My first attempt to do a 0% balance transfer from my new Coles Source card was a flop - apparently a Citibank Redicredit account is not acceptable.
I'm a bit unhappy that the customer service dept. had sent out a letter on the 11th confirming that my transfer request had been processed, but then ever informed me that it had been reversed. (I only found out when I checked my account online this morning).
Anyhow, I tried again this morning - this time with a transfer to my NAB VISA credit card, which I use for paying all my rates, bills etc. (I get lots of Fly Buys. points that way, without any extra spending). As I put through around $2000 per month on this card and pay off the balance in full each month, a $6,000 transfer from the Source card will mean I can pay $2000 extra off my Citibank LOC account for the next three months. I used the LOC to fund some end of tax year deductible investments, so the interest is tax deductible, but it's still worth reducing the outstanding balance by using the 0% transfer money.
When the 0% offer period ends in Feb '07 I'll just pay it off with some spare funds I have sitting in an HSBC Serious Saver account.
We'll see if the balance transfer works properly this time...
If it does, Virgin Money is currently offering a 0% balance transfer for new customers, so I may have a go at that one next. As I've already got all my Margin Loan limits and home loans established, it doesn't matter if I have a few extra credit applications on file.