Compare Credit Cards for Australia

Balance Transfer Rate Compared

We do not currently have any Balance Transfer Rate products to compare.

Learn About Balance Transfer Credit Cards

Balance transfer credit cards rank as the best way off paying off credit card debt. Basically a balance transfer as the name suggests, enables borrowers to transfer existing outstanding balances onto a new card that charges a low introductory interest rate for a limited time only.

The introductory interest rate applies anywhere between six to twelve months. Card issuers use balance transfer offers to attract new customers. Balance transfers are particularly suitable for borrowers looking to pay off debt rapidly and for this type of borrower these deals are good.

Borrowers should be aware of a couple of things when comparing balance transfer credit cards. First, missing even a single payment is going to result in much higher interest rates. Secondly when transferring balances, card issuers charge a fee based on the amount of debt being transferred. This charge varies between issuers; however the average is 3%.

Borrowers should be realistic about balance transfer deals. For example, a borrower who transfers existing debt onto a new lower interest card should be realistic about whether they are able to pay most if not all of the debt during the introductory period.

Some credit cards even offer balance transfer deals with a zero per cent interest rate, however these tend to be very few and far between and such deals usually come with very strict terms and conditions, including a shorter introductory period, higher transfer fees and more expensive annual fees.

If you cannot find a balance transfer deal that offers zero per cent then there are still plenty of other cards which have very low introductory interest rates on balances transferred, and are much better than the 20% borrowers are likely paying on their existing debt.

Regardless of which type of credit card you are looking for, Money-AU will link you with a variety of lenders who offer a range of different options for people looking for the best credit card deals in the market.

Latest Compare Credit Cards News from the comparedinkum Blog

Financial Regulator Issues New Guidance On Credit Cards

In a bid to ensure that credit card issuers engage in responsible lending, the regulator ASIC has asked that lenders take up a three-year period when they determine what the appropriate credit limits for borrowers should be. Banks and other providers of credit will now have to assess a borrower’s ability to repay their credit limit in no more than three years, whilst still maintaining the ability of customers to have regular access to credit. Continue reading

Tips For Renewing A Credit Card

No one ever wants to be stuck in the awkward situation of being at a restaurant or at a checkout counter with no way to pay the bill. Therefore, it is extremely important that people are aware of when their credit card is going to expire. The expiry date of a credit card is displayed prominently on the card and it tells you the month and year the card is set to expire. This means an expiring credit card should be good to use right up until the very last day of the month. Continue reading

New Report Suggests Many Australians Are Struggling With Credit Card Debt

A new report by ASIC has found that 18.5% of Australians are struggling with credit card debt. The outstanding credit card debt in Australia totals $45 billion with $31.7 billion of that incurring interest. ASIC Deputy Chair Perter Kell says the findings prove that credit cards can result in financial difficulties for many Australians. Other research suggests that one fifth of all cardholders in the country are in a long-term debt trap with 1 in 10 carrying credit card debt for over a decade. Continue reading

Latest from Twitter