Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Sunday, June 12, 2005

Australian Banks Now Offering "Free-Free" 0% Credit Card Balance Transfer Deals

0% credit card balance transfer deals have created a boon for many credit card companies as savvy credit card holders take advantage of the many offers zero percent balance transfer deals available on the market today. It's a win-win situation: credit consumers save a lot of money in interest charges and credit card companies win new business. But a major advantage for the credit card companies is that with many balance transfer offerings, any new charges made on the new credit card account to which the balance(s) have been transferred are subject to very high interest rates, sometimes as high as 25 percent! A disciplined consumer can easily avoid these high interest rates by using cash, a debit card or a different card with a low interest rate when making new purchases. Other not-so-disciplined consumers may falter and get hit with the very high interest rate.

Well, it looks like balance transfer deals may be evolving for Australians, as BankWest is now offering a balance transfer deal where no interest is charged on both the balances transferred and new purchases for a period of four (4) months! This news is pretty exciting for credit consumers "down under", especially if this becomes a new trend that spreads throughout the Australian credit card industry. Click here to read the full story.


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