Opt for a 'get out of jail free' credit card

Although the Reserve Bank has been pushing interest levels to record lows, many credit card companies have actually been raising their rates.

However, Nine MSN points out that plucky Aussies can still bag a great deal by looking to compare credit cards in search of a zero per cent deal.

These introductory interest-free credit card offers are described by MSN’s plastic expert Nicole Pedersen-McKinnon as a lifeline for Aussies who are looking to clear expensive credit card debts.

"What you want to do is clear your credit card debt [and] transfer your debt to one of these cards that charge you zero per cent for up to six months; these are really get out of jail free cards," she advises.

Nine MSN also warns those on a budget to be on the lookout for bank account fees, which can have a snowball effect if they go unpaid, with one man witnessing a $20 fee grow into a $400 debt.

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