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  1. #1
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    Default Has anyone transferred their credit card balance to get a low interest rate?

    I am being tempted to transfer our credit card balance over to NAB, they have a deal at the moment that gives you 0% until Feb next year and 0% on any purchases you make over that time, it is here
    Has anyone done this and does anyone know if you have to close your other credit card? We have a credit card at the moment with our home loan provider and it was a condition of the loan that we have that credit card so i don't think i can get rid of it totally but I could probably reduce the limit down to $2000 and chop it up Has anyone had any experience with these, any advice?

  2. #2
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    Yes have thought about it and thankyou that is one of the better offers I have seen, will visit the nab tomorrow!

  3. #3
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    It can work out as long as you are disciplined and pay it off and don't add anything to your other card. The temptation is to then just end up with 2 credit cards maxed out and even more debt.

    I understand sometimes they make you cancel your other card, sometimes you can keep them both. Depending on your debt level and income.

    The banks obviously make something out of this, probably because most people don't pay it off and end up in more debt. I did do a transfer to an interest free card once. Paid it all off before the interest started so essentially got an interest free loan and then cancelled the card. banks - 0, me - 1

  4. #4
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    I've done this numerous times. On some application they will ask if you are going to get rid of the card you already have. They don't actually do anything to make sure you've got rid of it though. Some applications don't ask anything though... just the amount to be transfered.

    I would do it if its going to save you money. It's defintely worth it. I know i saved heaps on interests by doing this. Just make sure you get rid of the new card once the balance is paid off.


 

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