Is it Possible to do a 2nd Balance Transfer?

Featured Long Term Balance Transfer Card

Rather than doing a 2nd balance transfer, transfer your entire balance onto a longer term balance transfer credit card. The Suncorp Clear Options Standard is currently offering a sweet deal for new cardholders. Take advantage of the promotional balance transfer rate of 2.9% p.a. for the first 12 months. Switch to a Suncorp Standard Visa card today!

• $39 annual fee
• 12.24% p.a. on purchases
• 1.9% p.a. for 12 months on balance transfers
• Cash Advance Rate of 17.99%
• Freedom to transfer balances of up to $20,000

Click here to read the Suncorp Clear Options Standard Visa Card terms and conditions

Straight up, it is possible to do a second balance transfer. However, there are a couple of associated consequences that can possibly arise out of second, or continuous balance transfers.

The Affect on your Credit Score

Applying for more credit, and increasing your ‘debt:credit ratio’ are two possible detriments of continuous balance transfers. To find out more about your debt to credit ratio, see here.

Running the Risk of Rejection

If you’re strategy for credit cards and debt consolidation involves constant balance transfers, you’re running the risk that your next credit card application will be denied. This is always a possibility, particularly since constant applications for new credit can dent your credit rating.

The Final Deal

When it comes down to it, you can easily juggle around your credit card balances with balance transfers, you’ll just need to be wary of your credit score. Strategise accordingly and accurately, as the last thing you want is a $5000 balance you can’t pay off until you’re back on another 0% for 6 month offer.

See the top balance transfer credit cards available in Australia for online application.

• 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