Banks.com.au - Australian Banking, Finance and Investments

Credit Card Companies offer many different inducements to get your banking business. One of them is to balance transfer your existing credit card to them and give you an interest free period on your existing outstanding balance. These are balance transfer credit cards.

To enhance the chances of switching your banking, the banks and financial institutions offer varying interest free periods when you balance transfer your credit card.

The bank or building society may offer a 0.00% rate of interest on your present debt for a period of six months or a smaller interest rate fee than is normal for the duration of your outstanding balance that you transfer.

For example, you may have an existing debt of $4000 currently being charged at 17% or 18%. You can transfer that to another financial institution and pay no interest fees each month, just pay off the balance.

However, there may be other fees associated with your balance transfer credit cards such as annual fees and late payment fees. Please visit the tools section in the menu to compare the different offers available and the savings possible on your credit card debt by simply using balance transfer credit cards.