No Interest Credit Cards
Posted April 5th, 2010 and last modified February 3rd, 2012Compare No Interest Credit Card Offers
There are a lot of no interest credit cards available in Australia, and it is your job to sift through the pile and find the one that works best for your own financial situation. Here is some information to help guide you towards making the perfect choice of credit card.
Featured Interest Free Credit Card on Purchases
If you are looking to reduce your credit card repayments, a balance transfer is something you can consider. It is really important that you repay your credit card balance in the promotional balance transfer period, to avoid paying interest at the revert rate.
- $99 annual fee
- 11.99% p.a. on purchases
- 2.9% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Minimum Income Requirement of $35,000 p.a.
- Features include complimentary international travel insurance.
Top 5 0% Balance Transfer Credit Cards
Comparing no interest credit cards
It is important that you take some time to compare no interest credit cards because if you don’t, you may be in for an unwelcome surprise. One offer may be completely different from another, and even though you will end up saving money in most cases, there are some instances where the card you choose could actually cost you more money in the end.
Top 5 0% Purchase Rate Credit Cards
How long the introductory periods lasts
If you have a card that is offering a low purchase rate and a 0% balance transfer rate, then you must be careful to choose a card that has the same length of time for the promotional period for both. You must also make sure that the interest rate for both purchases and balance transfers is the same. If you don’t take the time to check this crucial point you can end up paying a lot of interest charges without even realizing it.
There is a guiding rule when it comes to allocation of payments with no interest credit cards, and it goes as follows. The balance with the higher interest rate will be paid off after the balance with a low rate. This means that while you are paying off your 0% balance transfer, your purchase balance is not receiving any payments if it is not 0% as well, and is in fact sitting there collecting interest.
Six months down the road you may have a heavy debt on any purchases you have made. This is a standard practice for all credit cards in the industry, so make sure that you look for a card that has the same rate of interest for both purchases and balance transfers, and that they both have the same introductory period of time.
If you are comparing no interest credit cards and feel that you do not need to make any purchases on the credit card while you are paying off your balance transfer, then it is not important to worry about the length of time or the interest rate for purchases. In this case, you can look for cards that offer a lower annual fee, a rewards program or a standard low interest rate so that you can use the card for purchases once the balance transfer has been paid off.
If you know what to look for when you are comparing no interest credit cards then you’ll be more prepared to make a final decision that you feel completely comfortable with. Use the guidelines mentioned above to find the best credit card for your own situation.
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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