Balance transfer credit cards to help with debt reduction
30 April 2008
Credit cards can get you into debt quickly if you're not careful, but with a clever swap of the credit cards you use for one with an interest free balance transfer period you can get yourself out of debt almost as easily. It's important to consider four factors when choosing a debt reduction credit card: interest rate, interest free days on purchases, length of balance transfer period, and annual fee. For your convenience, these are four of the best debt reduction tools we feature.
The NAB Low Rate Visa Credit Card is decent in all respects, but on most features it doesn't beat its competition. The purchase interest rate is 12.79% p.a. which is reasonably good at this budget level. It has the full complement of 55 interest free days on purchases with a 6 month interest free period on balance transfers, both on par with most of the competition. Where it beats many of its competitors is the annual fee which is very low at $49 per year.
The Citibank Clear Card has a purchase interest rate of 11.99% p.a. and 6 months interest free on balance transfers with 55 interest free days on purchases. The Aussie MasterCard also has these features, however they differ on cash advance interest rates and annual fees. The Citibank Clear Card will cost you $65 per year in annual fees and the Aussie MasterCard will cost you $49 per year in annual fees. The Citibank Clear Card does have some advantages on the Aussie MasterCard in terms of other penalty fees, however.
For the best in every aspect of debt reduction credit cards out of the four discussed here, you cannot go past the St. George Vertigo MasterCard. An extremely low interest rate of 10.99% p.a. is bundled with a 6 month interest free period on balance transfers, the full 55 interest free days on purchases, and all this costs a mere $45 in annual fees. There are few budget credit cards offering as much as this one does.
Please visit our balance transfer pages or our comparison pages to browse from a wide selection of excellent credit cards.
Low Rate Credit Cards
You don't need to be an Aussie customer
Take control of your finances by paying a low interest rate on your everyday purchase
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