Balance Transfers and Credit Card Offers

Here we will take a look at balance transfers within the context of the highly-competitive credit card market. What do they mean and how much attention should we pay to them?

Balance transfers are basically the transfers of all or part of the balance from one account to another account often held at another financial institution. In the context of credit cards this usually means transferring the debt from one or multiple cards to another single card, ideally charging a lower interest rate. When a cardholder does this they usually want to ensure that the Annual Percentage Rate (APR) is as low as possible, to avoid paying more interest and increasing the debt.

There are many balance transfer credit card offers out there now, trying to win your business and consolidate your debt. With these offers you will pay little or even zero extra interest for a certain period of time, allowing you to hopefully catch up on your debt and get it repaid quicker. You will need to weigh up the options of whether this suits you and if so, you will have to go through some qualifying procedures before the card is awarded.

You can search through the Balance Transfer Credit Card Offers listed on Australian sites like LowerBills. This is a personal finance site aimed at helping Australians get the best deals on things like credit card offers, home loans, car and personal finance loans, as well as highlighting the best bank and savings accounts and helping you with mobile phone and broadband plans.

The Balance Transfers information on LowerBills is aggregated from all the major credit card companies, saving you the hard work of visiting all the major players' sites and seeing what they will offer. They list Balance Transfer offers and 0% Balance Transfer Credit Card offers which you will find on the site menus in the credit card section.

Of course you need to consider your own requirements carefully first – is your debt becoming unmanageable and would it be better being placed with another card? If so, there is a lot to be said for using a site that has all the relevant information in one place.

For more information regarding Balance transfers, Balance Transfer Credit Card Offers and credit card deals, please visit: www.lowerbills.com.au