After all of your advice, I applied for a new credit card. I've filled out the form online, have printed off the application ID which I now need to send out tomorrow with various proof of identity documents.
I looked up on creditcardfinder.com.au best balance transfer cards and currently they have a balance transfer deal available with Virgin's Velocity Rewards card (thought of you bluesfemme!). They also have a points deal available where instead of getting 1.5 points for each dollar of the first $1500 spent, for the first three months you get 3 points for each dollar of the first $1500 spent.
I worked out that if I changed the way I spent, and pretty much put all of our living expenses on there, we would earn enough possibly for a flight to Fiji next year. We're not going overseas this year and were thinking of going next year, so this would be helpful.
The balance transfer lasts for 14 months, which is ideal. I wanted to have a balance transfer for up to 12 months, didn't want to string it out for 20 months (some of the deals available), as I know it will be paid within 12 months. (My plan for next year's challenges as we will have a bit of an EF is to focus more on CC repayment than savings - possibly simply pay the credit cards back for the first part of the year and then focus on the EF). I have requested $4250 to be balance transferred. The balance after tomorrow's challenge payment will be $4297, so there may be a small amount to payout, assuming I get approved of course.
There is no balance transfer fee but there is an annual fee of $64 (half of the usual annual fee). The credit card's interest rate is high, it is 20.74%, which is a major deterrent in incurring any more debt.
Wish me luck!
Applied for New Credit Card & Balance Transfer
July 23rd, 2015 at 12:21 pm
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