Balance Transfer Credit Cards
Credit cards are not just for making purchases. Many credit card providers in Australia also allow you to move your debts from your existing credit card, to your new credit card. This is called a balance transfer and some cards have exceptionally low interest rates on balance transfers. With many standard annual percentage rates on credit cards being in excess of 18% p.a. a balance transfer credit card can therefore be a great way of reducing the cost of your existing debt, or debts. Please note that you can only make a balance transfer to a different provider than your current card.
