Credit Card to Halt Interest Accrual?

nicholsonr on 01/02/2023 - 21:54
Last edited 01/02/2023 - 21:56

Many years ago I used Gem Visa for the purpose of paying off some crypto I stupidly bought.
This time around I have another issue, catching up on every day bills I had to put a few medical bills onto a Commbank Credit card @ 19.79% (ouch).

Has anyone managed to apply for a Gem Visa credit card (or if there is another similar?) that has a 6 months interest free period that allows for balance transfers?
I'm looking for approx $2k or so credit, however the balance outstanding on my current credit card is just over $3k.

Edit: I have the means to pay off $500 or so per month on it, I just don't want to be racking up potentially $200 per month or more in interest.

Financial Credit Card

Comments

  • spackbace on 01/02/2023 - 22:04
    +1

    Balance transfers are generally 80% so you'd really need around a $4k limit

    • nicholsonr on 01/02/2023 - 22:48

      Just wondering on the process as I was trying to look into it.
      Would it simply be, apply for card, if approved with the amount required, do a "payment" from the Gem Visa side to the Commbank one?
      Then it's effectively "transferred" to the Gem one?

      What I couldn't figure out is if there is a fee on Gem's side to do so.

      • randomusername2017 on 01/02/2023 - 22:57
        +1

        Why Gem Visa?

        They don't appear to do balance transfer and have an $8.95 monthly fee.. plenty of better products out there not backed by latitude.

        In general.. apply for a balance transfer at application, if approved new credit provider makes a bpay payment to previously nominated credit card. Look for one with no BT fees and longest interest free period.

  • Wiadro on 01/02/2023 - 22:09

    just do a balance transfer, simple.

  • Iwantthebestprice on 01/02/2023 - 22:32

    As said by spaceback you would need a $4K credit limit on a credit card to BT the balance you want, if you think you may not be able to apply for a limit that high maybe consider Citi ready credit? About 5% interest but still better than 20% you are about to cop and you just apply for the credit you need to pay off the credit card and then make the payments you can each month.

  • randomusername2017 on 01/02/2023 - 22:51
    +2

    pay off $500 per month

    3k principal… 7 months $190 interest..

    FYI

  • holdenmg on 02/02/2023 - 08:54

    Hi, if you had your time over NILS https://goodshep.org.au/services/nils/ offer small interest free loans on some Medical and Dental.

  • Seraphin7 on 02/02/2023 - 09:07

    The $3k on your credit is currently accruing interest at ~$50 per month. This will obvious reduce as you cut into the debt. While a saving is a saving, I would humbly submit that you don't need another credit card/access to more credit, you just need to pay off the debt you have as fast as you can.

    • nicholsonr on 02/02/2023 - 14:54

      Yeah I read into it more after this post, makes sense to just hold off and pay it down

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