Featured Balance Transfer Credit Card
If you are serious about consolidating your debt then the Suncorp Clear Options Standard is a fantastic credit card to consider as it gives you an entire 12 month period to pay off your balance with a low balance transfer rate. Even after your honeymoon period is over you will continue to save with a low ongoing rate on purchases. You will also enjoy special offers through Visa Entertainment.
- $27 for the first year ($55 thereafter) annual fee
- 12.74% p.a. on purchases
- Cash Advance Rate of 21.99% p.a.
- 0 days interest free
- Minimum income requirement of $20,000 p.a to apply
Read the Suncorp Clear Options Standard Visa Card terms and conditions.
Many Australians don’t understand balance transfer credit cards and why they exist. Even though they are very popular, a lot of people don’t know about them until they end up with a high credit card debt and start looking for solutions.
Consolidate your debt with a balance transfer credit card
If you don’t understand how you can consolidate the debt on your existing credit card, you will be stuck in a situation where you must continue to pay your monthly statements while you are piling up more interest. If you don’t have a good cash flow happening every month, you can really end up in trouble.
Many cardholders have more than one credit card and this can be a big problem in itself. The temptation to pay using plastic can be so overwhelming that heavy debt starts to accumulate. This is when it’s time to examine balance transfer cards and what they can do for you.
Honeymoon period
When you get a balance transfer credit card you are given an introductory or promotional interest rate that lasts a certain amount of time. Most 0% balance transfer cards are good for six months and if you need more time you can get a 12 month or a lifetime balance transfer card. Your goal is to get the debt paid off before the introductory time period expires.
Interest rate
Interest rates will vary from card to card, but one thing you should know is that the interest rate that is being offered for the balance transfer will not be the same for purchases that you make. The purchase rate is usually much higher on this type of card so don’t use your balance transfer card for any spending.
How to get approved
There are two deciding factors that will determine whether you get approved or not. These are:
- Showing the credit card company that you are very serious about getting your debts consolidated.
- Your credit rating.
If you have a good credit rating and the credit card center believes you are serious about getting your debt paid off, or reducing it substantially, you have a good chance of getting approved.
A balance transfer credit card can save you hundreds or even thousands of dollars in the long run. If you have never thought of getting a balance transfer card for debt consolidation , now is the time to find out more about these cards since they really can help you reduce your debt load.
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Posted on Wednesday, September 8th, 2010 at 3:42 pm
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