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Balance transfer specials launched by two banks targeting credit card users; Westpac sets its special rate at 1.99%
Banks and credit card companies may not be competing on their standard credit card interest rates but they are competing on their balance transfer rates.
Today, Westpac has launched a special 1.99% p.a. balance transfer rate.
They say it is "effective for 9 months. Standard purchase interest rate applies thereafter."
Or you can take their regular balance transfer deal which is 5.99% p.a. - "effective until the transferred balance is paid off".
Westpac's standard purchase credit card interest rate vary between cards, ranging from 12.95% on their low interest Mastercard, to 19.95% on their standard Visa, Mastercard or American Express cards. Significantly higher rates apply when you use your credit card like a debit card for cash advances.
Meanwhile BNZ has made changes today as well.
It's balance transfer deal is now 4.95% p.a. "for the life of the balance transferred". This is a special rate from today until further notice. It is a reduction from their previous balance transfer rate of 8.95% p.a.
BNZ's standard credit card rates range from 13.25% and 19.95% p.a. Significantly higher rates apply when you use your credit card like a debit card for cash advances.
You can find all credit card rates from all the issuers covering all rates and conditions on our comprehensive credit card rate comparison pages here »