A friend has around $20k credit card debt, I want to suggest a Balance Transfer, to help them pay it off quicker. Does anyone know what the best one is to go with?, or where to go to find out? Needs to be lowest rate, lowest transfer fee, lowest annual fee, highest duration etc.
Thanks!
The only problem with getting a new card each year I've read is that it gives you a bad credit rating.
Is this true though?
Anz were doing 0% no fee for 12months. There is a deal on it on here if you search for it.
Also citibank do from time to time. 0% for 12months.
Couldnt hurt to call them and ask?
Just remember that most banks only allow 80% of credit limit to be used for balance transfer. Your "friend" will need to be approved for at least $25k to be able to transfer full amount.
Hey! I see those "quotation marks". I swear its not me haha, I'm a "professional", i don't do silly things like buy things I can't afford :P
Cheers for the tip tho :)
Not sure if it is still available but the Coles Mastercard was offering 15 months interest free on purchase a little while back
If he likes Qantas and travel, then a great card to have is Qantas Amex Discovery card. 0% annual fee. 12 Month balance transfer, however A one-off credit plan establishment fee of 1% does apply. https://www.americanexpress.com/au/content/frequent-flyer-ca…
Need to find one that is no interest for the first year of the transfer, so the friend can pay off as much of the principal as possible. I read a book once that recommended changing to a "no interest for balances transferred for a year" credit cards, each year until a large debt like that is paid off. The book said it would be almost impossible to pay off otherwise as you'd mainly be paying off interest.
Be interesting to see what people recommend.