Australia: Why Have Credit Card Companies Been Hiding This Secret From Their Customers?

I f you’re paying close to 19.99% interest rates on your credit card balance, you’re going to want to know about this secret that is saving people money all across Australia.

Credit card issuers are scrambling to keep people from transferring their balances to this new card, and their tactics are working. Don't fall for their tricks and become another victim—your finances could be at stake!

If you're failing to make full payments, you're likely overpaying insurmountable interest rates as high as 19.99% which can add up in the long run. If you are carrying a large balance on one of these high-interest cards, you’re in even more trouble!

Here's an example: if you have a balance of $10,000 on your card, and make monthly payments of $200 at 19.99% it will take 109 months (over 9 years) to pay off the debt. This figure doesn’t even include any late-payment fees, and when it’s all said and done, you will have paid $21,660.67 for that initial $10,000 which is a 116% increase from the original amount. Credit card debt can quickly spiral out of control if you don’t stay on top of it which is why being vigilant in your efforts to reduce it is vital to your financial success.

There are solutions, however. Sure, you could take out a loan to try and repay the credit card debt, but you'll be left with a juggling act paying off debt in multiple places with the potential of putting up collateral for the loan. You could try to negotiate a lower interest rate with your current credit card company, but chances are they will reject you.

The easiest and most efficient way to reduce credit card debt is to apply for a low-interest card!

If you think applying for a new card will hurt your credit, here's two reasons why transferring your debt should help your credit rating at a much greater rate.

First, when you transfer your entire credit card balance, your old credit card goes down to 0% utilization. Now, your overall utilization has lowered. This means you're using less of your available credit. The less of your available credit you use, the better.

Second, if you transfer your balance to a card with a 0% introductory rate, you'll pay down your debt faster. This improves your utilization because you no longer have to pay interest on your remaining balance.

Zero or low-interest credit cards will essentially give you easy access to a personal loan when you need it without having to put up collateral or deal with a bank. It's effortless to pay your credit card balance with a simple balance transfer to a low or zero-interest card. Because this transfer takes about 2-5 business days, you could get a second chance at low or 0% interest in a couple of days!


Cash back and rewards credit cards save cardholders hundreds of dollars per year -- for some, it's thousands. These cards work by paying you a certain percentage of every sale. 0% intro balance transfer cards, give several months or a year of no interest.

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