Dealing with credit card debt can be a challenge, but a balance transfer credit card can help. If you’re interested in paying down your debt, you can find balance transfer credit card options with an online search.
This type of card allows you to transfer existing high-interest balances to the new card with a lower interest rate. Finding the right card could save you thousands, and help you get out of debt for good.
What Is a Balance Transfer Credit Card?
A balance transfer credit card is a financial product designed specifically for individuals looking to consolidate and pay off their existing credit card debt. These cards offer low or 0% interest rates for a set period, allowing cardholders to save on interest payments and focus on repaying the principal amount.1
Why Balance Transfer Credit Cards Can Be Useful
Balance transfer credit cards offer various benefits that can help you manage and reduce your debt more efficiently. Let’s take a closer look at some of these advantages.
- Save on interest payments: The primary advantage of balance transfer credit cards is the potential savings on interest payments.
- Simplify your finances: Consolidating multiple credit card debts into a single balance transfer credit card can help you simplify your finances.
- Improve your credit score: Paying off your credit card debt with a balance transfer card can positively impact your credit score over time.
Top Balance Transfer Credit Cards in Australia
Here are some of the top balance transfer cards to include in your search.
- ANZ Low Rate: The ANZ Low Rate card offers a 0% interest rate on balance transfers for 30 months with a 1% balance transfer fee.2
- St.George Vertigo Classic: With the St.George Vertigo Classic card, you can enjoy a 0% interest rate on balance transfers for 32 months and a low 1% balance transfer fee.3
- Westpac Low Rate: The Westpac Low Rate card features a 0% interest rate on balance transfers for 28 months with a 2% balance transfer fee.4
- NAB Low Rate: The NAB Low Rate card offers a 0% interest rate on balance transfers for 20 months with a 3% balance transfer fee.5
The Bottom Line
Balance transfer credit cards can be a helpful tool for Australians looking to tackle credit card debt by consolidating their balances and taking advantage of lower interest rates. By considering factors like promotional interest rates and balance transfer fees, you can choose the best card to suit your needs.
