Interesting possibility with Westpac BT offers

[Isochronous]

I was on the phone with WBC to take up their new 0% for 20 months BT offer, and the guy on the phone told me that you can actually use the offer twice. So, for example:

1) You BT the maximum 95% of the limit - for argument's sake, let's say this is $10k;
2) You can then pay WBC back, and do another BT under the special offer - so provided you have cash sitting somewhere else, you can use this to obtain 190% of your credit limit at 0% for 20 months.

Potentially a good opportunity to cycle money around your accounts/cards.

 

[JohnK]

Existing credit card or new application?

I have a 0% balance transfer through to May 2016 on a low rate Westpac credit card with ~$15,000 limit. This sounds like a great deal.

 

[Isochronous]

Existing card. Got sent this promo about a week ago

 

[isdnman]

Epic fail. You would have 9.5K out of 10K limit in total.
So what's the point...

 

[JohnK]

Epic fail. You would have 9.5K out of 10K limit in total.
So what's the point...

If your other credit card also has a low rate balance transfer available you can start a new cycle of balance transfers.

e.g. CBA has ongoing 5.99% for 5 months, NAB has 4.99% for 6-18 months, HSBC has 2.99% for 9 months or 4.99% for 14 months, Virgin Money 0% for 6 months, Bankwest 2.99% for 6 months etc etc.

 

[AnonymousCoward]

This doesn't make sense. If you have money lying around, the most it could earn would be ~4% sitting in a mortgage offset account. If you have any CC debt on non-zero BT offers, even if 2.99% or something, I would suggest just paying it off and cutting up the card.

 

[Deleted member 29185]

Existing card. Got sent this promo about a week ago

I was just looking at this, but it states it's for new applications only.