which you are approved. Your old cards will be paid out in full, and you will begin making your repayments to your new credit card.
Your 1.9% interest rate is a per annum rate, which means that over the course of 12 months, you will have been charged 1.9% more than your original balance. Therefore, over a 15 month balance transfer period you will be charged just an additional 2.3% interest rather than a rate in the high teens, of 18% or more.
This means that with a 1.9% interest for 15 months balance transfer you can save:
If you consolidate debts to the value of $4,000 from cards charging you 18% interest, you had previously been paying around $180 in monthly repayments. If you make no new purchases:
- You will repay your debt in 2.3 years, or over 28 repayments.
- You will pay $902 in interest.
With an interest rate of just 1.9%:
- You will need to pay $280 per month to repay your balance in 15 months.
- You will pay just $49 in interest.
Even making the higher monthly repayment of $280 to your old credit cards charging you 18% interest:
- You will repay your debt in 17 months.
- You will pay $535 in interest.
How to Choose a 1.9% Interest for 15 Months Balance Transfer Offer
More good news for balance transfer customers is that there is more than one 1.9% interest for 15 months balance transfer offer to choose from. This means you can match your balance transfer needs to the type of credit card you want now and into the future, to help you avoid getting into credit card troubles again.
Compare the annual fees:
- Suncorp Gold Credit Card annual fee is $60 annual fee for the first year ($120 thereafter).
- Suncorp Platinum Credit Card annual fee is $205.
- Suncorp Plus Credit Card annual fee is $63.
Some balance transfer credit cards will charge you a percentage of your total transfer amount for taking over your credit card debt, or a flat fee for the transaction. However, the balance transfer offers on the Suncorp Gold, Platinum and Plus credit cards do not charge a transfer fee.
Compare the revert rates if you don’t repay your balance within 15 months:
- Suncorp Gold Credit Card reverts to the cash advance rate of 20.74% p.a.
- Suncorp Platinum Credit Card reverts to the cash advance rate of 20.74% p.a.
- Suncorp Plus Credit Card reverts to the cash advance rate of 20.74% p.a.
To be eligible for the balance transfer interest rate and term some balance transfer credit cards will give you a transfer window – a timeframe in which you can make your transfer to your new credit card. To make sure you don’t forget, and don’t miss out on any of your balance transfer term, Suncorp allows you to enter your balance transfer details in your application. Once your application is submitted, it can take up to 15 working days to be processed, and for your new credit card to take over your old balance.
Compare the purchase rates if you are interested in keeping your balance transfer credit card for everyday use:
- Suncorp Gold Credit Card has a purchase interest rate of 20.50% p.a.
- Suncorp Platinum Credit Card has a purchase interest rate of 20.49% p.a.
- Suncorp Plus Credit Card has a purchase interest rate of 20.49% p.a.
If you need more of a reason to keep your Suncorp balance transfer credit card once your balance is repaid, compare the additional features and benefits:
Suncorp Gold Credit Card:
- Offers up to 55 interest free days.
- Allows you to add up to four additional card holders.
- Includes a rewards program where the points never expire as long as your account is open.
- You will earn one point for every $1 you spend.
- You have the option to link to your Frequent Flyer account to earn two points for every $3 you spend.
- Covers you with free travel insurance and purchase protection.
Suncorp Platinum Credit Card:
- Has a 55 day interest free period.
- Includes a 24/7 concierge service to meet your needs.
- Earns you one reward point for every $1 spent, where points never expire.
- Earns you one Frequent Flyer point for every $1 spent.
- Covers you with free travel insurance.
Suncorp Plus Credit Card:
- Gives you up to 55 interest free days to repay your purchases.
- Earns you one rewards point for every $1 spent, and your points never expire.
- Provides purchase protection if an item you bought on your card is lost, stolen or damaged.
How to Use a 1.9% Interest for 15 Months Balance Transfer Offer
Suncorp ensures you make your balance transfer in your credit card application so you won’t forget, and more importantly, so you won’t be tempted to use your new card for new purchases.
However, 15 months can be a long time to avoid using a new credit card, but with such a low rate, and reduced pressure due to the extended balance transfer period, you may be able to be debt free sooner than 15 months. At the same time, you have room to manage your finances if an emergency comes up, so it makes good financial sense to budget to repay your balance in a shorter period than 15 months, so you are prepared for the worst.
When you consolidate your debts it is also a good idea to continue to pay the same amount on your new balance transfer credit card, as you were paying in total to your other cards. As you are already used to paying this amount, you can repay your balance transfer sooner as you are now paying just 1.9% interest and more of your repayment is going towards your balance.
If you make purchases on your 1.9% interest balance transfer credit card before you have repaid your transferred balance, these will attract the full purchase rate of the card. Therefore, when your balance transfer card arrives you need to put it away – don’t carry it with you, put it in the freezer if you have to, but don’t use it until your balance is repaid in full. Making purchases or cash advances on a balance transfer card you are not entitled to any interest free days, and you start attracting a high purchase rate, negating the benefits of your low balance transfer rate.
Posted on Wednesday, October 13th, 2010 at 5:16 pm
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