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The Australian Guide to Credit Cards

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Bankwest Credit Card Balance Transfer Facts

The Bankwest credit card balance transfer offers customers the opportunity to consolidate outstanding balances over to a much lower rate of interest. This can save significant amounts of money, reduce monthly repayments and streamline your monthly bill payments easily.

How Does a Bank West Credit Card Balance Transfer Work?

Anyone with several credit cards would know the hassle of trying to remember several bill payments each month. The risk of missing a payment is increased, which could also mean penalty payments and overdue fees adding to already high interest charges.

By transferring the balance of your outstanding credit cards using a Bank West credit card balance transfer, your old accounts are closed and replaced with one simple account. Bank West offer a very low rate on balance transfers of just 4.99% p.a. for 9 months and a rate of 0% p.a. for 6 months (reverts to 10.99% p.a.) on purchases (Bankwest Lite MasterCard), which can represent a significant saving from the high rates of interest you were paying on your old accounts. Benefits of a Bank West Credit Card Balance Transfer

Aside from getting rid of your old high-interest credit cards and store cards, a Bank West credit card balance transfer gives you the peace of mind of paying only one repayment per month instead of several.

You will also be benefiting from paying far less interest on your outstanding balance. This can save you significant amounts of money and make it much easier to begin reducing your debt balance.

With much lower interest charges, this can also mean much lower repayment amounts each month. Reduced minimum monthly payments means you’re able to free up more of your income each month to put towards other expenses.

Reducing Debt With a Bank West Credit Card Balance Transfer

With all the associated benefits attached to a Bank West credit card balance transfer, most people should find that the reduced minimum payment amount should make it much easier to stick to a debt reduction plan.

Compared to the amount you were paying on your old high-interest credit cards, your lower minimum amount now due should be considerably less. By putting some of these savings towards paying a little extra on top of the minimum due, you should notice your balance reducing far more quickly.

While your Bank West credit card balance transfer amount is being charged at a really low rate of 1.99%, take advantage of the introductory period to get your balance down as low as possible. This way, when the rate reverts to a normal rate again after 12 months, you’ll owe much less. As banks are only able to charge you interest on the balance owing, it makes sense to get that balance down while you’re paying such low rates.

A Bank West credit card balance transfer can help you to get back in control of your finances, reduce your debt and save you significant amounts of money on interest charges.