If you want to know more about a lifetime balance transfer credit card and how it works, then take a look at this guide. It will show you the benefits of choosing this type of card to pay off an existing credit card debt.
Having a credit card debt is a very stressful event, but there is relief with a lifetime balance transfer credit card. You can transfer over your existing debt from your credit card and be able to pay off the balance slowly knowing that your interest charges are lower.
Featured 12 Month Balance Transfer Credit Card
ANZ Low Rate MasterCard makes your low rate dream come true with its unbelievable low rates for balance transfers, purchase interests and a low annual fee. You are also protected from credit card fraud with its ANZ Falcon system which monitors suspicious transactions.
- 0% p.a. for 3 months (reverts to 13.24%p.a.) on purchases
- 0% p.a. for 3 months on balance transfers
- $58 annual fee
- 21.49% p.a. on cash advances
12 month 4.9% balance transfer credit card:
How they work
When you choose to get a lifetime balance transfer card you will be transferring your debt to a card with a lower interest. You may be one of the many that has a balance on a card that has built up over time, and with interest rates ranging from 10% to almost 40% it can grow quickly. In Australia, the average debt on a card is a high $3000. This is an indication that many people have a debt much higher than that.
The solution to this problem is a balance transfer credit card that offers a lower interest rate. There are 6 month 0% offers on these cards, but it does not take long before the standard rate kicks in. If you have a large debt to handle, a better option is to choose a balance transfer for life credit card.
Why choose this card?
You can benefit a lot more with a 4.9% credit card at this interest rate for life than you can with a 0%
balance transfer credit card
that goes back to the standard rate after the six month period ends. If you only have a small debt then you can benefit with the 0% version of a transfer card for 6 months; however those with a very large debt should consider a credit card with an interest for life.
These cards are your best option if you want to pay a low interest rate after the balance transfer introductory period has expired, and also want to take advantage of the low annual fee.
The process
- A transfer is initiated. This can be done via the Internet, by telephone or by using special forms mailed to you with your card. It must be done as quickly as possible or you may face the risk of the offer expiring.
- Make your monthly payments count. Pay off as much as you possibly can every month, so that you can get your debt settled reasonably fast. The nice thing about this card, is that you will not have to worry about making overly large payments, since it does not only last six or 12 months like other balance transfer credit cards on the market.
- Always pay the minimum amount. No matter how bad your finances are for any given month, you must make the minimum payment. You could have the offer withdrawn if you don’t make this payment, it will appear in your credit file and you will have to pay a late fee.
- Enjoy the benefits. Watch as your balance reduces on a monthly basis. This can be easily achieved by using this type of card.
- Lock your card away. Do not use it for anything else and do not add any extra purchases to it. You do not want to form a new debt while you are settling the first one.
Using a balance transfer credit card can save money on interest charges and lower the stress in your life. Credit cards are meant to be a convenience not a high stress item.
There are two cards we recommend that offer a low 12 month balance transfer rate of interest, and they are the ANZ Low Rate MasterCard and the Bankwest Lite MasterCard.
If you’re looking for a long term financial solution to a large debt then you should really consider a balance transfer credit card that offers 4.9% p.a. for a 12 month period.
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Posted on Friday, March 26th, 2010 at 4:44 pm
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