How a balance transfer can help you manage your credit cards
22 September 2008
If you're concerned that you have too many credit cards and may be getting into too much credit card debt, credit card consolidation using a credit card balance transfer might be able to help you. Credit card debt is rising in Australia and many people are finding it harder to control their spending as petrol, grocery prices and the general cost of living rises. However, this doesn't mean that you have to end up in debt also.
A credit card balance transfer allows you to consolidate your credit card debt onto one credit card. By only using the one credit card, you will have an easier time keeping track of your spending and your debt. Balance transfer credit cards frequently come with a range of useful benefits.
Some benefits of balance transfer credit cards include:
- Interest free or very low interest rates for an introductory period. This period usually lasts about six months. This might allow you to pay off your debt in full without being charged interest.
- Quick approval. As many banks allow you to complete online applications, you can have a response within minutes.
- Saving on annual fees. If you have several credit cards, you're probably paying annual fees on each credit card. Consolidate your credit cards and just pay the one amount.
So if you want to save money and get yourself out of credit card debt as quickly and as cheaply as possible, consider a credit card balance transfer. Compare balance transfer credit cards now to find out the right balance transfer for you.
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