If you own a MasterCard it is fairly easy to transfer your credit card balance to the MasterCard. If you are in the market for a new MasterCard and would like to consolidate your credit card debt onto one MasterCard then you need to apply for one first. This article will give you a step by step overview of the process involved in a MasterCard balance transfer.
Switching your high interest bearing credit card debt into a lower interest card makes great financial sense. A MasterCard balance transfer can help you achieve this goal, whether you are an existing cardholder or a new customer.
MasterCard Credit Card Comparison:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 ANZ Low Rate MasterCard – Balance Transfer |
A great introductory deal featuring a low interest rate on your purchases plus a low balance transfer offer for 18 months. | 0% for 3 months (reverts to 13.24%) | 0% for 3 months | $58 | 21.49% |   |
 Bankwest Breeze MasterCard |
Take advantage of this amazing introductory offer on both purchases and balance transfers for 12 months. | 10.99% | 4.99% for 12 months | $69 | 21.99% | |
 Bankwest Zero MasterCard |
Winner of Money Magazines Best Transactor Credit Cards for its genuine service. | 1% for 6 months (reverts to 17.99%) | 4.99% for 12 months | $0 | 18.99% | |
 Bankwest Zero Gold MasterCard |
All the perks of a gold card for ZERO DOLLARS! | 1% for 6 months (reverts to 17.99%) | 4.99% for 12 months | $0 | 18.99% | |
 St George Vertigo |
The ideal card for the busy shopper with its 55 interest-free days and low annual fee of $55. | 13.24% | 0.99% for 12 months | $55 | 21.49% | |
 Bankwest Zero Platinum MasterCard |
Overwhelming platinum benefits with no annual fee forever. | 1% for 6 months (reverts to 17.99%) | 4.99% for 12 months | $0 | 18.99% | |
 Citibank Rewards Credit Card – Classic Card |
Modest on rates and fees, topnotch in security and rewards. | 20.99% | $89 | 21.74% | |
|
 Citibank Rewards Credit Card – Platinum Card |
Great introductory balance transfer offer 1.9% for 15 months plus Citibank reward points for every $1 spend. | 20.99% | 0.9% for 9 months | $199 | 21.74% | |
 Citibank BP Credit Card |
The card for the prudent consumer. It has a cash-back program and straight up 0.5% discount on all your purchases. | 20.89% | 0% for 6 months | $89 | 21.39% | |
 Commonwealth Bank Low Fee Credit Card |
Let’s you choose between extremely low annual fee or no annual fee at all. | 20.24% | 5.99% for 5 months | $24 ($0 for qualifying customers) | 21.74% | |
 Commonwealth Bank Awards Credit Card |
Offers low interests and the most generous rewards program | 20.74% | 5.99% for 5 months | $89 ($59 for qualifying customers) | 21.74% | |
 Commonwealth Bank Gold Awards Credit Card |
A gold card with up to 55 days interest free and added security. | 20.74% | 5.99% for 5 months | $144 ($114 for qualifying customers) | 21.74% | |
 Commonwealth Bank Platinum Awards Credit Card |
Exclusive programs and services. This card teams up with American Express for a service de luxe. | 20.74% | 5.99% for 5 months | $280 ( $250 for qualifying customers) | 21.74% | |
 NAB Gold Card |
A tempting deal of 4.99% p.a. for 6 months on your balance transfer | 19.74% | 1% for 12 months | $90 | 21.74% | |
 NAB Low Fee Card |
Unbelievable annual fee of $30 and a link to FlyBuys membership | 19.74% | 1% for 6 months | $30 | 21.74% | |
 NAB Qantas Gold Card |
High on security and option of redeeming rewards points with Qantas | 20.24% | 4.99% for 6 months | $145.50 | 21.74% | |
 NAB Qantas Platinum Card |
Rated as Outstanding by Cannstar Cannex. This card is packed with benefits and privileges. | 20.24% | 4.99% for 6 months | $290 | 21.74% | |
Existing cardholders
The process for a MasterCard balance transfer is just a phone call away for existing customers. Follow these simple steps to transfer your balance to a MasterCard.
- Your MasterCard should have come with a booklet detailing the rates and applicable terms. Find this information and look up the balance transfer rates. If you cannot find it or the information looks dated be sure to check the MasterCard website for the updated rates. It only makes sense to do a balance transfer if the offered interest rates are lower than what you are currently paying, or if it is competitive with other balance transfer offers in the market.
- Find the 800 number on the back of your MasterCard. After ensuring you have the credit card account numbers and balances at hand, call this number. Select the balance transfer option from the automated call menu and wait for a customer service representative, then ask him/her to put your balance transfer through.
- Before committing to the balance transfer you should also enquire about additional fees that may be applicable to the transaction such as any balance transfer fees, annual fees etc. Make sure you also know the interest rate that will be charged on the balance once the introductory rate period is over. If you are satisfied with the overall cost of the transfer then go ahead with the transaction.
- Visit the MasterCard website. Navigate to the page for online application of a new credit card. You will be asked to provide some financial details such as your earning level, number of existing cards, whether your own or rent your place etc.
- After completing the financial details also fill out the balance transfer section with your other credit card number and balance amounts.
- You should receive an email about your application status. After your credit check comes through you will receive word of your application being successful or not. If your new MasterCard is approved the balance transfer should be completed once your new card arrives and you activate it.
- If your application is rejected you may have to reapply for a higher interest rate card. The better the condition of your credit file the higher are your chances of obtaining a low rate card approved.
New customers
If you do not currently own a MasterCard you must apply for one before asking for a MasterCard balance transfer. Here’s how to go about it:
Applying for a MasterCard credit card is a piece of cake if you follow the above suggestions.
Posted on Thursday, April 29th, 2010 at 1:08 am
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