Balance transfer offers can save you big bucks

If you have an outstanding debt on a credit card, it may be worth considering switching the debt, from one or more credit cards, to a card with a balance transfer promotional offer.

A balance transfer offer of 0 per cent interest for 9 months could save you $800 on a $5,000 credit card debt, compared to keeping the debt on a standard rewards credit card at around 20pc.

To be eligible for a balance transfer you need a good credit record. Refrain from making purchases on your new balance transfer credit card, as cards with balances carried over miss out on interest free days on purchases.

Source: Perth Now

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