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.
Westpac Low Rate
Westpac Low Rate Credit Card
A simple no frills credit card which for a limited time is offering a low balance transfer offer for the first 9 months. You will also save with a low rate on purchases, up to 55 days interest free and low annual fee.
- $0 annual fee for the first year ($45 thereafter) annual fee
- 1.9% p.a. for 9 months (reverts to 13.49% p.a.) on purchases
- 3.99% p.a. for 6 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Your choice of either Visa or MasterCard
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:
-
$0 annual fee for the first year ($45 thereafter)
Annual Fee - Interest Rate on Purchases – 1.9% p.a. for 9 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 – 3.99% p.a. for 6 months
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:
- $79 Annual Fee
- Interest Rate on purchases – 14.64% p.a. p.a.
- Up to 55 days of interest free period on purchases
- Interest Rate on balance transfers – 0% p.a. for 6 months
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 14.64% 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.
Related posts:
- Westpac Low Rate Credit Card
- Credit Card Giants: A Look at Credit Cards From The Big Four
- ANZ Balance Visa
- Introducing Visa Credit Cards
- NAB Low Rate Visa Card
Posted on Wednesday, September 22nd, 2010 at 4:38 pm
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