Are you guilty of a bit of overspending this past Christmas? Don’t worry, you’re not alone.
But rather than letting yourself drown in interest repayments in 2020, taking advantage of the range of balance transfer credit card offers around at the moment could help you bid farewell to your debt sooner.
“Christmas time can be a tough time to stick to a budget, and many Aussies often rely on their plastic a little more at the end of each year,” Mozo Director, Kirsty Lamont said.
“But kicking credit card debt in the new year doesn’t have to be a chore, especially if you are savvy about it. There are plenty of credit card balance transfer offers available where customers can take advantage of 0% interest, which could help them pay down Christmas debt and get back on track to achieving their 2020 financial goals.”
Whether you have a little or a lot of credit card debt to pay down, switching to a balance transfer card could mean the difference between paying 20% and 0% in interest for a certain amount of time.
But it’s important to remember that you generally don’t get any interest-free period on any new purchases on a balance transfer card until you have paid down your existing debt. What this means is, if you decide to switch cards, you’ll have to not spend on your new card in order to avoid being charged interest.
So if you need to swap your old card out for a new one with a balance transfer offer, here are some cards that may have a deal to suit you!