How Long Is The Longest Balance Transfer Credit Card Deal?
Posted November 13th, 2009 and last modified October 27th, 2011
Featured Longterm Balance Transfer Card
ANZ Low Rate MasterCard is the practical choice for people who want to stop worrying about catching up on credit card payments. It offers a fantastic low rate on balance transfers plus a temptingly low rate on purchases and a low annual fee so you can finally enjoy having a credit card.
- $58 annual fee
- 0% p.a. for 3 months (reverts to 13.24% p.a.) on purchases
- 0% p.a. for 3 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
- Up to 55 days interest free on purchases
Read the ANZ Low Rate MasterCard – Balance Transfer terms and conditions.
The longest balance transfer deal is for the life of the debt. That means you shift your debt to a new credit card and you pay a set low rate of interest on that debt for as long as it lasts.
This kind of offer is best-suited to anyone with a debt they know they cannot pay off within a year to eighteen months. It gives the flexibility to plan long-term without the panic that a sudden jump in their interest rate is looming. This will not afford the cheapest rate, naturally enough, but it is the most realistic proposition for the more unmanageable debt.
Rates for this unlimited period of time range from just below 5% to 9% . The downside is that the regular APR that will apply after the offer period is usually higher – around the 18% to 20% mark – but that should not be of concern because purchases on a lifetime balance transfer credit card should never be made while any of the transferred balance remains to be paid off.
Another type of balance transfer term is the twelve to eighteen month period. The majority of offers are for the shorter twelve month term. This is suitable for anyone whose debt can be effectively cleared within this time. The interest rate on these offers is anything from 3% to 5%, and the regular APR on purchases that will apply after the offer period is around 18% to 20%.
The balance transfer term that is most widely advertised is six months at 0%, although there are also some set at 2.99%. There are a good many offers at the zero rate at the moment as credit card companies are vying for business in a down market. If this term suits the size of your debt and your ability to repay it in time, then there are some great deals to be had, with regular APRs around the 11% to 13% mark and reasonable annual fees. One deal on the market at the moment offers six months at 6%, but without an annual fee.
The decision about which is the best balance transfer deal should not just be a question of the longest offer, rather the longest offer that suits your repayment requirements at the best rate of interest. Comparisons must be made when searching for balance transfer offers to ensure all possibilities have been reviewed, and the fine print should always be read. Not doing so could mean you miss some important information that affects how the credit card will work for you.
Check out today's featured offers:
| Westpac Low Rate | Citibank Clear Platinum | Qantas AMEX Discovery | ANZ Platinum |
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0% p.a. for 6 months on purchases & balance transfers |
2.9% p.a. for 12 months |
$0 annual fee Up to 10,000 Bonus QFF Points |
0% p.a. for 6 months on purchases & balance transfers |
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