Credit Card with low/zero balance transfer

Laldog on 10/11/2008 - 17:58

Hi there,

I am currently looking for a Credit Card with low/zero balance transfer so that I can get rid of it! I have moved from a personal loan @ 14.75% through to a credit card with 7.9% for 6 months through to a 0% credit card for 6 months and since the offer expires at the end of the year, I'm looking at moving again!

Why pay stupid interest rates when I can just easily move from one bank to the next and reducing my credit card heavily :)

I have found a site at:
http://www.creditcardoffers.com.au/low-balance-transfer.html
but am wondering if anyone else knows of any good deals that I can try!

Thanks :)

P.S - My advice to people that currently have a personal loan is to do what I did - transfer it to a credit card (I know of one credit card provider that lets you do this) and keep on moving!

Find Me A Bargain

Comments

  • neil on 11/11/2008 - 13:50

    While that is a good way of paying off money, all of that shows on your credit history which may impact you later down the line.

  • Aneurism on 12/11/2008 - 00:30

    I don't know how it works officially so take it with a grain of salt.. seek a professional if ever in doubt.. a friend of mine had been doing this kind of thing for a while.

    1. I think as long as you make sure you pay at least the minimum repayaments and fees on time, I would have thought it wouldn't have a negative impact on credit. Actually I would think it shows that you are capable of managing it. (as long as you are never late on payments)

    2. I think these kind of schemes are usually to attract 'new' customers. Although its possible to negotiate.
      My friend (who is clear of debts now) used to call his bank indicating the competitor rate offer to see if the bank is willing to reduce their rates or
      match it. (this was a while ago so i don't know if banks are willing to budge these days, but it cant hurt to ask)

    Obviously it helps to find a good competitor rate :)which is what the original post is seeking.

  • CreditCardFinder on 16/11/2009 - 08:36

    Hi all

    If you are looking for a balance transfer credit card, you can consider reading through our guide - it's quite comprehensive:
    http://www.creditcardfinder.com.au/balance-transfer-credit-c…

    Cheers

    Jeremy

  • sparkles on 18/11/2009 - 21:57

    Having worked in loans, for the average person (without business interests and crazy things like bankrupts) the main negative thing you can have on your report is a default or be seen as having simply too much credit. Make sure when you close a facility, you ensure the provider advises Veda that they no longer have a credit relationship with you. If you keep these things in check I don't think it really matters how much you switch and change.

    The credit card finder site seems pretty comprehensive, apart from obscure building societies it is certainly helpful in finding the deals for balance transfers. A very helpful website, certainly saves a lot of research for the consumer.

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