Super Balance Transfer Credit Cards – Compare & Apply for a Long term 0% Balance Transfer Card

How Do Super Balance Transfer Credit Cards Work?

Super balance transfer credit cards are not quite the same as a regular balance transfer deal. In fact, if you use these cards the right way, you could be saving far more money than you think.

Featured Long Term Balance Transfer Credit Card

The Virgin Flyer credit card is certainly a standout balance transfer offer right now.

• $99 annual fee
• 20.99% p.a. on purchases
• 1.9% p.a. for 9 months on balance transfers
• Cash Advance Rate of 20.99% p.a.
• 44 days interest free
• Minimum Income Requirement of $35,000 p.a.

Read the Virgin Flyer Credit Card terms and conditions.

Easy Guide to Super Balance Transfer Credit Cards

With a regular balance transfer card, the object is to transfer your outstanding balances from cards charging high interest over to a card charging a far lower rate of interest.

This is designed to help the card holder reduce the amount of interest being charged on the outstanding debt amount and begin to repay the balance more quickly.

However super balance transfer credit cards are a little different. While they’re designed with a similar principle in mind, they have a unique feature that could help people to reduce other forms of debt far more quickly as well.

The primary difference with super balance transfer cards is that you’re able to transfer money out of your credit card into your bank account. If you’re paying 0% interest on your super balance transfer card, this is effectively a free loan.

How a Super Balance Transfer Credit Card Can Help You Repay Debt

If you’ve found a super balance transfer credit card charging 0%, you’re able to transfer funds from your card directly to your bank account.

Rather than continue to pay high interest on other outstanding debts you might have, such as an overdraft or a personal loan or even a mortgage, you could then make extra repayments into these accounts to reduce the amount you owe. You’ll also be reducing the amount of interest being charged on your other outstanding debts.

From there, you work on repaying the amount you withdrew from your super balance transfer card while you’re paying 0% interest on that money.

If you’re not sure you’ll be able to repay the entire amount within the 0% interest period time frame, be sure to only withdraw the amount you know you can realistically afford to pay back.

If you’re willing to be disciplined about transferring your money from low or no interest options over to higher interest options to reduce the amount you’re spending on interest, you can seriously begin to take control of your financial situation very quickly.

What’s the Catch with Super Balance Transfer Cards?

Of course, as with every type of financial product, it’s important to understand exactly what you’re doing in order to get the most benefit out of it.

While the principle behind using super balance transfer cards is logical and can be a great way to minimize your interest costs, there are some things to watch for.

Before you begin transferring money from a credit card account over to a transaction account or other loan account, you may need to check that the money you withdraw won’t be flagged as a ‘cash advance’. Cash advances are charged at much higher interest rates, so be sure the card you choose won’t consider money transferring this way.

If you have transferred money into another account, you will need to be diligent about making at least the minimum monthly repayment due on your super balance transfer card on or before the due date.

Another thing to watch for is that the 0% interest rate is usually an introductory rate only. This means it’s only going to be this low for a limited time, before it expires and reverts to a much higher interest rate.

Ideally, you’ll need to repay the outstanding balance before the introductory period expires to make the most of this kind of opportunity.

How to Compare Super Balance Transfer Credit Cards

Finding the right super balance transfer credit card doesn’t have to be difficult, but you should be sure you’re getting the right type of card to suit your purposes.

Comparing Super Balance Transfer Credit Cards

Super balance transfer credit cards have a unique edge over regular types of balance transfer cards in that you’re able to use the funds available on your 0% credit card to transfer into other accounts.

You’re then free to use that money to repay other debts you may have, such as overdrafts, personal loans or any other debts you want to clear, yet you’re paying 0% on the money you transferred.

For example, let’s say you transfer $500 out of your super balance transfer credit card to another account. You know you’ll be charged 0% on the amount you withdrew, so by putting this money directly off another debt being charged at high interest, you’ll be saving money on the interest charges for that account too.

On top of this, you’ll be repaying your other outstanding debts more quickly and reducing the time it should take you to repay the interest charging debts you have.

Of course, you will need to remember to repay the amount you withdrew from your super balance transfer credit card before the 0% introductory period expires, or you could find you’re paying much higher interest rates than you expected.

Finding a Good Super Balance Transfer Credit Card

While there are plenty of regular balance transfer credit cards available these days, it can sometime be a little more difficult to find the right super balance transfer card to suit your purposes.

You see, not all balance transfer cards will allow you to withdraw cash from your card account to put into other things. With some lenders, this could be flagged as a ‘cash advance’ transaction, which will then attract a much higher rate of interest. You may also incur a withdrawal fee from some lenders.

The key to finding the right type of super balance transfer card is to look for credit cards that are listed as ‘Includes transferring cash into a current account’ written in the Balance Transfer Offer column. These are the true super balance transfer cards you’re looking for.

