Westpac consolidating loans

The transaction may incur an administrative fee, but overall this leaves the Australian consumer much more flexibility in moving debt around. A high annual fee on a new card, for instance, could cancel potential savings if your debt is relatively minor.Applying for several credit cards in a short amount of time, particularly if you have a large outstanding balance, will lower your credit score, especially if some of the applications are denied.A balance transfer is when one bank pays off the outstanding debt at your old bank and transfers it to a new account with them.Typically, banks offer promotional deals with low interest rates for a period of time to attract new customers.

All banks and credit card issuers look at your personal financials in order to figure out if you should be approved or declined.Normally, the bank will also give you a window of up to three months after opening an account to take advantage of the promotional interest rate.7 complimentary insurances: Overseas Travel Insurance, Interstate Flight Inconvenience Insurance, Transport Accident Insurance, Domestic Hotel Burglary Insurance, Purchase Protection Insurance, Extended Warranty Insurance, Price Protection Insurance.If you were to switch to a card with 0% for 6 months, you would save around 5.Or, let’s imagine you have a balance of ,000 and paying 15% p.a., which works out to an interest bill of 5 per month.

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