How To Use 0% Balance Transfer And 0% Purchase Rate Credit Cards
January 18th, 2010
The 0% balance transfer and 0% purchases credit cards are perfect for people that want to save a lot of money on their existing balance with a high rate credit card, and want to make purchases at the same time.
Featured Purchases & Balance Transfer Card
With the Westpac 55 Day Credit Card you will save money whether you are bringing an existing credit card debt across or you are making new purchases with the card.
- $0 annual fee
- 0% p.a. for 5 months (reverts to 19.59% p.a.) on purchases
- 3.99% p.a. for 6 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
0% Balance Transfer Cards
| 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% |
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They eliminate having to get more than one card for shopping and paying off this balance.
When you use a 0% balance transfer and 0% purchases rate credit cards you will be able to make purchases at a 0% rate while your balance stays fixed with no interest rates being charged. If you get a 0% balance transfer credit card you will not be able to make purchases because your balance on any purchases made will get trapped behind the transfer balance. With 0% balance transfer and 0% purchases rate credit cards the introductory rate on purchases lasts the same amount of time as the introductory rate on the transfer balance. Is it is important to understand everything you can about using this credit card before going ahead and applying for one or starting to use a new card.
Enjoy the benefits of 0% balance transfer and 0% purchase rate credit cards:
In order to enjoy the maximum benefits you can from these credit cards, you should know these things first.
- Understand how to make the transfer and make it quickly. It is a good idea to start the transfer while you are applying for the 0% balance transfer and 0% purchases card, but if you do not feel comfortable doing this then the transfer should start as soon as you receive your card in the post. You will have a limited amount of time to get this transfer completed before the introductory rate is no longer available. You can use the forms that you receive in the post with your new credit card, telephone banking or online banking to make the transfer. While some banks give you up to ten months to make the transfer, some only offer thirty days. You should know ahead of time how long you have in case any paperwork gets lost or there is any other kind of delay.
- Make good use of the 0% promotional period. Make sure that you are making your payments every month, and make a budget so that you don’t find out a month or so before the period ends that you haven’t made as much progress as you would have liked.
- Make large purchases soon after receiving the card. If you’re planning on making a large purchase in the not-too-distant future then you should make it as soon as you can once you have received your new plastic. This will give you a longer amount of time to pay off this purchase within the specified 0% time window.
- Cash transactions such as cashback offers, the purchase of travelers checks or foreign currency, gambling transactions and any withdrawals made at an ATM do not qualify for the 0% offer. Not only will you have to pay handling fees and a higher interest rate, but they will continue to accrue interest while you are paying off your purchases and balance transfers. The credit card company will apply your payments to the lowest interest rate balance first, while continuing to add interest to the higher rate balance.
- Don’t plan on moving from card to card. The credit card companies are catching on to people that switch cards to get these low rates continuously, and you may find that one of your applications for a card is not approved because you have made too many switches.
Use your 0% balance transfer and 0% purchases rate credit cards wisely and they will serve you well. You can save a lot of money if you use them properly. All you need to really do is make sure that you read all of the fine print so you know what to expect.
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% |
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 Citibank Clear Platinum Card | 11.99% | 2.9% for 12 months | $99 | 21.74% |
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