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Applied for New Credit Card & Balance Transfer

July 23rd, 2015 at 12:21 pm

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!

8 Responses to “Applied for New Credit Card & Balance Transfer”

  1. scottish girl Says:

    Good luck!

  2. creditcardfree Says:

    Yes, good luck. I like that you might earn enough rewards for a trip. I just used airline rewards for four of us to fly, so nice!

  3. VS_ozgirl Says:

    Thanks guys! I'm looking forward to no interest & collecting flyer points!!!

  4. FrugalTexan75 Says:

    Sounds like a good card for you! Hope you get it!

  5. bluesfemme Says:

    Good stuff VS :-) That deadline will be a great incentive. It's still not the new normal for me yet (working on it!) but if you go online to buy something check to see whether there's a link from the velocity store as there may be bonus points.

  6. VS_ozgirl Says:

    Thanks bluesfemme and don't worry you're not the only one where paying in full is not the new normal for you yet, all we can do is keep trying to get there. And when we're there, move on to something better (like paying in full monthly and getting lots of points).

  7. rommelverain Says:

    well that's a good deal for a credit card. i just hope it never change.

  8. VS_ozgirl Says:

    I think it should stay that way for the 14 months, I have a written approval. The only thing I'm worried about at the moment is if there are any loopholes (I thought I saw that if you carry a balance you don't get interest free period and the interest charged will be 20% pa, need to research that further before using it)

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