Top Balance Transfer Credit Cards In Australia
While balance transfer offers frequently change to keep up with competition and demand, credit card debt does not seem to be getting much smaller.
The average card debt still around $3000, and one of the most popular shortcuts to becoming debt-free is taking advantage of a balance transfer offer.
But with so many different cards available it can be hard to know where to start when the cost of current cards gets too high.
The most obvious factor people look for is low interest rates, though some balance transfer deals will only last a few months, so it is a good idea to look for cards with other competitive features.
With this in mind, here is a rundown of some of the best recent balance transfer deals and what makes them stand out among the rest.
Longest Balance Transfer Deals
No matter how good a balance transfer deal may be, bigger debts are not going to be paid off overnight.
A honeymoon rate that lasts 12 months or more is one of the best options for people who know it will take time to cut down on the balance of the card.
The NAB Gold credit card, for example, offers a low balance transfer rate of 3.99% p.a. for 12 months, making it easier to put more money towards repayments.
Low Rates For Balances And Purchases
While long balance transfer offers are usually a smart move, some people may still want to use their credit card for purchases while dealing with the debt.
If that is the case, it is good to look for cards that feature low ongoing purchase rates and good balance transfer offers.
The Bankwest Breeze credit card, for example, offers a 12-month balance transfer deal at a rate of 5.99% p.a. and has the lowest ongoing purchase rate for any MasterCard, at 10.99% p.a. so for people who want to keep spending, this card may be the way to go.
Balance Transfer Deals For Ongoing Maintenance
Not all debts will be easy to pay off by the time a balance transfer offer has finished, even with a 12-month offer, so it is important to consider what the balance transfer rate will revert to.
With some cards it will go up to the much higher cash advance rate, usually around 20% p.a., while others will go to the purchase rate.
Some providers will list this rate in the terms and conditions for specific cards, like the Westpac Low Rate card, which outlines that any remaining balances will revert to the ongoing purchase rate of 13.49%.
Cards like the ones above tend to be the best options for balance transfers but there will be some people who want other features, such as rewards, included with their cards.
Whatever you are looking for in a credit card, finding one with a good balance transfer deal will help you get the best option for all your needs.