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Your Questions Answered - Zero Interest Transfers - Friend or Foe?

Amanda Varidel

Nothing in life is for free and in particular this does apply to financial products!


Should I be careful about with those 0% credit card balance transfer offers?


The major trap with these offers is in the conditions. They are usually interest free for a period (sometimes 3 or 6 months) and only on the amount transferred over from an existing card. After this honeymoon period the cards go to a high interest rate sometimes over 20% per annum. If you are disciplined and pay it off in time you could save money. I have seen some of my clients use this strategy and it has worked like a charm and for others it has been a world class flop!


Although these offers appear enticing it's important that you understand all the details and have a plan to repay the debt and be disciplined in doing so.


In preparing in this article, we have not taken into account any particular persons objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain financial advice specific to their situation before making any financial investment or insurance decision.


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Stu Varidel AR 324007 and Your Choice Financial Planning Pty Ltd ABN 80124246877 trading as Heart Financial Advisers CAR 323623 are authorised representatives of Sentry Financial Services Pty Ltd ABN 30 113 531 034 & AFSL 286786.

Warning The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Heart Financial Advisers and Heart Mortgage Services nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

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