Long Term Balance Transfer Credit Cards
Compare 5 long term balance transfer credit cards from 3 banks. Review your choices then apply online.
If you’ve wound up with a large outstanding debt that you want to pay off, you have choice to make. Either you can do the shuffle from one 0% balance transfer offer to another every few months, or you can secure a low rate of interest for the long term. If you want to save the most amount of money possible and are prepared to dance between banks, then long term balance transfers are not for you. However, if you are the sort of person who likes to know how much money they have available and would rather pay off debt less aggressively over a longer period of time, then these long term balance transfer offers are probably what you need.
Refine your choices
| Credit Card Offer | Purchase Rate (p.a.) | Balance Transfer (p.a.) | Annual Fee | Apply now | |||
|---|---|---|---|---|---|---|---|
| rate | period | ||||||
 | Citibank Ready Credit Transfer your balance at 2.9% for 24 months! And, there's no annual fee. | 18.99% | 2.9% | 24 months | $0 | Featured Cardmore info | |
 | Bankwest Breeze MasterCard Low ongoing interest credit card & cheap annual fee. 0% on purchases for 6 months until 31 May 2012. | 0% for 6 months then 10.99% | 4.99% | 9 months | $49 | ||
 | Citibank Rewards Credit Card - Signature 40,000 bonus reward points when you apply & 4 points per $1 spent on international purchases! | 20.99% | 1.9% | 15 months | $395 | ||
 | Citibank Rewards Credit Card – Platinum 40,000 bonus reward points on you first spend. | 20.99% | 1.9% | 15 months | $199 | ||
 | NAB Gold Credit Card Low 1% balance transfer rate for 12 months. Fast 60 second approval. Apply by 30th June 2012 | 19.49% | 1.00% | 12 months | $90 | ||
Long Term Balance Transfers: The Easier Way to Pay Off Debt and Plan Ahead
Broadly speaking, there are two attitudes towards debt that we all fit into. The first is that you are completely fed up with being in debt and are prepared to do and endure anything to get out of it, fast! If you are one of these people, then you’d probably be better off exploring our hand picked choice of 6 month balance transfer cards. The second attitude is to be less impulsive and more planned. You are the type of person who prefers a fixed rate home loan and doesn’t mind paying a little extra so that you have a fixed amount of money you can work around. If you would rather repay your debt steadily over time, then a long term offer is much more suited to you.
More Information on Longer Term Balance Transfer Deals
Q: How long is long? A: Based on our database of cards, we’ve calculated the average balance transfer promotional interest rate to last for approximately 6 months. Long term offers tend to be in the region of 12 – 15 months.
Q: What is the main benefit of a longer term balance transfer interest rate? A: As is the case with practically every balance transfer offer, it’s all about saving money. The longer a promotion lasts for and the lower the rate on offer, the more money you stand to save.
Q: So there’s a trade off between duration and the interest rate? A: Yes, generally the longer the balance transfer offer period, the higher the interest rate tends to be. You’ve got to work out how much money you would save based on the size of your balance and the interest rate you’d get. However, your personal habits also come into play. Some people just prefer knowing that they have a low interest rate locked in for a long period of time, which means they can plan ahead to be debt free when the promotion ends.
Q: What criteria are the banks looking for? A: If you want to apply for one of these cards, you have to meet the bank’s requirements. You’ll typically need to be a high earner with a proven record of consistent monthly repayments who wants to transfer a large balance.
Q: Should spending be avoided? A: That really does depend on your personal financial situation. If you are transferring a relatively small balance in comparison to your income, which you can pay off quickly, then spending sensibly will probably not get in the way of you paying off your debt. The issue is when you transfer a large balance (probably built up after spending frivolously) and continue to spend. This behaviour will mean you probably won’t get rid of your debt as you will continue to add to it. As a general rule of thumb, only buy what you can afford to begin with and if you’ve applied for a balance transfer card in order to pay back your debt, then don’t use it to purchase things with.
Live Stats on Credit Cards for 17/05/2012
- 113credit cards are ready for comparison and secure application
- 17.17%is the average interest rate on purchases
- $95is the average annual fee of any card in the market
- 3.04%is the average balance transfer rate available
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