Balance Transfers are back

[JohnK]

It has been a long time since balance transfers were offered by American Express.

I have received an offer in the mail for 2.99% balance transfer for 6 months on the Amex Qantas Premium card. That is a pretty good balance transfer rate but a few things to consider

- Original terms and conditions state that any repayments go towards paying balance transfers first
- I believe the interest free period is no longer applicable as there is a balance carried forward
- The card will be out of action for ~6 months which is not a great loss as most of my airfares are booked through to May 2013
- Annual fee is due again mid January 2013 and I really want to try avoiding paying it

 

[paultiffen]

I had an offer for 0.99% plus a fee of 1% valid for 6 months. It's actually quite sneaky as it equates to a fee of 2.99% per annum (work out on a balance of 1000 what you would pay in a year to do it twice). I had a promo for 2.99% on purchases and that's better as you can clear those first and they only kick in after 55 days


Beware that you need to clear balance transfers before purchases so it destroys this cards value as a rewards card

 

[adamonline]

It's less likely they would be offering these to new accounts opened after July 2012 given the new requirements for how payments must be processed.

• Credit card providers will be required to direct repayments to the most expensive part of your credit card debt first - making it easier to reduce your debt faster.

Of course, all old continuing accounts generally have the payments applied to balances with the lowest interest rates first.

 

[lovestotravel]

I received a 2.99% HSBC offer today for 6 months!

 

[Alanslegal]

Citibank 1.9% for 15 months. Their annual fees at $199 though.

Citibank Rewards Credit Card - Platinum | Citibank Australia

 

[JohnK]

I know there are some good balance transfers around if applying for new card.

This one from Amex is not too bad for existing cards. But as mentioned it will mean the card will be out of action for ~6 months. I also received the 2.99% for 6 months on purchases for the Platinum Rewards card and I will use that offer as well and transfer all purchases to that card for 6 months.

I received a 2.99% HSBC offer today for 6 months!

New application or existing card?

I was offered 3.99% ~7 months ago and took that one up and now back to 5.99% balance transfers.

 

[tim374]

I got a 3.99% for 6 months today - existing HSBC card. There is a note in the terms and conditions advising that higher interest components will be paid off first, which may mean payments will go to purchases and cash advances first. I've tried to upload a photo of that, apologies if it doesn't work.