Bendigo Offer to Clear Credit Card Clutter

If you have to spend five minutes cramming your cards back into your purse or wallet after every time you pay for something, it is definitely time to consider how many cards you really need. In addition to literally stretching the leather of your purse, too many credit cards can cause a huge strain on your finances. If you have a number of credit cards absorbing your money through fees and interest, it's time to clear the clutter, feng shui your finances and consolidate your debts.

Bendigo Bank allow their credit card customers to use balance transfers in order to consolidate their debts. If you are a Bendigo customer, this means the outstanding debt on any department store cards or credit you may have with other institutions can be transferred to your existing Bendigo credit card balance.

The advantage of consolidating your debts onto one card is that you need only worry about making payments on your Bendigo card, rather than having several bills and different interest rates to pay.

There are limitations on the way in which you can conduct a balance transfer with Bendigo for example, the combined total of your debt will need to stay within your approved credit limit for your existing Bendigo card.

Bendigo does not allow balances to be transferred from overseas credit or store cards, or from other Bendigo credit card accounts. You can only make a balance transfer if the amount is more than $500 per card, and you must not have exceeded your limit or defaulted on payments with your other cards at the time you apply for a Bendigo balance transfer.

There are no fees payable for a Bendigo balance transfer, although your current interest rate will apply to the amount you transfer.

For customers already enrolled in the rewards scheme, Bendigo Bank offer one Bendigo Rewards point for every dollar of the balance transfer. This should not be your main incentive for conducting a balance transfer, however; as the number of points you need to redeem far outweighs the value of the rewards offered.

Generally speaking, credit cards of all kinds work in the favour of the banks so you should avoid using your credit card apart from emergency purchases. Speak to your financial broker for advice about debt consolidation, as you may be able to roll all over your debts, including your credit card balance, into your home loan and take advantage of just one easy repayment at a lower rate than your credit card attracts.

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