You can avail the balance transfer facility to transfer the balance or the money owed from one credit card to another credit card account of a different bank offering this facility. By doing so, you now use the amount that you have received from the balance transfer to settle your credit card bill once and for all. This is a highly effective way to save a lot of money because when comparing the interest rate structure of credit cards with that of balance transfer, the latter has much lower rate of interest. This is because most financial institutions are offering promotional interest rates to attract new customers to avail this facility. They are also offering additional benefits that may include bonus gifts for registration and also interest free periods. Using the balance transfer facility, you can save significantly.
ANZ bank or The Australia and New Zealand Banking Group Limited is a front runner in the Asia-Pacific region. It is the largest bank in New Zealand and among the top three banks in Australia. ANZ was founded as a result of the merger of Union Bank of Australia Limited and the Bank of Australasia in 1951. ANZ bank is the first bank in the world to introduce digitized banking solutions in the 1960s for data processing in Melbourne with the use of computer systems. Its international expansion started in Solomon Islands in 1966. While constantly expanding, they have finally set foot onto the emerging economies of the world including China, Indonesia, India and Vietnam. The bank inaugurated their global headquarters in 2009 in Melbourne Docklands, Australia. This is one of the largest office complexes in Australia. In 1970, in what was termed as the biggest merger in the history of banking in Australia, ANZ Bank merged with the English, Scottish and Australian Bank Limited.
Using the ANZ balance transfer facility, you can transfer your balance from any other credit card or line of credit to your ANZ credit card at very minimal interest rates. The interest rate structure starts as low as 0% for the first 6 months.
For a tenure of 6 months and for SGD 10,000
Note – The values below have been simplified and illustrated for better understanding
|New Customer||Existing Customer|
|Processing Fee||SGD 100||SGD 300|
|Interest of 25% p.a. using other credit cards||SGD 1250||SGD 1250|
|ANZ Balance Transfer Interest Rate||SGD 0||SGD 0|
|YOUR SAVINGS||SGD 1150 or 92%||SGD 950 or 76%|