New South Wales Balance Tranfer Credit Cards

Related Categories: Credit Cards, 0% Balance Transfer Credit Cards, 0% Purchase Credit Cards, Business Credit Cards, Frequent Flyer Credit Cards, Gold Credit Cards, Platinum Credit Cards, Low Interest Credit Cards, No Annual Fee Credit Cards, Rewards Credit Cards

Balance Transfer Credit Cards

There is no doubt that credit cards can be quite helpful in getting the things you need sooner than saving up for them. For many Australians however, the interest rate on their credit cards can be quite sizeable which makes paying off their debt problematic. In fact, paying the minimum level each month and not making any more purchases on the cards will take years, if not decades to fully pay off depending on the interest level.

One potential solution is transferring the debt to another card that offers a greatly reduced rate. In fact, many of these balance transfer credit cards offer an introductory rate close to 0% which can save you hundreds, if not thousands of dollars in paying off your revolving debt.

What are Balance Transfer Credit Cards?

A balance transfer credit card is like any other credit card except that it offers an introductory interest rate that is far lower than standard rates. In fact, the companies that use this particular interest rate have designed their services to seek out those who have large credit card debt that can be transferred over.

Once you are approved for the card, all you need to do is transfer the balance from your old credit card to your new one. Depending on the overall credit limit, you might be able to transfer the debt from several cards to your new one so that you will pay less in interest rates starting right away.

Advantages and Disadvantages

The advantages of using a balance transfer credit card start with the significant reduction in your debt from the moment it is under the new interest rate. In order to take full advantage, you will need to start paying down on your debt quickly before the standard rate kicks in. However, if you have selected a card that has a lower standard rate than the one you are currently paying, then that is an additional advantage.

Time is your main disadvantage as most Australians that carry debt from their old credit cards cannot pay off all of it before the standard rate sets in. However, even if you only pay off a good portion of it, you will save a considerable amount of money.  

One aspect you will need to watch out for is making new payments on your card. The goal of a balance transfer is to lower the debt that you currently owe and keep that going until it is paid off. The more you add through new purchases means the more debt you will need to pay off as well. It takes discipline to manage your new purchases, but if you can keep them to a minimum you will be able to pay off your debt sooner.

Overall, the purpose of having balance transfer credit cards is to reduce your overall credit card debt and put you on the right financial path. The better you can manage your purchases and make substantial payments on what you owe, the more having a low introductory interest rate will work for you.

Search within these results:

Results

BOQ Specialist Bank Limited

2 Chifley Square
The Chifley Tower
Sydney, New South Wales 2000
Australia

Known widely as the specialist banking service provider, BOQ Specialist Bank Limited has been in the business of providing professional, dedicated and

Commonwealth Bank of Australia

201 Sussex Street.
Tower 1
Sydney, New South Wales 2000
Australia

Commonwealth Bank of Australia is one of the largest banks in Australia, forming one of the top four banks of the country - CBA

Hume Bank

492 Olive Street
Albury, New South Wales 2640
Australia

Primarily catering to the customers in Southern New South Wales and North Eastern Victoria, Hume Bank Limited has a strong hold in providing excellent

Macquarie Bank

50 Martin Place
Sydney, New South Wales 2000
Australia

Macquarie Bank Limited is the largest investment bank in Australia, and also one of the top merger and acquisition advisers in the country.

G&C Mutual Bank

201 Elizabeth Street
Level 25
Sydney, New South Wales 2000
Australia

G&C Mutual Bank (SGE Mutual Limited) offers Home Loans, Personal Loans, Credit Cards, Insurance and more peronal finance products.

Bank of Sydney Ltd

219-223 Castlereagh St
Sydney, New South Wales 2000
Australia

Bank of Sydney offers a wide range of general banking products and services and pouts great emphasis on providing products that are customized to meet

Citigroup Pty Limited

2 Park Street
Citigroup Centre
Sydney, New South Wales 2000
Australia

Global Consumer Group – This group consist of Citibank and Diners Club brands combined offering consumer banking services, including transaction and

HSBC Bank Australia Limited

580 George Street
Level 32,
Sydney, New South Wales 2000
Australia

HSBC Bank Australia Limited, previously known as Hong Kong Bank of Australia Limited, got its license in 1986. But, it has been established way before

Agricultural Bank of China Limited

2 Chifley Square
Sydney, New South Wales 2000
Australia

Agricultural Bank of China Sydney Branch got its license to carry out banking business from the Australian Prudential Regulation Authority on 25th

Citibank Australia

455 George Street
Queen Victoria Building
Sydney, New South Wales 2000
Australia

Citibank is the largest issuer of credit cards in the world, but offers a number of other services to their customers, including saving accounts, term

Featured Listings

  • Neu.Capital

    155 Clarence St
    Sydney, New South Wales 2000
    Australia

    Neu.capital connects you with the right investor for your

  • Westpac Bank

    150 Collins St
    Melbourne, Victoria 3000
    Australia

    Westpac transaction accounts, debit, credit and travel cards

  • Barry Lynam Home Loans and Financial Services

    22 Old Shoal Point Rd
    Bucasia, Queensland 4750
    Australia

    Barry Lynam Home Loans and Financial Services offers a wide

  • North Brisbane Home Loans

    25 Ferguson Street
    Unit 6 Level 1
    Albany Creek, Queensland 4035
    Australia

    North Brisbane Home Loans is an award winning mortgage

  • Easy Plan Financial Services

    39 Montague Street
    North Wollongong, New South Wales 2500
    Australia

    Easy Plan Financial Services is a Wollongong based financial