What to Look for In a Super Balance Transfer Credit Card

There are three primary factors you should consider if you’re comparing super balance transfer credit card offers:

1. The length of the introductory low rate or 0% interest period
   
2. The fee you’ll be charged for transferring your balance out of your card
3. The credit card provider offering the deal

At this time, there aren’t too many providers offering super balance transfer deals, so be sure the bank you’re considering isn’t just offering you a regular balance transfer offer before you sign.

When a Super Balance Transfer Card Is Ideal For You

If you’re paying money each month for an overdraft, or if you’re paying high interest charges on other debts, this could be the right card for you. You will need to be sure you’re diligent about repaying the money you transfer out of your card before the due date each month.

You’ll also benefit if you’re the disciplined type of customer who can budget effectively to make the most out of this kind of deal.

For example, if you have money in a high interest savings account, it could be worthwhile transferring cash from your 0% interest card over to an account earning a high rate of interest. This has the power to boost your savings very quickly.

When a Super Balance Transfer Card Might Not Be Good For You

If you already know you’re the type of customer who is likely to miss a payment occasionally, it might be wise to avoid this type of card. Ideally, to benefit the most from this type of deal, you’ll need to be disciplined about making very regular repayments to make the most of the 0% interest rate.

It’s also worth shopping around for a different type of card if you know you want to pay for purchases using your card. In most cases, the really low balance transfer interest rates aren’t always available on purchases you make. If you want a multi-purpose card, look elsewhere. Otherwise, use a completely different card to pay for purchases and leave your super balance transfer card as a way to help reduce your debt levels.

Customers with a bad credit history are also not likely to be approved for this type of card. If you know you can really benefit from such a low interest rate to begin repaying your debts quickly, perhaps spend some time working on ways to improve your credit score before you apply.

Using a Super Balance Transfer Credit Card

A super balance transfer credit card can be a great way to regain control of your financial situation. When used correctly these cards can enable you to reduce debts quickly and save plenty of money in the process.

Guide to Using Super Balance Transfer Credit Cards

Super balance transfer credit cards can be a great way to access low-risk, low-cost, yet high benefit borrowings for some customers. As long as they’re used properly and responsibly, it’s possible to reduce your debts, pay far less in interest and even increase your wealth at the same time.

Here’s how to put a super balance transfer credit card to good use to take control of your financial situation and come out on top:

Submit Your Super Balance Transfer Card Application

Once you’ve located the right super balance transfer card to suit you, complete the simple online application form and submit it to the lender. You will need to supply evidence of your income details, such as pay slips or tax returns, and you’ll need to fill in your employer’s details or accountant’s information if you’re self-employed.

Some online application may include a section for entering the account details of the transaction account you intend to transfer the money into.

Once your application has been approved and you’ve provided the information required by the lender, you should receive your card in the mail soon after.

Work Out Your Budget

Before you transfer any funds out of your super balance transfer card, take some time to work out how much you will need to pay each month to be sure you pay off your borrowings completely before the 0% interest rate expires.

It’s important to be realistic about how much you can afford to repay comfortably each month, so take this into account when you’re calculating how much you will transfer.

Remember, if you miss a monthly payment, your 0% interest rate may be withdrawn and replaced with a much higher rate instead. This means you won’t be getting the full benefit you expected out of your card.

A good way to avoid forgetting a repayment is to set up and automatic direct debit agreement. Your repayment will be deducted from your account each month to cover the payment due.

Transfer Your Balance

When you’ve worked out your numbers and your direct debit is set up, go ahead and transfer your balance to whichever account will do the most good for you.

For example, if you have an overdraft attracting high fees and costs, you might put it towards paying this off. You might prefer to put it towards an outstanding loan to reduce the amount of interest you pay on the balance of that and also to help reduce the remaining loan term left on the loan.

Of course, if you’ve managed to repay most of your debts already, you can also benefit by transferring your balance into a high-interest paying account. You’ll benefit from paying 0% interest on the money you borrow, but you could be earning interest on that money from day one while your own cash flow pays it back over time.

Don’t Use Your Super Balance Transfer Card for Other Purposes

In order to really get the most out of your super balance transfer card, you should remain disciplined enough not to use it for any other purpose. If you want a credit card for paying for purchases or for withdrawing cash, find another card and use that instead.

Your super balance transfer card is there to help you get ahead financially. Use it that way.

Know When Your 0% Balance Transfer Deal Expires

Keep track of the expiry date of your super balance transfer deal and make certain that you are able to repay the entire balance before this date. If you find that you’re unable to pay off the full balance, you might want to consider applying for a regular balance transfer credit card with a 0% interest rate to extend the time you have available to clear your debt completely.

Stop Using Your Card

Once your super balance transfer card has completed its job, stop using it. If you’re unlikely to ever use it again once your debts have been paid off, get rid of it completely and close the account.

If you still feel as though you need a credit card to pay for purchases, apply for a 0% purchase credit card or find one with a very low, competitive ongoing interest rate on purchases instead.