Saw this deal https://www.ozbargain.com.au/node/371218
but little hesitating as this NAB offer has much longer period.
E.g. if borrowing 20K, with minimum 3.5% loan, one year's saving can well cover the cost of annual fee
I don't see other benefits though.
makes sense, haha
Was anyone able to get a card like this from NAB with $20k limit from the start? They always seems to give a small $6k limit at first.
Think I started with $15,000. Was a long time ago though. I only have a $59 annual fee.
I already had a good credit history. The limit will depend on your income and liabilities.
If you make your payments regularly (more than the minimum), they will bump it up fairly quickly.
Also there is a limit to how much you can balance transfer. 80-90% of your limit from memory.
This deal was around a month or so ago https://www.ozbargain.com.au/node/360458
I applied last month and got an initial $20K limit.
With no BT fees I thought it was a great deal.
Just be sure to read the fine print. I've had this card for years. Balance transfers have a flat fee of 2% on the amount you transfer, so make sure this doesn't apply on the Finder deal.
I did a balance transfer years ago with it. 1% flat fee, 15 months interest free on about $15,000. Left the cash earning 3.5% or so.
Free money, but I found it a pain as you still have to make the minimum payment each month.
The other bonus with platinum cards is you get free travel insurance if you pay for your airfares with the card. Usually 30 days cover.
Got stung with Nab last time - pathetically low credit limit so BT was a waste of time and of course it added a useless enquiry to my file even though I cancelled the card immediately.
What stops you from changing to another deal after 12 months with Woolworths? You end up saving yourself A$90.