Fight credit card debt with low-cost balance transfers
27 February 2008
One of the biggest threats to your financial security is credit card debt, but it's much easier to address than you might think. A common mistake that people make when initially choosing a credit card is to wait for an institution to offer them one, and then accept. This can become a cycle, as you could have been offered a much lower credit amount than you consider to be right for you, leading to a cycle of accepting credit card offers in order to just meet the amount of credit you believe you deserve.
If you've found yourself down this track, you may need to engage in debt consolidations with your credit cards, and by switching to a single credit card with low-cost balance transfers, you may have found your solution. Why be hassled by multiple credit card providers when you could receive one easy bill per month at a lower rate than you had previously? You could pay off your balance in hardly any time at all, and far more conveniently than if you'd spread your debt across multiple cards.
Debt Consolidations offers a wide range of low-cost balance transfer credit cards from a variety of institutions. The Commonwealth Bank Low Rate Card offers a low balance transfer rate of just 5.99% for five months. With a purchase rate of only 12.99% p.a. and a low annual fee of $48, you'll have a low cost debt consolidations tool for now, and a bargain purchase credit card in the future. Available as a Visa or MasterCard, there's no need to worry about whether it will be accepted - you could use it almost anywhere on earth!
If you like to gain rewards for using your credit card as well, but don't mind a marginally higher purchase rate, you may want to consider the Commonwealth Bank Gold Card. With a purchase interest rate of 19.99%, only slightly higher than the Commonwealth Bank Low Rate Card, and an annual fee of $114 you gain the benefits of the generous Commonwealth Bank reward program. The minimal extra expenditure could pay for itself many times over, with every dollar you spend with the Commonwealth Bank Gold Card earning you one reward point, or even more thanks to the Commonwealth Bank's huge range of bonus partners. Your reward points will let you live the high life, usable for travel, hotel accommodation, and even more fantastic options. Using the Commonwealth Bank's exclusive booking service, the Commonwealth Bank Gold Card could make your future travels a breeze.
For even better great credit card deals from the Commonwealth Bank and other excellent institutions, please visit our credit cards page.
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