Mozo finds 'cheap' credit cards have a sting in the tail

By Mozo ·

Online comparison site Mozo can reveal that many zero per cent credit cards are imposing hefty repayment rates for those who fail to pay off balance transfers in the introductory period.

Exclusive research from Mozo has shown that while credit card heavyweights including NAB, Commonwealth and Westpac are offering attractive balance transfers on their credit card deals, many are hitting people with a sneaky balance transfer revert rate as high as 19.99 per cent.

Rohan Gamble, managing director of Mozo.com.au, commented: "Credit card balance transfer offers carry a huge sting in the tail for the unwary. We are urging Australians to check the interest rate that applies to unpaid balance transfers once the introductory offer ends."

Other independent research by Mozo showed that average credit card rates have stayed persistently high in recent months, despite consecutive interest rate cuts from the Reserve Bank of Australia (RBA).

Conversely, there has been a scramble among many home loan providers to bring out their new low-interest home loan deals in the wake of rate cut announcements from the RBA.

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