Cash Control Login

Apr 28

Written by: cam
28/04/2008 10:46 p.m.

Credit Card Interest Is The Pits

Now if you are in the unfortunate position of giving your hard earned cash to the bank in the form of credit card interest, this could help you save a bit of interest.

Until May 9th 2008 BNZ has a pretty attractive offer. 4.95% for the first 6 months if you transfer your credit card debt to them. So if you can pay off that credit card debt in 6 months (you know you should, and can!) then you can transfer to a standard BNZ card (lower fee of $12 for 6 months) and get that credit card paid off. 

Check out the summary below.

Balance Transfer Deals

 

Current Interest Rate

Yearly fees

Deal timeframe

BNZ

4.95%

$24-$60

6 months

Westpac

9.95%

$65

Until transferred balance is paid off

(interest rates at publication date, subject to change)

*BNZ yearly fee depends on card choice. Low rate or standard. Interest rates vary accordingly.

 If it is going to take more around a year or more to clear that debt (no more card use!) then the Westpac deal or the BNZ low rate card may work out cheaper. As they have lower interest rates. The Westpac card has no time limit; the rate applies until the transferred balance is paid off. Any new spending does not get the low transfer rates of course! But hey you should not be spending any more anyway! Do the numbers for your situation, pay off the plastic, then get rid of it!
 
Speaking of low rate cards, watch out for the rates and card fees!
The normal “Low Rate” credit cards are offered by all the major banks. If you are paying interest they are cheaper than standard credit cards (up to 9.45%) but check for the fees. The rates and fees vary a bit. Check out the summary table.

Low Rate Credit Cards

 

Current Interest Rate

Yearly Fee

ANZ

14.90%

$58

ASB

12.50%

$60

BNZ

13.49%

$60

Kiwibank

13.30%

$50

National Bank

14.65%

$78

Westpac

13.90%

$65

(interest rates at publication date, subject to change)

 

Cash Control Beat My Banker Reminder!
We do the work for you. If you are going to transfer your credit card balance to BNZ and want a reminder when the low rate "interest honeymoon" is over, email info@cashcontrol.co.nz with the subject Remind Me. In just over 5 months time we will send you an email to remind you that your 6 month low rate will be ending soon. We will also give you an update on the best deals on the market and to help you save some more casharusack!
 
Final WordRemember at Cash Control we think plastic is terrible, bad and to be avoided! So pay off that credit card and then either get rid of it or lasso it under your bed where you can’t get it easily!

 

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