Find out where to secure a credit card balance transfer or life. Grasp the importance of applying now while these offers are still available. Check out the Citibank Platinum Credit Card as an option.
Making a credit card balance transfer for life allows you to shift an existing debt to a lower rate of interest that will apply until your debt is completely paid off. At the moment, the Citibank Platinum Credit Card is offering 4.9% for the lifetime of the debt. If your debt is large, this can easily save you hundreds of dollars on interest charges; maybe even thousands.
A lifetime balance transfer offer is designed to help those consumers whose debt is beyond the scope of a six or twelve month offer period. Taking too short a period can lead to problems if the debt is not repaid in full by the expiry date and the interest rate reverts to the regular one for purchases. In some cases, it could even shoot back up to the cash transaction rate of around 20%. It is therefore important to make sure you analyse your existing finances and the likelihood of your being able to pay off your debt in full within a specific time period if you are looking at six or twelve months.
The situation is changing at the moment as the economy starts to pick up, with an increasing lack of 0% six month deals, and more deals appearing for twelve months. The BankWest Lite MasterCard is offering twelve months at 1.99% in its standard, God and Platinum versions, and the ANZ Low Rate MasterCard is offering twelve months at 2.9%.
Apart from these, the market is nowhere near as generous as it was several months ago and making a credit card balance transfer for life is not as easy as it was. If you do have a large debt that does require more than twelve months to sort it out, then now is the time to make an application and secure that lifetime rate while it still exists.
Making a credit card balance transfer for life
The best way to make a balance transfer application is when you apply for the credit card, because there will be a page specifically for this purpose. This is important because although the offer is for the lifetime of the debt, you will have only 90 days or sometimes less to initiate the transfer before the offer is revoked. This is one of the reasons you must read credit card fine print. You must also make sure when you make a credit card balance transfer for life that you do not spend on your card whilst any transferred balance still exists. If you do, then your purchases will build interest at the regular rate untouched by any repayments you make until your transfer has been fully cleared.
Related posts:
- A Guide To Lifetime Balance Transfer Credit Cards
- 0% Balance Transfer For 6 Months Credit Card Offers
- Benefits to Demand with 0 Balance Transfers Credit Card
- Top 0% Balance Transfer Deals
- Credit Card Balance Transfer
Posted on Monday, March 29th, 2010 at 11:15 am
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