Credit Cards
Which Credit Card allows Balance Transfers and New Purchases?
Not all Australian balance transfer credit cards allow new purchases to be added until the transferred balance is paid off. Those that do allow ad on purchases may add them at a very high APR. Others forbid them and still a few want a high APR and a per transaction, fee or at minimum some require at least a one time fee when you make the first purchase while you still have a balance.
Of the ones that do allow purchases, the after pay of f APR can even be quite attractive, sort of an additional reward for paying off the transferred balance on time, while the real vultures will keep the credit purchase APR high or just give you a small token reduction. Don’t think that these policies are just different between companies. When you compare and decide which credit card is for you, you’ll find that some features or card benefits only apply to certain cards within a companies offering and do not apply to their entire line of credit instruments.
Should you have a bad credit rating from mounting up the huge debts on your existing cards that you’re looking to transfer and your application for a balance transfer credit card may be declined, since at that point your finances look out of control and represent too great a risk to the bank or credit card issuing company.