The Two Best 0% Balance Transfer and Purchase Credit Cards
May 31st, 2010
It has been a common rule with balance transfer credit cards for many years that you should not for any reason make a purchase on your balance transfer card until your transferred balance is repaid.
However, while Australia may be a little late in coming to the party, Australian credit card providers are warming up to the idea of offering low or 0% interest rate balance transfers alongside an introductory period for purchases, with the same interest rate and the same period of time.
Featured 0% Purchases Card
The Westpac 55 Day Credit Card has a great introductory offer on purchases, balance transfer and on the annual fee, making it a very unique credit 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
These cards are know as 0% balance transfer and purchase credit cards and while the offer isn’t always 0% interest, these cards do offer simultaneous balance transfer and purchase interest rate promotions. To compare two of the best 0% balance transfer and purchase credit card offers to give you more of an idea about how the deal works, find out more about the Aussie MasterCard offers and the St.George Vertigo MasterCard deals.
The Aussie MasterCard
Aussie may be new to the credit card market but they have been looking after the futures of Australians for almost 20 years in the home loan market. If you are looking to clear credit card debt from your future, consider the features of the Aussie balance transfer and purchase credit card deal:
- A 9.99% p.a. for 12 months (reverts to 13.29% p.a.) interest rate for six months on balances and purchases. At the end of the six month period, the interest rate for outstanding balances and purchases from the first six months reverts to the purchase rate of 12.29% where many balance transfer cards use their cash advance rate as their revert rate.
- An affordable annual fee of $49.
- A cash advance rate of 19.99% p.a..
- A 55 day interest free period. This applies only after the balance transfer and purchase introductory period because an interest free period is only valid if the balance of your card has been paid down to zero in the previous period – with a transferred balance outstanding this won’t be the case.
Access to your account 24 hours a day, seven days a week with phone or internet banking. - Fraud protection watching the purchases made on your card to spot anything out of the ordinary.
The St.George Vertigo MasterCard
The balance transfer and purchase offer may be the same, but choosing a balance transfer credit card is about considering the entire card you are applying for, not just the features you will use for the first six months. So consider all of the features and fees of the St.George Vertigo MasterCard:
- A 0.99% p.a. for 12 months interest rate for six months on balances and transfers. The St.George 0% balance transfer and purchase deal also reverts to the cards purchase rate at the end of six months, charging just 13.24% p.a. interest on balances and purchases outstanding from the promotion.
- A low annual fee of just $55. A cash advance rate of 21.49% p.a..
- A 55 day interest free period. As with all interest free periods, you cannot qualify for interest free days if you are carrying a balance, and interest free does not apply to cash advances.
- The Instant Benefits program. You can enjoy discounts, special offers and giveaways from partnered businesses in the tourism, wine, retail and entertainment industries.
Both Aussie and St.George are owned by a different Big Four Bank and this is perhaps why the 0% balance transfer and purchase deals are so inseparable and so competitive.
However, your choice of balance transfer and purchase credit card comes down to the interest rate you feel is the fairest, the features you think you will need and use and the credit card provider you feel most comfortable with.
Therefore, take the time to compare the features, the benefits and the complete package to settle on the right balance transfer and purchase credit card for you.
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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