Compare 24 month balance transfer credit cards

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Credit cards that offer balance transfers can be an effective way to manage and consolidate debt.

Credit cards with balance transfers for at least 24 months can be attractive for consumers who are looking to get back in the black, but they should be aware of the restrictions and limitations these cards come with.

Knowing the pros and cons of owning a credit card with limited balance transfer offers can help you work out whether these types of cards will be the right fit for your financial situation.

Compare 24 month balance transfer credit cards

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  • What is a balance transfer?

    Different credit cards have different interest rates on repayments. Some credit cards have low interest rates, while other credit cards have high interest rates. While the latter might offer attractive credit card bonuses, perks and rewards for the card holder, they can be difficult to pay off.

    A balance transfer allows the owner of one or more credit cards to transfer their debt from one lender to another, often to take advantage of a comparatively lower interest rate. 

    Why would someone perform a balance transfer?

    There are a few reasons why a credit card owner might be looking to transfer their debt from one of their credit cards to another using a credit card balance transfer:

    • Get on top of your debts – One of the main reasons someone might be looking to perform a credit card balance transfer is to get on top of their debts. A credit card balance transfer deal can see you pay off a transferrable amount within the no- or low-interest period, without having to worry about the higher interest rates of your standard card.
    • Cash back and discounts – Credit cards offering balance transfers for at least 24 months might also have cash back offers and attractive discounts for the person holding the credit card to take advantage of once they’ve made the credit balance transfer.
    • Reward schemes – Some credit cards might offer points for every dollar you spend, which might be more attractive than those offered by the card you’re currently using. Transferring your credit balance could potentially be a way for the card holder to earn more points.

    How do credit cards with balance transfers for at least 24 months work?

    Some credit cards offer interest-free balance transfers for at least 24 months, which can be an effective way to consolidate and ultimately repay your credit card debt.

    These credit cards offer 0 per cent interest on bank transfers for two years, and can provide an ideal way to address the burden of your credit card debt, without having to worry about the burden of additional interest.

    However, it is important to note that once this credit card promotion ends, any remaining debt balance on your credit card will be charged interest at the standard rate.

    What should I look for when choosing a credit card balance transfers for at least 24 months?

    When comparing credit cards with balance transfers for at least 24 months, there are many factors every credit card holder should take into consideration before signing the dotted line:

    • The promotional interest rate – Different credit cards have different interest rates, although it’s important to be wary when making your credit card comparison. A credit card with a 0 per cent interest rate for 24 months might seem like an attractive option, but the savings from this could be offset by high annual fees and balance transfer fees.
    • Annual fees – It’s important to make sure the interest savings you will get from the credit card exceed the annual fee. While cards with high annual fees generally offer attractive perks and bonuses, they’re not necessarily ideal for people looking to consolidate debt.
    • Balance transfer fee – This is the amount you pay when moving your credit card balance from one account to the other. Generally, the higher the amount you want to transfer from one card to another, the higher the credit card balance transfer fee.
    • Standard interest rate – Credit cards with 0 per cent balance transfer rate for the first 24 months will revert to the standard interest rate once the promotion is over, so it’s important you’re aware of and comfortable with this rate.

    What are the disadvantages of using credit card balance transfers?

    While a credit card with free balance transfers for at least 24 months can be an effective way to consolidate debt, and get a handle on your finances, there are disadvantages:

    • High fees and charges – In some cases, the savings offered by the low interest rate of your credit card can be offset by the high fees and charges issued by the provider.
    • Honeymoon period is temporary – It’s also important to remember that this low interest rate is temporary, and once the promotion is over you’ll be left with a higher interest rate. This can be dangerous if you haven’t paid off the amount when the transfer period ends.
    • New purchases might be at higher rates – If you’re making new purchases on the card rather than just paying off your balance, it’s important to remember that these are sometimes in accordance with the standard interest rate, negating any benefit of the card.

    ^There is no one balance transfer credit card that will be the best choice for every household. Depending on your personal financial goals, some credit card features and benefits may offer more or less value to you than they would to someone else. If you're having trouble calculating which credit card would be the best choice to suit your finances, a qualified financial adviser may be able to help. 

    ^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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