Queensland 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

Bank of Queensland Limited

259 Queen St
Brisbane, Queensland 4000
Australia

Bank of Queensland Limited is one of the oldest financial institutions of Australia and has its headquarters in Brisbane, Queensland.

Heritage Bank

400 Ruthven St
TOOWOOMBA, Queensland 4350
Australia

Heritage Bank is the biggest customer owned or mutual bank in Australia, and has over $8.5 Billion in assets.

Queenslanders Credit Union Limited

127 George Street
Brisbane, Queensland 4000
Australia

Queenslanders Credit Union Limited - Offers insurance, loans, financial planning, credit card and saving accounts.

Featured Listings

  • Central Murray Credit Union Limited

    58 Belmore St
    Yarrawonga, Victoria 3730
    Australia

    Established in 1972, the Central Murray Credit Union (CMCU)

  • CAPE Credit Union Limited

    28-32 The Kingsway
    Suite 109, 1st Floor
    Cronulla, New South Wales 2230
    Australia

    Categorized under State Credit Unions, Cape Credit Union

  • Easy Plan Financial Services

    39 Montague Street
    North Wollongong, New South Wales 2500
    Australia

    Easy Plan Financial Services is a Wollongong based financial

  • Provincial Home Loans

    42 Barracks Flat Drive
    Queanbeyan, New South Wales 2620
    Australia

    Provincial Home Loans is a Canberra – Queanbeyan based

  • Berrima District Credit Union

    411 Bong Bong Street
    Bowral, New South Wales 2576
    Australia

    Today Berrima District Credit Union operates as a credit