I'll admit this deal isn't incredible, however if you are playing the game of rolling over balance transfers this does have the following advantages.
$0 annual fee for life.
6 months 0% balance transfer with no establishment fees (afaik)
Low income requirements $20000
Minimum credit limit of $1000
The T&C's don't seem to state a BT limit of total balance, so assuming it's 95%?
Some may be able to use this to move BT's from bank A to HSBC and then back to A in 6 months.
$15k BT for six months, keeping that money in an offset home loan account saves about $300.
I think they only transfer to another CC account
Yes.. That's the idea..I'm not suggesting they take it from your home loan account.
You need to have an amount already on a BT card coming up to expire. You have two options.
A) Pay off the remaining balance on the expiring Bt card by taking money out of your savings/home loan offset thereby reducing the amount of interest earned on savings/increasing the amount of interest paid on home loan
OR
B) Continue to roll over the remaining balance onto another card allowing savings to continue to earn interest/offset your home loan.
In my situation I have approx $25k sitting on several 0% balance transfer cards. Meanwhile I have 90k of savings sitting in my offset reducing my interest rate on my home-loan. Yes, I could pay off my all my credit card debt instantly, but then i'd be paying around $1000 more in interest each year on my home loan. If your income and credit rating allows you to play the game, it's essentially free money.
If you're the type of person that has a revolving balance on high interest paying credit cards, then don't even look at it.
This bank seems to be Fishing for personal Info:
Senior Gov't Official (Judge etc.)
Senior Military Officer (above Colonel)
WAY MKRE INFO COLLECTED HERE THAN ANY OTHER WE'VE SEEN ANYWHERE.
I like that they spell-out requirements (eg, $20K /yr income), but not much more.
Some Pensioners may be unable to meet $20K req't.
I could be wrong on that. Single age pensioner: $22,805 / yr (is that Taxable?)
I don't think it is taxable, and if it was they wouldn't be paying much anyway.
Yep, I feel it was taxable (also believe it isn't) would only be about $5-600
https://www.stgeorge.com.au/personal/credit-cards/no-annual-…
0% p.a. for 18 months on balance transfers
0% p.a. for up to 6 months on purchases from card approval
$0 annual fee
Read conditions carefully. Some HSBC cards only allow either interest free balance transfer or 55 days interest free on purchases.
This is correct and in fact normally the standard and not unique to HSBC.
There are a few cards out there however like the St George one above that allow BT 0% as well as 0% on purchases for a period.
I just missed my minimum payment due date on westpac BT.. What happens now? Pay the whole balance of $14500?? Or do i only get charged late payment fee??
I'm starting to feel like you are stalking me for financial advice or something….
CALL Westpac and find out!
Haha. When I searched "balance transfer" this was the first result.. After i posted the comment, there were no subscribers.. And then i found the "westpac balance transfer" and it contains 29 subscribers.. So there yeah
Did you have any luck with the call?
No points, nothing.