Saturday 11 August 2007

Searching for New 0% Balance Transfer Offers

The 0% balance transfer period on the $15,000 I'd done with BankWest came to an end this month, so I made a payment from my credit union account to pay off the outstanding balance. I still have some "free" money from HSBC invested until October at 6.10%, but it's time to start looking around for some more 0% balance transfer offers. I think there's one available from ANZ bank, where I have an account for my SMSF, but these days you have to be very careful to read the fine print, as many of the 0% offers charge a "transfer fee" or an annual card fee which eats into the possible profit margin. For US readers who are looking for 0% no fee balance transfer offers there are several to choose from, with many having no annual card fee and no transfer fee. Unlike Australia though, you have to consider the impact of aplying for additional credit cards on you credit rating in the US - it may cost you later on if you end up paying a higher interest rate on other borrowings such as a home loan.

Copyright Enough Wealth 2007


Rocky said...

While not a 0% balance transfer, citibank will give you 2.9% with no fees for 6months, upto $25,000. If you invest it with bankwest at 6.8% you'll make about $487.5 in 6 months. Also, it's a personal loan, not a credit card. It's still a decent arb. If you use it to pay down your mortgage (which is probably about 7.5% if it's floating) you'll make a little more.

Anonymous said...

Billy, could be a good way to take advantage of current sharemarket weakness... as long as you expect it to bounce in the next 6 months.

restless said...

Another card you people should for is the 0% balance transfer Aussie mastercard as they are reputable company and the interest rate is quite low