The Best Balance Transfer Credit Cards In Australia
Posted by | Posted in Credit Cards Reviews | Posted on 26-11-2011
Almost every credit card in Australia now features some kind of balance transfer incentive as a way of drawing in more customers.
Unfortunately not all of these credit cards will be right for people once the introductory rates have reverted and signup bonuses have ended.
That is why many people are starting to ask what cards are best for balance transfers, so to give you an idea of the different options available, here is a look at the best options in a range of different card categories.
Frequent Flyer Balance Transfer Card
Many of these cards will not accrue points while there is a debt so to really get the most out of a frequent flyer credit card it is important to clear balances as quickly as possible.
Choosing a card with lower rates is one way to do that, which is why Virgin’s High Flyer 12-month balance transfer offer of 2.99% stands out amongst these kinds of reward cards.
Balances carried after the first year, however, will be charged at the cash advance rate, currently 20.99% p.a., so this card may need to be compared to other options before a decision is made.
Low Interest Balance Transfer Card
There are always a number of low interest credit cards that have competitive balance transfer offers but despite similar rates, not all of them are equal.
Some of these cards will have balance transfer deals that revert to the cash advance rate, which could cause more debt for someone looking for ongoing low rates.
The card that really stands out in this category is the Aussie MasterCard, with 12-month introductory rates of 2.99% for balance transfers and 9.99% for purchases before both revert to 13.29%.
No Annual Fee Balance Transfer Card
When it comes to credit cards that offer no annual fee for the life of the card, most have ongoing rates of around 20% p.a. after the introductory period has ended so they can end up being a trap for people who rely on credit to tide them over.
But one card that really stands out in the fee free category is Bankwest’s Zero credit card, which offers 5.99% p.a. on balance transfers for nine months before reverting to the 17.99% p.a. purchase rate.
Rewards Card For Balance Transfers
In terms of the best point-based reward cards, Bankwest’s More credit card is a frontrunner, with 5.99% p.a. for balances for the first 12 months and up to two points per dollar.
But close on this card’s heels is Westpac’s Altitude credit card, with a low balance transfer rate of 0.99% for nine months, up to two points per dollar and both a MasterCard and Amex for maximum rewards.
Whatever your balance transfer needs, it definitely pays off to know what the best options are out there and looking at cards like these ones should help you find a credit card that will work for you.
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- Credit Card Consolidation Options
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- Zero Annual Fee Cards: The Pros And Cons
