Combine Credit Cards with a Balance Transfer

It is often a good idea to combine credit cards into a balance transfer card if you struggle with debt.

The market is currently saturated with great cards suitable for people with credit card debt who are looking to combine credit cards. Offers range from no interest to low interest while also giving you other bonus features to take advantage of.

Top Balance Transfer Credit Card Offers

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
ANZ Balance Visa	The ANZ Balance Visa is a unique credit card as it actually rewards you for repaying your credit card balance. Earn 1 rewards point for every $1 you repay off your debt.	14.24%	21.49%	0% for 6 months	$79	55
St George Vertigo	The St.George Vertigo has consistently been one of the best value balance transfer credit cards in Australia, combined with a low purchase rate.	12.49%	21.24%	2.99% for 6 months	$55	55
Citibank Clear Platinum Visa Card	The Citibank Clear Platinum offers a great introductory balance transfer rate. Pay your balance off within 6 months and the balance transfer period is over, and you could be debt free!	11.49%	21.24%	0% for 7 months	$99	55

How to combine credit cards to make the most out of balance transfer offers.

The ideal customer for any type of balance transfer card is a consumer who owns a credit card but is unable to repay its debt within two months with interest charged at more than 10 per cent. If you are in a situation like this you will probably welcome to idea to combine credit cards into a balance transfer card to be able to manage your debt with a little less headache and worry.

The idea of moving your existing debt onto a new card (the balance transfer card) is to allow you to repay your debt faster with better rates and lower fees.

The best feature to look for if you want to combine credit cards into one new one is the no interest offer for a set term. Usually these range from six months upwards. Some credit card providers charge you a low rate p.a. for life and others yet will offer you an even better deal, lasting longer.

Combining credit cards into a balance transfer card is great, but before you do, consider the following:

• Considering you get offered a 0% p.a. balance transfer rate make sure you understand the legal implications for you when the deal runs out. After the introductory period balance transfer cards usually revert back to a much higher rate, sometimes the cash advance rate which can sting you bad and see you go from debt management into debt hell.
• Many balance transfer card issuers will require for you to cancel your existing credit cards. Some will do this for you, while others don’t.
• Some of the qualifying balance transfers could be limited to the new card’s credit limit percentage. Most often this is 95 per cent.
• If you use your new balance transfer card for purchases, debt repayments usually apply to the debt with the lowest rates, e.g. the balance transfer itself and this could see you losing your interest free days often offered with such a card.
• When you are ready to combine credit cards also make sure you calculate the total cost of the balance transfer card. This includes all the fees as well as the interest rates applicable.

How to make the most of balance transfer cards:

By using a balance transfer card with a 0% p.a. balance transfer rate for a minimum of six months and then using that card to paying off your debt while avoiding to use it for purchases you’ll make the most of your opportunities. It is possible to save a staggering $500 on interest during the introductory period of six months on a $5,000 debt balance.

Always remember to combine credit cards to the best balance transfer card for your level of debt while keeping your budget in mind.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0