Tuesday, 2 June 2020

What is a balance transfer and how does it work – Michelle Hutchison

What is a balance transfer and how does it work – Michelle Hutchison
13 Sep
5:33

Hi, I'm Michelle Hutchison money expert at one of Australia's biggest financial comparison websites, findercom

au Today, I'm going to talk about balance transfer credit cards So what is a balance transfer? It's essentially when you have a debt from one card, say it's at 17%, and you move that debt over to new card offering a balance transfer rate of, say, 0% Unfortunately, these low rates won't last forever and they generally expire and revert to a much higher rate One consideration is that you can't generally transfer that balance to a balance transfer credit card in the same institution

For example, say you have an ANZ credit card with a debt on it, you can't transfer that debt to another ANZ credit card but you may be able to transfer it to another bank or institution Click here to find out more about which institutions you can and can't transfer your debt to and from You can transfer a debt from a credit card, store card, charge card it's a really good way of consolidating all your debts into one line of credit Balance transfers can be a great way to save loads on interest and pay off your credit card debts And while you can apply for as many as you like, keep in mind that applying for too many in a short period of time can impact your credit file If you want to compare balance transfer credit card, click this space to go to CreditCardFindercom

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