Balance Transfer Credit Cards
Understanding how to get the best out of a balance transfer
Are you looking to slash your credit card debt? With a balance transfer to a new credit card, you’ll usually pay less, or even no, interest on the debt you move across to your new credit card during the balance transfer period.
To help you get the most out of a balance transfer, here’s a closer look at how they work, as well as some of the pros and cons.
What is a balance transfer?
A balance transfer involves moving the balance of your existing credit card – or credit cards – over to a new card.
There are a wide range of balance transfer offers available from banks and other credit card providers. The balance transfer period will vary from card to card and promotion, but could be six, 12, 18 or even up to 24 months.
There is usually a minimum amount you need to transfer to your new card in order to take advantage of these offers. This too will vary, but is typically between $100 and $500.
At iSelect, you can quickly and easily compare credit cards from different banks. Compare credit cards now to find a 0%p.a. balance transfer offer with the terms to suit your needs.