Interest Free Credit Cards – Compare & Apply Online
Posted September 14th, 2009
and last modified December 14th, 2009Getting the best deal on an interest free credit card can be quite a challenge because most of us simply don’t have any idea how to calculate our debt repayment schedule – let alone work out how long it will take.
Because of the introduction of 0% interest credit cards things have become somewhat easier to manage. But still, you need to know where you stand if you want to see the road ahead, right?
How to choose interest free credit cards based on some calculations:
To help you determine which 0% interest credit cards are right for you, come with me while I show you some examples on our credit card balance transfer calculator. For the sake of making this easy to understand and comprehend I will be using the same debt amount with the three major 0% interest credit cards. Those are the best on the market, but don’t believe me with hearsay, come and check out yourself while you watch over my shoulder.
Let’s assume for starters that my existing credit card debt is $3000 with a 17 p.a. interest rate on purchases. It is the only debt I have and by using our balance transfer calculator I can show you how the best interest free credit cards perform against one another.
Example 1.) The first card in this test is the ANZ Low Rate MasterCard. Featuring a low 12.49% p.a. interest rate on purchases, a low annual fee of $57, and 0% p.a. interest on balance transfers for 6 months this card seems like a great deal. Here is what the numbers say:
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Results:
With this balance transfer card I would be able to:
- Save $201.89 over the duration of the 0% promotion net of fees of $58.
- Just by making the switch to this card I would still save approximately $80.41 each month after the promotion intro of 6 months.
Example 2.) This time I’m using the ANZ Balance Visa Credit Card. The card offers a 13.49% p.a. interest rate on purchases, a 0% p.a. balance transfer fee for 6 months and an annual card fee of $79.
| Before Calculation: | After Calculation: |
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Results:
With this balance transfer card I would be able to:
- Save $189.89 over the duration of the 0% promotion net of fees of $79.
- Just by making the switch to this card I would still save approximately $65.12 each month after the promotion intro of 6 months.
Example 3.) The last card to be tested is the Citibank Platinum Visa Card. Boasting a 10.99% p.a. interest rate on purchases, a 0% p.a. balance transfer rate for 6 months and a $85 annual card fee.
| Before Calculation: | After Calculation: |
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Results:
With this balance transfer card I would be able to:
- Save $174.89 over the duration of the 0% promotion net of fees of $85.
- Just by making the switch to this card I would still save approximately $91.87 each month after the promotion intro of 6 months.
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- Interest Free Periods Only Apply If You Pay Your Card In Full
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Editor's Choice: Our Top Credit Cards
St George Vertigo
Low Interest
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 9 months on balance transfers