If you’re considering consolidating your debts, take a look at the options ANZ has to offer through its personal loans and credit cards.
There is no lack of instances when people feel burdened by their existing credit cards, store cards, and personal loans, and many, in such scenarios, turn to consolidate their debts. ANZ debt consolidation options give you the ability to save on interest while also simplifying your repayment woes.
ANZ Debt Consolidation Credit Cards
What are my options?
If you wish to turn to ANZ for debt consolidation, you can choose between getting a personal loan or a credit card with a balance transfer offer. Details of these options are as follows:
- Personal loan
ANZ personal loans allow you to combine your outstanding credit card and loan dues under a single account. You can choose a repayment period from one to seven years, in accordance to how much you can afford to pay each month. If you opt for a variable rate loan, you can make extra repayments as and when you like without paying any penalties, and these loans come with redraw facilities. You can make weekly, fortnightly, or monthly repayments; and you can set up direct debits to simplify repayments.
- Balance transfer
Certain ANZ credit cards come with promotional balance transfer offers, which give you the ability to transfer balances from other credit cards and store cards, but not personal loans. These cards charge little to no interest on transferred balances for a given time period. As a result, taking this route can lead to savings in the form of interest, and you also have fewer repayments to track. You can make additional repayments at any time, but bear in mind that any outstanding balance at the end of the promotional period starts attracting the card’s cash advance rate. If you use an ANZ credit card for balance transfers, you’ll have to pay a balance transfer fee.
What else should I consider?
ANZ gives you numerous options when it comes to debt consolidation, and if you’re seriously thinking about going this way ensure considering the following:
- Fixed rate or variable rate. A fixed rate personal loan gives you peace of mind in the form of fixed repayments throughout the course of the loan. A variable rate loan, on the other hand, gives you greater freedom when it comes to making extra repayments and you can even expect it to come with a redraw facility.
- Using your new card for purchases. If you opt for a credit card with a balance transfer offer, remember that interest-free days on purchases don’t apply until you pay the transferred balances in full. As a result, using your new ANZ credit card until you repay the transferred balances completely is not a good idea.
- Comparing rates and fees. Pay due attention to the interest rate and fees, no matter whether you’re looking for a personal loan or a credit card. If you wish to get a balance transfer credit card, find out about the revert rate it charges ahead of time. The annual fee you have to pay can also vary from one offering to the next.
ANZ, as you can see, gives you multiple options when it comes to consolidating your debts, and while you can choose to get a personal loan, you can turn to a balance transfer credit card as well. Since many other financial institutions have similar offerings in place, make sure you take some time to compare a few before deciding.
Compare Personal Loan Options
Frequently asked questions
I have an existing ANZ credit card. Can I transfer its balance to a new ANZ card with a balance transfer offer?
Unfortunately, the answer to this is no. You can only transfer balances from non-ANZ issued credit and store cards.
I wish to get an ANZ balance transfer credit card to transfer an outstanding balance from a personal loan - what’s my best option?
You cannot use ANZ balance transfer credit cards to transfer balances from personal loans. You can choose to get a fixed rate or variable rate personal loan instead.
Can I make extra repayments towards a fixed rate loan?
Yes, you can, but additional fees and charges would apply.