There are multiple balance transfer offers out there in the market. If you are after the most competitive interest rate deals on balance transfers then a Visa balance transfer might be your best choice. We discuss two of the best Visa balance transfer deals currently on offer.
Many cardholders get bogged down with credit card debt and find it hard to repay the balance. Saddled with high interest rates monthly repayments no longer contribute to the repayment of balance outstanding. A great way to speed up the repayment rate with the same amount of monthly contributions is to transfer your credit card balance to a low interest rate offer. Following are the details on two of the best Visa balance transfer offers in the market at the moment.
Visa Balance Transfer Credit Card Comparison:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 HSBC Credit Card |
Liberty from interests, $0 annual fee, zero balance transfer rate for 6mos, and up to 55 interest-free days | 17.99% | 0% for 6 months with 2% handling fee | $0 | 21.99% |   |
 Westpac Low Rate Card |
Offers one of the lowest interest and balance transfer rates in the market including annual fees and 55days interest free on your purchases. | 0% for 6 months (reverts to 13.49%) | 0% for 6 months | $45 | 21.49% | |
 ANZ First Visa Credit Card |
A bundle of bonuses from $0 annual fee on your first year to low rates to maximized security. You can even personalize your card. | 0% for 3 months (reverts to 19.24%) | 0% for 3 months | $30 | 20.99% | |
 ANZ Frequent Flyer |
Great card for frequent flyers.Fantastic rewards program with Qantas. | 19.74% | $95 | 20.99% | |
|
 Citibank Rewards Credit Card – Classic Card |
A simple card loaded with everything you need. Low rates and fees, tie up with Qantas, great security including free insurance for your purchases. | 20.99% | $89 | 21.74% | |
|
 Citibank Rewards Credit Card – Platinum Card |
An introductory long term balance transfer offer plus a rewards points for every $1 spend. | 20.99% | 0.9% for 9 months | $199 | 21.74% | |
 Citibank CitiBusiness Gold |
The only business card you’ll ever need. Benefits include low annual fees and interest rates plus the best business rewards program. | 0% for 4 months (reverts to 20.74%) | 0% for 4 months | $149(half-price annual fee in the first year) | 21.49% | |
 NAB Low Fee Card |
Super low rates and fees with free insurance on your purchases. | 19.74% | 1% for 6 months | $30 | 21.74% | |
 NAB Gold Card |
An introductory low rate offer on balance transfer with a rewards points on every $1 spent | 19.74% | 1% for 12 months | $90 | 21.74% | |
 St George Platinum Card |
Shopping and travelling discounts and bonuses define St. George Platinum Card. | 15.99% | 3.99% for 6 months | $89 | 21.49% | |
 Citibank Clear Platinum Card |
Platinum card with a low balance transfer rate and a low annual fee. | 11.99% | 2.9% for 12 months | $99 | 21.74% | |
 Citibank Clear Card |
Helps minimise your expenses by giving extremely low rates and fees. | 15.99% | $65 | 21.74% | |
|
 ANZ Frequent Flyer Platinum American Express/Visa |
This card has all the platinum perks perfect for a lavish lifestyle. | 19.74% | $295 | 20.99% | |
Featured Visa Balance Transfer Credit Cards:
Westpac Low Rate
The Westpac Low Rate card is now available as a Visa card, and features very low interest rates on purchases. Here is a snapshot of the salient features of the card:
- $45 Annual Fee
- Interest Rate on Purchases – 0% p.a. for 6 months (reverts to 13.49%p.a.) p.a.
- Interest Rate on Cash Advances – 21.49% p.a. p.a.
- Interest Rate on Balance Transfers – 0% p.a. for 6 months
- $79 Annual Fee
- Interest Rate on purchases – 14.49% p.a. p.a.
- Up to 55 days of interest free period on purchases
- Interest Rate on balance transfers –
In addition to very competitive standard interest rates on purchases, the Westpac Low Rate card offers a great Visa balance transfer deal. The introductory period is 9 months, whereas typically this is 6 months on most balance transfer cards. Also the promotional rate of 1.99% p.a. during the introductory period is much lower than the rates charged by most banks on balance transfer offers.
ANZ Balance Visa
Another great Visa balance transfer card, the ANZ Balance Visa card has the following main features:
Unlike most balance transfer cards, the ANZ Balance Visa has no interest charged at all during the introductory period of 6 months. This means that if are looking for a faster way to repay your outstanding balance, you can find no better deal than this card. Since none of your monthly payments are going toward interest payments (at least for the first 6 months) all of it contributes to reducing your outstanding balance pretty fast.
After the 6 months period is over the interest rate applied is that of 14.49% p.a. p.a., which is a better offer than most other balance transfer cards. Instead of charging the cash advance rate this card charges the interest rate on standard purchases, which is better value comparatively.
Posted on Thursday, April 29th, 2010 at 1:05 am
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