Three card deals for 3 different people
There are three basic types of card holders. Those three types of people need to choose the card that best suits their financial situation or it will be the bank that gets all the benefit from a balance transfer deal.
Firstly, many people simply pay the monthly minimum repayment on their credit card. These people may be best off choosing a balance transfer card with a low rate for the life of the balance transfer such as the CUA Rewards, IMB Rewards and Community CPS Rewards Cards. These cards feature higher interest rates than other balance transfer offers but they don’t have the nasty sting of reverting to a regular credit card rate after the introductory term is up.
The second group of people are those who plan to pay off their credit card balance over a year or two. Thirdly, people who can afford to pay off their debt fast are the only people who can benefit from the zero rate for six months offers now in the market, such as the Coles Group Source Card offering zero per cent for six months and no annual fee in the first year or the BankWest Zero card and ANZ First card.
There are good, simple, easy-to-understand cards and card offers out there, they just have to be found – and matched to the right consumer.
Source: Courier Mail