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Balance Transfer

Definition of 'Balance Transfer'

A balance transfer enables you to move the monies you owe on one credit card to be another credit card really easily. You simply put the details of your old card on the application form for the new card, and everything is done for you.

Balance transfers enable you to take advantage of an introductory off 0% interest rate, or low interest rates, for a specified period of time. This means that once you have transferred your balance to a new card, more of the monies you pay to the credit card each month will be applied to repaying the actual debt, instead of interest.

After doing a balance transfer it’s always best not to use the new card for anything else until the balance transfer period is finished. This is because normal use of the card will quickly erode the benefit, as all repayments made are often used first to pay off the free bit of the balance rather than the new spending on the card.

Use the links below to locate the term you are looking for. If you can't locate it, please get in touch.

Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

Accepted Payment Methods: VISA and MasterCard

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