I received one of those offers in the mail offering 0% interest for 9 months if I transfer my credit card balance to a new card (it's an ANZ Mastercard).
I'm seriously considering switching. Even their normal interest rate is lower than my current card. I have enough debt on my card to get a reasonable benefit out of this kind of arrangement (sadly).
Has anyone done a balance transfer like this before? If so, what was your experience, and are there any catches to be wary of?
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12-07-2013 07:59 #1
Credit card balance transfer offer- advice needed
12-07-2013 08:01 #2
We did it to an anz card about 6 months ago, ours was 18 months with 1.5% or something like that. Has been a good experience with no catches for us so far! Definitely makes a difference (unfortunately for us too, gotta love unpaid mat leave!)
12-07-2013 08:09 #3
What about annual fee? I've been looking for one to transfer my cc to but they either have higher interest after the low interest period or have a big annual fee.
12-07-2013 08:09 #4
I have just received my anz card and balance transfer for 2 cards not a high balance though.
I was paying $70 in interest a mth total (one card I had to withdraw cash from) so I figure at least I can now pay that off the principal and hopefully get ahead rather than things staying the same every mth.
My aim is to be credit card debt free in 15 mths.
Annual fee was $58 which is less than the interest I was paying.
12-07-2013 08:15 #5
12-07-2013 08:26 #6
I would go for it.
Just make sure you destroy the original card and close the account so you don't fall into the trap of using it and then having two cards to pay off!
12-07-2013 08:26 #7
Is the fee more than your monthly interest?
12-07-2013 08:32 #8
12-07-2013 08:40 #9
Sounds like a pretty good deal. My cousin used to be a card hopper, every few years she would balance transfer to a low rate cc. But as I recently found out whenever someone does a credit check on you it lowers your credit rating.
ETA: don't forget you'll be paying the annual fee plus the normal interest after the 9 months. But if that still works out to be better off then go for it.
Last edited by Mod-Zeddie; 12-07-2013 at 08:44.
12-07-2013 08:44 #10
I have done it before. Just remember to set yourself a payment plan so that the entire balance is paid off before the offer finished, otherwise they tend to hit you hard.
My experience has been very pleasant. I cancel the card after I am finished so I can't use the card, and have kept one credit card for emergencies only.
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