Christmas credit card debt? Here’s a trick to help kick it!

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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!

Balance Transfer Credit Cards 2020

Citi Rewards
  • 0% balance transfer rate for 26 months (1.5% balance transfer fee)

  • Reduced annual fee in the first year

  • Rewards program

Paying down your credit card debt could be made stress free with the Citi Platinum Balance Transfer Offer. Receive a 0% balance transfer rate for the first 26 months (22.24% revert rate after), plus enjoy a reduced $49 annual fee in the first year - down from $149 which it reverts to after that. Just remember that a 1.5% balance transfer fee applies. And if you’re after more, this card also comes with a rewards program where customers can earn 1 point per every $1 they spend, up to $10,000 a month. They can also access things like complimentary concierge and travel insurance, just to put the cherry on top.

Qantas Money Qantas Premier Platinum
  • 0% balance transfer rate for 18 months

  • 2019 Mozo Experts Choice^ winner

  • Reduced annual fee in the first year

The Qantas Premier Platinum credit card offers 0% on balance transfers for the first 18 months (21.99% revert rate after), so it could be the perfect way to pay down your existing credit card debt. Not only that, Qantas Money also offer a reduced annual fee in the first year from $299 to $199, that’s a full $100 discount! Plus, once you’ve paid off your old credit card debt, you could take advantage of it’s Qantas Frequent Flyer program which could earn you 2 points to every $1 spent. It’s no wonder this card was awarded a 2019 Mozo Expert’s Choice Award^ for best Qantas Frequent Flyer Premium Credit Card. Just remember, you do have to pay an annual fee on this card, so weigh up whether this cost is worth it versus the amount you pay in interest on the card you already have.  

CUA Low Rate Credit Card
  • 0% balance transfer rate for 13 months

  • $0 annual fee in the first year ($49 after)

  • Apple Pay, Google Pay, Samsung Pay

If you need to wave goodbye to your credit card debt, CUA’s Low Rate credit card could be the way to do it. Along with offering 0% on balance transfers for 13 months (21.74% revert rate after), CUA also waives the first annual fee - that’s right it’s $0 in the first year. Just bear in mind, the annual fee is then bumped up to $49 every year after that. There is also Apple Pay, Google Pay and Samsung Pay on this card - plus you can have up to nine additional card holders if you wish to.

Suncorp Clear Options Platinum
  • 0% balance transfer rate for 14 months

  • $49 annual fee in the first year ($129 after)

  • Rewards program

Looking to shake off old credit card debt? Making the switch to a Suncorp Clear options Platinum credit card could see you enjoy a 0% balance transfer rate for the first 14 months (21.99% revert rate after)  as well as snag a discounted $49 annual fee in the first year which revert to $129 after. And when it comes to the rewards program on this card, you have the choice! You can go with Suncorp Rewards Points or opt for Qantas Frequent Flyer Points, it’s whatever you prefer. And if that’s not enough, there are a few more perks like complimentary travel insurance and concierge as well.

Virgin Money Virgin Australia Velocity Flyer Card - Balance Transfer Offer
  • 0% balance transfer rate for 22 months

  • 2019 Mozo Experts Choice Award^ winner

  • $129 Virgin Australia Gift voucher each year

Virgin Money’s Balance Transfer Offer on it’s award-winning Velocity Flyer Credit Card could be the helping hand you need to square away your credit card debt sooner. This card has a 0% interest rate on balance transfers for 22 months (20.99% revert rate after) and also comes with a discounted annual fee of $64 in the first year - reduced from $129. It’s these reasons our experts gave Virgin Money a 2019 Mozo Experts Choice Award^ for best Balance Transfer Credit Card. And if you’re after perks - this card has plenty. Not only is it connected with the Velocity Flyer rewards program, customers can also receive a $129 Virgin Australia Gift card every year!

Qantas Money Qantas Premier Everyday
  • 0% balance transfer rate for 12 months

  • Reduced $29 annual fee ($49 after)

  • 2019 Mozo Experts Choice Award^ winner

Want a year to pay off your credit card debt interest-free? Meet the Qantas Money Everyday Credit Card. It offers a 0% balance transfer rate for the first 12 months (21.99% revert rate after), plus if you apply before the 26 February 2020, you’ll only pay a $29 annual fee in the first year (which reverts to a relatively low $49 after). With this card, customers can earn Qantas Frequent Flyer Points as they spend - and our judges loved it so they gave it a 2019 Mozo Experts Choice Award^ in the best Frequent Flyer Credit Card category.

^See information about the Mozo Experts Choice Credit cards Awards

^For the full list of winners and to find out more jump over to our 2019 Mozo Experts Choice Awards for Credit Cards page. 

Tips on managing your credit card debt in 2020 

Once you pay down your 2019 credit debt, or make the necessary steps towards doing so, you don’t want to get yourself into another debt cycle - so here are some easy ways to stay credit card savvy this year. 

Tip 1: Avoid overspending - a credit card is not free money so don’t treat it like it is. Only make purchases that you know you’ll be able to pay off. 

Tip 2: Pay off your credit card in full each month. The best way to avoid paying interest is if there’s no debt in the first place, so stay on top of your credit card payments and don’t just make the minimum repayment. 

Tip 3: If you have a high credit card limit, reduce it! The more you are able to spend on your credit card the more temptation there is to do it, so simply limit how much you can. 

Note: It isn’t the most financially wise decision to max out your credit card, it should simply be there for purchases when you need it or if you want to snag rewards points and you are able to pay it off without incurring interest.  

RELATED ARTICLE: The 6 best credit cards for Qantas Frequent Flyer Points 

After some more credit card options? Jump over to our credit card comparison table or have a stop by our guides page for all the info you need on how to choose the right card for you!