Low Interest Balance Transfer

When you are in credit card debt there are few options available to find relief, including doing a low interest balance transfer.

If used responsibly they can save you lots of money in the long term, just be sure you avoid some of the common pitfalls associated with them.

Low Interest Balance Transfer Credit Card

The ANZ Low Rate MasterCard is one of Australia\’s lowest interest rate MasterCard, combined with a low interest rate on balance transfers. The ANZ Low Rate MasterCard, is a genuinely great value credit card offer.

• $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.

Read the ANZ Low Rate MasterCard – Balance Transfer terms and conditions.

Using a low interest balance transfer can save you lots of money. That being said, you will have to cure yourself of some of the bad habits that lead you to needing a balance transfer in the first place in order for it to work correctly. A balance transfer is when you move the debt from one or more credit cards to a new card in order to get a lower interest rate. These low rates are introductory offers, so they only last a set period of time and are dependent on your following some predetermined rules.

If you can pay off your debt within the set amount of time you stand to save hundreds, if not thousands, of dollars on interest fees. But, if you fall into some of the common pitfalls you will wind up in worse shape then before the balance transfer.

Pitfalls to avoid with a low interest balance transfer

Using the card for other transactions – Different types of credit card transactions like purchases, balance transfers, and cash advances all have different interest rates. Your balance transfer will have the lowest rate which means that all of your payments will go to paying off that debt first. So, if you use your card for purchases or cash advances those debts will sit, unpaid, earning interest until after the low interest balance transfer is paid off. The best choice is to put the card away until after you have cleared off the balance transfer.

Not paying off your debt in the set amount of time - Balance transfer deals last various amounts of time you must choose the one that gives you enough time to pay it all back even if it means spending a bit more on interest. If not, your deal will expire and your interest rate will increase, quickly negating any savings you had by doing the original transfer.

Missing payments - One of the rules with a balance transfer is you promise to pay all of your bills on time, miss even one and your low interest rate will be taken away immediately. The best bet is to set up a direct draft from your cheque account so you never miss a payment.

Waiting to long to make the transfer - A lot of credit card lenders give you an introductory offer for the first three or six months you own the card. If you wait even a week to make your transfer you are wasting valuable time. Instead, set up your balance transfer when you apply for the credit card, that way you start saving as soon as your card is activated.

If you are in credit debt trouble or just paying high rates a low interest balance transfer can be a life saver. It is up to you to figure out how to save money and serve your own best interests. Find the card that works best for you and start getting out of debt today.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%