Best Balance Transfer Credit Cards – By transferring your current credit card debt onto a new balance transfer credit card.
You can save hundreds on interest, credit card costs and purchases.
Best Balance Transfer Credit Cards
- Westpac Master Card: You have a chance to choose between paying either 0% p.a balance transfer rate for 12 months or 5.95% p.a over the life of the balance. You will be charged above 20% p.a interest rate for your spendings and withdraws on this card. You do not need to pay off balance transfer fee but $44 annual fee.
- BNZ Low Rate Master Card: You will be charged 0% p.a balance transfer rate for a year. Then you need to pay 13.45% p.a for your remaining balance and new purchases. You do not need to pay off balance transfer fee but $35 annual fee.
- ASB Visa Light: For 6 months, you will not be charged balance transfer rate but you will be charged 13.50% p.a afterwards. You do not have to pay off balance transfer fee or annual fee
- ANZ Low Rate Visa: You will be charged 1.99% p.a balance transfer rate for 12 months then you will be charged 13.90% pa for your remaining balance. You do not have to pay off annual fee for the first year (afterwards you will be charged $17.50 for every six months) and balance transfer fee.
- Westpac Low Rate Mastercard: If you are not eligible for 0% offers, you may consider being charged 5.95% p.a balance transfer rate for the life of the loan without balance transfer fee. You also need to pay off $25 annual fee and 13.45% p.a interest rate for your new purchases.
What You Need To Know?
- You should complete your monthly repayments before the promotional period ends if you do not want to be charged higher balance transfer rate afterwards.
- You should calculate the amount you need to repay each month.
- Your monthly repayments must be above the monthly minimum which is generally 2% or $5 of the balance owing.
- You pay higher interest for your purchases and withdrawals. Therefore, you should only use this card to pay balances. You may apply for a low-interest credit card for your spendings
- You can not receive a balance transfer credit card from your existing bank.
How To Apply For a Balance Transfer Credit Card?
Credit card balance transfer in New Zealand requires you to meet the eligibility criteria. To provide the necessary documentation to verify:
- Your identity (passport, driver’s licence, etc.)
- Your address (utility bill, bank statement, employment agreement, etc.)