Save yourself from debt with balance transfer credit cards
16 April 2008
Credit cards often use low interest balance transfer periods to invite new customers, but to take the most advantage of these fantastic offers you need to choose the right credit cards. Not only are credit cards with low interest balance transfer periods easy enough to find, but interest free balance transfers are also quite common. A better balance transfer rate will often not even cost you much more, but will usually be for a shorter period of time than that of a minimal rate.
The HSBC Low Rate Credit Card offers a very long interest free balance transfer period of up to 9 months, and costs only $39 in annual fees. What's more, that fee is waived for the first year making it a very cheap option for immediate credit card debt reduction. With an ongoing purchase rate of 13.99% p.a. it provides one of the lowest rates available for a basic budget credit card.
The Aussie MasterCard and the Citibank Clear Card both offer very similar features in terms of balance transfers and rates. Both give you an interest free balance transfer period of up to 6 months and an ongoing purchase rate of 11.99% p.a. and give the standard of up to 55 days interest free on purchases. Where they differ is in the Aussie MasterCard costing $49 to the $65 of the Citibank Clear Card in annual fees. Also, the cash advance rate of the Aussie MasterCard is 15.99% p.a. compared to 18.49% p.a. for the Citibank Clear Card. The Citibank Clear Card has an advantage for families, however, as it include facility for an additional 4 cardholders.
The St. George Vertigo MasterCard has the same interest free balance transfer period as the Aussie MasterCard and the Citibank Clear Card, but a much lower ongoing purchase rate of 10.99% p.a. while only costing $45 in annual fees. Not as useful for immediate credit card debt reduction as the HSBC Low Rate Credit Card, but this card does offer long term benefits for those who frequently cannot repay their entire balance within the interest free period.
Please visit our comparison pages and balance transfer credit card page for more information on great debt reduction credit cards.
December Credit Card Offers
You don't need be an Aussie customer
Design your own card with any image
The ideal credit card for shopping
featured credit card issuer
