While many different credit cards offer balance transfer deals, the Aussie credit card has a reputation for longer low rate options.
Unlike other credit card providers, who may decide to change the rates or length of a balance transfer offer throughout the year, Aussie has opted for more consistency.
For years this MasterCard option has provided low introductory rates on balances and purchases for the first 12 months, before reverting to a low ongoing rate that is applied to both balances and new charges.
Currently the Aussie MasterCard has a competitive 2.99% for balance transfers and 9.99% for purchases, with both reverting to a standard variable rate of 13.29%.
These features and terms make the Aussie credit card an ideal option for anyone trying to juggle credit card debt with spending but there are other cards that could be just as good, if not better.
The Bank of Melbourne Vertigo card, for example, offers a 12-month balance transfer rate of 0.99% p.a. and an ongoing low purchase rate of 13.24%.
Like the Aussie card, any remaining balance will revert to the purchase rate once the honeymoon period is over, so the biggest difference between these two cards is that the Bank of Melbourne Vertigo does not offer an introductory purchase rate and is for a limited time only.
It does, however, offer a balance transfer rate that is 2% lower than that of the Aussie MasterCard.
For someone who wants to clear credit card debt as quickly as possible with an ongoing low rate card, they would be dealing with less interest if they chose the Bank of Melbourne Vertigo’s 0.99% over the Aussie MasterCard’s 2.99%, which means the former is a better option.
What these two cards highlight is that there can be very similar offers available at any given time, and sometimes a card that has a reputation for long balance transfer offers might not be the best deal out there.
The only way to find the best balance transfer offer for your situation is to compare a few different credit cards and work out what one will suit you best.
That way you can be sure the credit card is working for you and that the balance transfer deal is as good as possible for getting rid of debt.
Tags: balance transfer credit cards, best balance transfer card, credit card, credit cards, credit cards tips
