MasterCard Low Interest Rate Balance Transfer
Posted March 21st, 2010 and last modified February 8th, 2013How to Benefit from a MasterCard Low Rate Balance Transfer
If you’re currently paying high interest rates each month on your outstanding credit card debt, then you could benefit from a MasterCard low rate balance transfer. The object is to transfer your high interest balance over to a card charging far less interest for an introductory period.
During this low introductory period, the low interest rate can reduce the amount of interest you’re charged during that time. With reduced interest payments, you should also notice that your monthly minimum payment is also reduced, which can free up your cash flow each month.
Putting Your Interest Savings to Good Use
Look closely at the amount of money you’re saving on your reduced monthly payments. While it might be tempting to spend that money on other things, if you put those savings towards paying down your balance, you could easily reduce your outstanding debt very quickly.
Mastercard Low Rate Balance Transfer Offer
The ANZ Low Rate credit card is the perfect credit card to consolidate your credit card debt with as it comes with a low rate on balance transfers. It also makes a fantastic purchase rate credit card after the balance transfer period is over.
- $58 p.a. annual fee
- 13.14% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
In order to get the most benefit from a MasterCard low rate balance transfer, the object is to use the introductory period to get your balance down as low as possible.
This way, when the low rate offer ends, your balance is lower, this can make it easier to continue reducing your debt quickly.
However, if you use your new low rate card to charge more purchases, you could find your financial position is no better after your balance transfer than it was when you began.
Finding the Best MasterCard Low Rate Balance Transfer
When you’re searching for the best MasterCard low rate balance transfer, consider the award-winning Bankwest Breeze MasterCard. Offering a very low on 0% p.a. for 6 months balance transfers, this card can give you the opportunity to regain control of your finances once again.
Once your low rate expires, the rate reverts to Australia’s lowest MasterCard purchase rate of 0% p.a. for 4 months (reverts to 11.99% p.a.) Add the benefit of a low $59 annual fee and this card is easily the cheapest balance transfer card available in Australia.
So if you’re looking for a way to reduce your credit card debt, look at the benefits of a MasterCard low rate credit card.
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