What is a Balance Transfer?
A Balance Transfer involves transferring the balance(s) on your other credit cards or loans to a Kogan Money Credit Card. The balances transferred will receive a promotional interest rate for a set period of time and can be a great way to save on interest charges.
Once your balance(s) has been transferred, you will need to close the other credit facilities you transferred balances from, as this will not occur automatically.
A Balance Transfer lets you:
•Use up to 80% of your Kogan Money Credit Card limit to transfer balances from other credit cards or loans, so long as you are transferring balances of $500 or more
•Take advantage of a lower interest rate for the period of the Balance Transfer
Whilst taking advantage of the above benefits, you should remember that no interest free days are applicable to Retail Purchases when you have a Balance Transfer. This means that any purchases you make will be charged interest at the APR for Retail Purchases from the date of the transaction.
