Lowest Credit Card Fee's

[Popoi]

Hello

Can anyone tell me which bank/finance house has the lowest credit card transfer rate at the moment please? Im looking for one of those first 6 month low rates


Cheers

Popoi

[ream]

Hi Popoi,

Have you tried looking at a site like www.interest.co.nz? There are several sites that list & compare rates like this, they should tell you what you want to know....

HTH
Eli

[Ivanhoe]

kiwibank has a low one at a moment...

[Rohb]

kiwibank has a low one at a moment...

YES KiwiBank has 2.99% for 6 month if you transfer your existing credit card balance then it goes 12% their normal rate.

[cube]

And kiwibank is $0 fees at the moment.

[donna]

BankDirect (part of ASB Bank) is an Internet only bank and their credit card is 10.95%.

Cheers,

Donna

[Rohb]

hmmm

BankDirect (part of ASB Bank) is an Internet only bank and their credit card is 10.95%.

Cheers,

Donna

Bank Direct has an Annually fee of $60 but low interest rate 11.95% or KiwiBank's Zero fee but 15% interest rate
Personally no fee is better UNLESS you use you card to it's MAX.

[donna]

Bank Direct has an Annually fee of $60 but low interest rate 11.95%

Umm my rate is 10.95% - so my statements tell me

Cheers,

Donna

[Eridani]

Just don't apply for it online. Make sure you do the long application where you take all your proof of income etc in. Otherwise they give you a piddly $1,000 limit and you will not be able to transfer your entire balance.

Just got caught out applying online with BNZ - they ask you for your income - then proceed not to believe you. Consequently I have to send the 'normal' card back and reapply offline for gold one with a decent limit - sigh!

[Popoi]

Pardon my new ignorance but we are just understanding the debt game. We need a second car but looking around why would i get a standard bank loan at say 12% when i can purchase a decent runaround car for $4k and do the lot on credit card at low rates of say 2.95%?

If we haven't paid the full amount in 6 months time we can just transfer balance to another card provider and thanks very much, another 6 months of low interest.

We earn good wages and have no regular debt servicing other than our mortgages which is all met by our tenants rent. This whole low interest credit card thing makes a lot more sense..........................am i right in this thinking??

Popoi

[ream]

Definitely!

That kind of thinking is catching on more & more in the UK, I'd absolutely work that way myself. Worst case if you can't get another low-rate credit card you could take out the loan 6 months down the track after all. Well OK, that may not be the worst case, you have to know your own situation & be comfortable doing it.

There's a whole thing called 'stoozing' in the UK that goes a step further (again, used to do this myself but it does take discipline) - borrow money at low rates, park it in a savings account at (significantly) higher rates and make the monthly payments back to the card from that account. It hasn't been possible in NZ until the really low card rates have started recently. The UK has 0% teaser rates which makes it attractive, although their savings rates have been lower so the difference is still roughly the same as say Kiwibank intro rate vs Raboplus savings rate here.

[Popoi]

Stoozing, now that sounds interesting!!! Being a UK expat myself from "sowff" of the water you would have thought id be cottoned onto this!

Im going to muck around with some figures now and see what happens, cheers ream

[ream]

Check out www.moneysavingexpert.co.uk for some ideas/fine-tuning if you like. Great site but at the moment I'm trying to concentrate my efforts so that I spend a few hours making $100k rather than saving $100, IYKWIM.... have fun though!

[Popoi]

yep just been on there and stoozing.com, they even have calculators and forums!!

Another bonus for us is we are eligible for Graduate Packages offered by ASB, Westpac and National who all offer 12 month interest free loans and overdraft facilities.

Today is shaping up to be a good one! I take it the $100k is coming via property??

[ream]

Yeah, that's the plan....

But yep use anything you can get if it's worth your time to set up & can run automatically...that's what I reckon anyway.