Credit Card Finder Comparison Service Australia
Compare

Combine Credit Cards with a Balance Transfer

Posted September 15th, 2009 and last modified April 16th, 2010

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
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  Apply Now For The ANZ Balance Visa
Read More About The ANZ Balance Visa
St George Vertigo
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  Apply Now For The St George Vertigo
Read More About The St George Vertigo
Citibank Clear Platinum Visa Card
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  Apply Now For The Citibank Clear Platinum Visa Card
Read More About The Citibank Clear Platinum Visa Card

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.




Show Comment Form

Add a Comment

Please note: Comment moderation is enabled and may delay your comment.
There is no need to resubmit your comment.


HSBC Visa Balance Transfer Credit Card

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
HSBC Credit Card
Balance Transfer & No Annual FeeEditor'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$055 Apply Now For The HSBC Credit Card
Read More About The HSBC Credit Card
Suncorp Clear Options Standard Visa Card
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$390 Apply Now For The Suncorp Clear Options Standard Visa Card
Read More About The Suncorp Clear Options Standard Visa Card

Card Types

Card Tips

The Basics


Credit Cards
Learn about different credit card concepts, but most importantly how to compare credit cards online and save.

Popular Articles


Best Balance Transfers
The most competitive 0% p.a. and 'for life' offers of 2010.

Guide to Credit Ratings
Information about your credit file. Find out what you can apply for with good and bad credit.

Rewards Comparison
Australian reward program details including point capping & expiry.

Foreign Fees & Charges
International transaction charges from credit card companies.

Calculators

Interest Repayment Calculator
Enter your balance(s) to calculate the interest to pay on your credit cards.

Balance Transfer Calculator
Input a balance transfer offer to calculate your potential savings.
Credit Card News the latest rates & headlines

Free e-Book

NEW: The Ultimate Guide to Balance Transfers
The Australian Guide to Balance Transfers written by Credit Card Finder
Download our FREE e-book normally valued at $24.95. Find out how you can save hundreds to thousands of dollars on your credit cards via balance transfers.

Enter your email below to receive our Free e-book.



   

Get Free Updates





 

As seen on:
Time Magazine

Ninemsn

Today Tonight

Today Show

ABC Television





Sky News

Herald Sun

Channel 10

Australian Web Industry Association

Anthill Magazine

Smart Company



Money Management Tips Credit Card Guides Finance Tips and Advice
Partnered Sites Secondary Credit Card Providers About CreditCardFinder.com.au

Fido Credit Card Information Guide to choosing a card, and general day-to-day tips on living
with and managing your card
Understanding Credit Understand your options
and what you will pay in interest and charges
ACCC Debt Management Guide
Request a copy of your credit file

Contact Us
About Us
Blog
Privacy Policy
Sitemap

100% GreenPower Carbon Neutral Website