Best Long Term Balance Transfer Credit Card
May 28th, 2010
If you have a high debt on an existing credit card you should be looking for the best long term balance transfer credit card you can find.
A large debt can take a longer time to pay off, and in these cases 0% interest rate short term cards just aren’t going to work for you. You need extra time to pay off a large debt, so you should get the best long term balance transfer card to handle it.
1.9% p.a. for 9 monthsBest long term balance transfer credit card
You should keep in mind that it is short-term balance transfer cards that offer the low interest rates that can go down to as low as 0%, and in many cases this would not be the best long term balance transfer credit card you could find. These credit cards usually only have an introductory period that lasts up to six months, and that time can go by very quickly.
The best long term balance transfer credit card on the market gives the cardholder the chance to repay the balance over an unlimited amount of time. This means that as long as the balance is on the card you will have a low rate of interest to pay.
While this rate may be higher than other cards that offer a promotional time period, you can still find cards with a very low interest rate that last as long as your balance does. Suncorp, for example, offers one of the best long term balance transfer credit cards with a low 3.9% rate of interest for the life of the balance.
A lot of Australians make the mistake of getting short term balance transfer cards because the 0% offer is enticing. After the six month time period has expired, they run into real trouble because the standard rate of interest kicks in and it can be as high as 20%. They can end up with a financial disaster at hand and no way out.
The best long term balance transfer credit card for a large debt is one that gives you as long as you need to get the debt paid off. If you try to rush paying off the debt, you can end up in a financial situation that is worse than the one you were in earlier.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Westpac 55 Day Credit Card | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 | 21.49% |
|
 Citibank Clear Platinum Card | 11.99% | 2.9% for 12 months | $99 | 21.74% |
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