Remember my post on transferring credit card balances? It took a while but it happened over the last week. Fortunately we didn't hear from The Warehouse because I found out that Westpac offers a fixed 5.95% for the entire life of the balance. The catch of course is not to use the new card while the old balance is still there, otherwise the rate changes to the standard 19.5%!
The new card is hidden and will not be activated. We plan to get rid of it as soon as we get rid of the debt it carries. We decided to transfer one of our credit cards there that had 21% and our car loan with 13.5%. Both loans amounted to around $5k combined. Both debts were from other banks so it was quick to transfer them over. Unfortunately, the other 3 cards we have are with Westpac and cannot take advantage of this awesome opportunity.
Overall, we're glad we came across this opportunity to pay our plastic debts sooner than we thought we could. Recession sure opens windows when doors are closed.