50% of Aussies still have Christmas credit card debt

Although the festive season has well and truly passed, new Mozo research has found that some Aussies have been left with a reminder they’d rather forget.
We found that 52% of Australinas used a credit card to get through the Christmas period, with one in two (56%) concerned about how they are going to pay it off.
Despite the Buy Now Pay Later (BNPL) boom, only 10% of shoppers opted to use BNPL to manage their Christmas spending.
“Although there has been a lot of hype around the popularity of buy now pay later services, it seems that when it comes to the crunch credit cards are still one of Australia’s most popular forms of payment, particularly when it comes to spreading the cost of Christmas” says Mozo Director, Kirsty Lamont.
Mozo’s findings come as the latest figures from the RBA revealed that the country collectively has $20.16 billion worth of credit card debt.
Lamont suggests to Aussies struggling to get on top of their credit card debt to consider a balance transfer credit card. These are credit cards which feature 0% interest for a fixed period of time.
“Credit cards can be a useful way to manage multiple purchases however, if you’ve gone overboard and need to get respite from high interest charges to help get back in the black, balance transfer offers are worth looking at,” says Lamont.
At the time of writing, there are 82 balance transfer deals available in the Mozo database, with zero interest offers ranging from 6 to 30 months. Following a quick number crunch, Mozo found that a 12 month balance transfer credit card could save a customer $679 on a debt of $4,200.


Mozo’s three steps to taking out a balance transfer credit card:
- Nail down a repayment plan - The first to getting debt-free is to get your repayment plan sorted. You can do this by sitting down with your budget to work out how much you can afford to contribute to your debt each month.
- Choose the right offer - You’ll then need to work out how long you need the 0% interest period for. Since you now have your repayment plan, this should be easy to determine. But just in case you need a little help, have a play with our credit card debt payments calculator.
- Leave the card at home - Once you are approved for your balance transfer card, it’s critical that you do not spend it. Not only will this put a dent in your repayment plan, but any spending made with the card will attract the card’s purchase rate and will need to be paid off first.
Ready to start your search for the right balance transfer card for you? Head on over to our credit card comparison tool or get started with the offers below.
Compare balance transfer credit cards - rates updated daily
HSBC Platinum Credit Card
0% p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.
Balance transfer rate
Purchase rate
Annual fee
Rewards program
Estimated savings
0% p.a. for 36 months and then 21.99% p.a.19.99% p.a.$129 $29 in the first yearRewards PlusPlatinum Credit Card
0% p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.
- Purchase rate
- 19.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 36 months and then 21.99% p.a.
- Cash advance
- 21.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 29.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $129 $29 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 3%, min $4.00
Read our Mozo Review to learn more about the Platinum Credit Card
- Apply By 31 August 2022
St.George Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
Balance transfer rate
Purchase rate
Annual fee
Rewards program
Estimated savings
0% p.a. for 32 months and then 21.49% p.a.13.99% p.a.$55 $0 in the first year-Vertigo - Balance Transfer Offer
0% p.a. for 32 months on balance transfers requested at card application. 0% balance transfer fee applies. Rate then switches to applicable variable cash advance rate. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply.
- Purchase rate
- 13.99% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 32 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.00%
- Annual card fee
- $55 $0 in the first year
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Vertigo - Balance Transfer Offer
Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.
Balance transfer rate
Purchase rate
Annual fee
Rewards program
Estimated savings
0% p.a. for 28 months and then 20.99% p.a.20.74% p.a.$129 $0 in the first yearVelocity Frequent FlyerVirgin Australia Velocity Flyer Card - Balance Transfer Offer
Get in the air with a $129 Virgin Australia Gift Voucher each year. 0% p.a. for 28 months on balance transfers.
- Purchase rate
- 20.74% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 28 months and then 20.99% p.a.
- Cash advance
- 20.99% p.a.
- Interest free days on purchases
- 55
- Intro fee
- 0.0
- Foreign exchange margin
- 3.30%
- Annual card fee
- $129 $0 in the first year
- Late payment fee
- $30.00
- Cash advance fee
- 2.7%, Min $2.70
Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Balance Transfer Offer
- Apply By 31 December 2022
St.George Amplify Qantas Platinum
Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply.
Balance transfer rate
Purchase rate
Annual fee
Rewards program
Estimated savings
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)19.49% p.a.$99Qantas Frequent FlyerAmplify Qantas Platinum
Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply.
- Purchase rate
- 19.49% p.a.
- Intro purchase rate
- -
- Balance transfer rate
- 0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Intro fee
- -
- Foreign exchange margin
- 3.00%
- Annual card fee
- $99
- Late payment fee
- $15.00
- Cash advance fee
- 3%
Read our Mozo Review to learn more about the Amplify Qantas Platinum
^See information about the Mozo Experts Choice Credit Card Awards
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