Balance Transfer all the rage

Credit card balance transfers are again all the rage with many banks now offering to transfer existing credit cards to new business.

The statistics back this up with increasing spending and more being spent on credit cards banks are keen to see increasing balances being used. Since the GFC credit card balances had been seen to be falling with many people wiping out debt to strengthen their own financial position. However now thee seems to be a reversing of the position with people spending a little bit more.

Promotions however for the transferring of credit card balances vary quite considerably. Westpac for example are offering 14 months interest fee on all balances transferred.  Their online tool to calculate your savings from your previous provider is quite nifty and gives a very positive outlook for users. It is very easy to use and demonstrates the savings very clearly.

St George, like Westpac has gone for a very engaging tool which provides a slightly different, but non the less engaging approach to balance transfer. St George’s tool is responsive meaning it appears it will work on all devices so is quite handy when looking at bank offers on your mobile phone.

NAB has taken a different approach again. It is using actual product data to compare products. Its tool is significantly less user friendly and does not appear to be responsive meaning given many will look at this sort of tool on or tablet devices it might either not appear or not work according to its design providing a significant loss in potential customers applying for their product.

Other banks such as Bankwest while leading the market out with balance transfer options has opted not to provide a sales tool at all, instead relying on calls to action from the text in the body of the web page.

Balance transfer is a dynamic sector of the finance market place. For finance it could almost be described as being impulse. With increasing demand for mobile friendly tools in part success of campaigns such as the ones described will be dependent on a successful digital strategy.