Aussie Home Loans is offering a 0% interest rate for six months on balance transfers for new Mastercard applications (the card is issued by ANZ Bank). I applied online for a card today, and should get a decision within seven days. I applied for an $8,000 balance transfer "from" my existing NAB Visa account even though the current month's balance is only $4,000 and I'll be paying it in full as usual. I'll soon be getting charged about $8,000 for last week's online booking of the airfares for our European Vacation. I have the money for our holiday expenses already saved up in my ING online savings account, so I'll be able to pay off the credit charge in full the month that it appears on my statement, but if I get the 0% balance transfer I'll be able to leave the $8,000 in my online savings account earning 8.1%pa for another six months. That would be another $324 in interest income for about five minutes "work".
Copyright Enough Wealth 2007