Transfer money and Save!

[Tamara (Homes Down Under)]

Hi there,

Do you have any idea how much you are being charged on your credit card?

I have been doing some expensive renovations and have run up quite a lot on my AnZ credit card. The interest rate is 19.69%
I also have a NAB card and was shocked to find that the interest rate was 6% less!

I contacted AnZ to see if they would match the NAB interest rate. When they wouldn't I went into the NAB to see if I could transfer my balance accross from the ANZ.

This was possible online by going to www.nab.com.au/bt for balance transfer. The AnZ balance could be transferred in a really simple 30 second process and they offer a 6 month period at 4.99%.

So.....buy your goods with one credit card...get a 55 day interest free period then transfer the balance over to another card and get a 6 month period at 4.99% which is time enough to pay it back. If you don't you still have a lower interest rate at the end of the 6 month period.

Saves thousands of Dollars in interest!

Tamara

[chrisda]

Thanks.
If you take out anew card you can transfer your balance over and pay a real low rate 9 months.
The banks are making billions. Any way to save is a good thing.

[ozdreamsa]

That is a brilliant idea, Tamara.

[Woody and Jane]

Or at the risk of sounding like a bore, don't spend what you don't have.