Featured Low Balance Transfer Credit Card
Most low interest balance transfer credit cards offer a 6 to 9 month low balance transfer period but the Suncorp Clear Options Standard sets itself apart as it offers a low balance transfer offer for an entire 12 month period. This gives you pleanty of time to get back on control of your finances.
- $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.
A low interest balance transfer is a process whereby you consolidate all your current high interest credit card debt onto one credit card with a much lower interest rate for a short time, usually six to nine months.
The key to succeeding with a low interest balance transfer is your own honesty with yourself. How come you got into such serious debt in the first place? What are your spending habits that sucked you in? How can you change those habits? Why on earth run up debt on a credit card with interest rates up to or even exceeding 20% a year? How can you change your spending habits?
Stick To Your Goals
While you’re mulling that over, stick to paying off your debt at the low rate and do not use the card to run up new debt. Otherwise, your repayments will all be applied to getting rid of the low interest debt first, while the new purchases debt remains untouched, running up your credit card bills again.
Remember different transactions on the one card can have different interest rates. The low rate applies to the balance transfer; the middle rate is usually the rate on new purchases with an interest free period; and the higher rate is for cash transactions, like getting money from an ATM, where the interest charges start up immediately, with no interest free period at all.
Discipline: Put The Card Away
While you’re paying off your low interest debt through the low interest balance transfer, just put the card in a drawer so you’re not tempted to buy things or get cash. This is part of your personal financial discipline.
It’s important to stick to the rules when paying off your low balance transfer debt. Pay within the time specified; do not miss a payment; don’t muck around, start the repayments as soon as you arrange for the balance transfer, otherwise you’re just wasting valuable time.
If you get into the habit of letting things slide, of putting repayments off till next month, you’ll soon find the low interest introductory period has disappeared and you’re left at the bottom of the debt mountain, gazing hopelessly upwards.
A Window Of Opportunity
Remember: low interest balance transfers give you a genuine window of opportunity to get rid of all the credit card debt that drags you down, but the system only works when you firmly apply your willpower and your discipline.
Related posts:
- 5 Ways to Cut Down and Reduce Your Bank Fees
- Tips to Help You Pay Off Credit Card Debt
- Balance Transfer for 12 Months – With a 0% Interest Free Credit Card
Posted on Friday, September 24th, 2010 at 11:26 am
You can leave a response, or trackback from your own site.
