Featured MasterCard Balance Transfer
The Bankwest Breeze MasterCard is a simple low fee balance transfer credit card which currently features a low balance transfer offer for the first 12 months. Even after your balance transfer period is over you will save with a low rate on purchases.
- $49 annual fee
- 0% p.a. for 6 months (reverts to 10.99% p.a.) on purchases
- 4.99% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Enjoy instant rewards and discounts with access to RewardMe
The MasterCard balance transfer deal is one of the best going in Australia today. Indeed, it’s been recognised as such by reputable financial observers in the market.
If you have high credit card bills every month because you’re paying off high interest debt, then it makes sense to look around for a credit card that charges much less interest on your credit card purchases.
They do exist and they’re a recognised tool used by credit card issuers to get hold of your business and to hang on to it.
4.99% p.a. for 9 months
Balance Transfer Offer
That’s where the MasterCard balance transfer deal comes in. The BankWest card, linked to MasterCard, offers a
4.99% p.a. for 9 months on balance transfers. After that, the interest rate on purchases jumps up to 0% p.a. for 6 months (reverts to 10.99% p.a.), which is still Australia’s lowest MasterCard purchase rate.
There’s an annual fee, but at only $49, you’d be hard pressed to find a better deal than the MasterCard balance transfer scheme. Indeed, the BankWest Lite MasterCard was named by Money magazine as the cheapest balance transfer and cheapest credit card for 2010.
One of the great benefits of the MasterCard low interest balance transfer card – apart from reducing your credit card debt – is that you’ll soon notice your monthly minimum payment quickly reduces, giving you improved cash flow and freeing up money you can use for other purposes.
Exercise Restraint
At this point, take a deep breath, restrain yourself and use that freed-up money to pay down your debt. Yes, yes, yes, it sounds very boring but remember, the whole point of going for a balance transfer card was to get rid of your debt, not run up even more. Put aside the temptation to lash out on that new mobile phone, that quick shopping holiday to Hong Kong (or even Sydney). You have to do the hard stuff first before you get to the good times.
So when you’re looking for a low interest balance transfer card, ask yourself these questions:
- What’s the low interest rate?
- How long does it run for?
- Is there an annual fee?
- How much is it?
- What is the interest rate that applies when the low interest introductory offer runs out?
- Is the interest rate different for cash transactions and purchases?
- Are there extra benefits, like a rewards programme?
- Do I have to have all my accounts with the issuing bank before they’ll give me a low interest balance transfer card?
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Posted on Wednesday, September 22nd, 2010 at 4:23 pm
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