Hi,
I found a credit card offer that im happy with but want to be sure I not missing anything, reading the fine print.
Most of the cards I see on the comparison page are 6 months interest free but the westpac one
https://www.creditcard.com.au/0-balance-transfer-credit-cards is 24 months interest free???
This is a big difference.
What else should I be looking at? Does any one have previous experience in balance transfer offers?
Thanks
yeh check the annual fee for the card. and the normal interest rate it reverts back to after the interest free period
but 24 months is not unusual. Citibank is offering 0% for 24 months right now as well. They have a store in QVB.
not too unusual as interest rates are quite low right now anyway.
they hoping you wont be able to pay back before 24 months and then smash you with the normal interest rate it reverts to after.
The drawback is any unpaid balance transfer amount will be reverted to the cash rate at the end of the term. It's a great deal if you could repay close to the full amount by the end of the 24 months period. Westpac used to revert the unpaid amount to the purchase rate but I guess too many people took advantage of it.
If you can't repay the full amount by the end of the term ANZ is a better option. It's one of the last remaining bank that reverts to the purchase rate.
how much is the annual fees?