Don’t wait! Get a hold of your Christmas debt now

The tree is back in the box, the Christmas lights are packed away and even the Christmas-crazy neighbours have brought in their lights. The only thing left is that credit card debt.

The ASIC debt clock estimates that Australians owe around $32 billion on credit cards which is an average of around $4,200 per card holder*. It is also been estimated by the Australian Retailers Association that Australians will spend over $50 billion over this festive season!^.

For a large number of Australians, paying off the credit card can be a challenge and can end up costing you thousands of dollars in interest charges.  Chances are you could still be paying off this year’s debt when Christmas comes around again!

If you find yourself in this position, there are a couple of options available to help you get back on top of that debt. One option is to consolidate your credit card debt with your mortgage and get the benefits of the lower interest rate.  You will still need to pay off the amount on your home loan quickly to get the interest benefits. 

The other option is to transfer your existing credit card debt to another credit card that has a 0% interest period on balance transfers. Depending on the card and provider, the interest free periods can extend out to 24 months to help you get on top of things.

Check out our top 5 balance transfer cards for 2018 based on our comparison table here. They just may be the answer to help with your Christmas debt and get you off to a happy new year!

1. St.George Vertigo Platinum – Online Exclusive
Offer (0% for 24 months (no BT fee). Reverts to cash advance rate currently 21.49%p.a. + $0 annual fee for the first year)

Special offer – 0% p.a. for 24 months on balance transfers requested at card application (No balance transfer fee applies#). Rate then switches to applicable variable cash advance rate currently at 21.49% p.a.
$0 annual card fee for the first year (saving you $99)*
Apply for a new St.George Vertigo Platinum credit card between 1 November 2017 and 31 January 2018.
24/7 Visa Platinum Concierge – your own personal assistant.
Contactless technology with Visa paywave for purchases under $100.
3 additional cardholders at no extra cost.
55 days interest free if the balance is paid in full by the statement due date.

Apply for the Online Exclusive St. George Vertigo Platinum card now.

2. St.George Vertigo Platinum (0% p.a. for 24
months on balance transfers with 1% BT fee. Reverts to cash advance rate currently 21.49%p.a.)

Special offer – 0% p.a. for 24 months on balance transfers, requested at card application.^ Variable cash advance rate applies after 24 months. 1% balance transfer fee applies – Offer ends 18 April 2018.
A range of complimentary insurance covers – including overseas travel insurance and extended warranty on purchases.
24/7 Visa Platinum Concierge – your own personal assistant.
Contactless technology with Visa paywave for purchases under $100.
3 additional cardholders at no extra cost.
55 days interest free if the balance is paid in full by the statement due date.

Apply for the St. George Vertigo Platinum now.

3. Bank of Melbourne Vertigo Platinum (0% p.a.
for 24 months on balance transfers with 1% BT fee. Reverts to cash advance rate currently 21.49%p.a.)

Special offer – 0% p.a. for 24 months on balance transfers, requested at card application. 1% balance transfer fee applies. Variable cash advance rate applies after 24 months.^ Offer ends 18 April 2018.
A range of complimentary insurance covers – including overseas travel insurance and extended warranty on purchases.
24/7 Visa Platinum Concierge – your own personal assistant.
Contactless technology with Visa pay wave for purchases under $100.
3 additional cardholders at no extra cost.
55 days interest free if the balance is paid in full by the statement due date.

Apply for the Bank of Melbourne Vertigo Platinum now.

4. Bankwest Breeze MasterCard An everyday card offer with an introductory
0% p.a. on balance transfers for 24 months (2% balance transfer fee applies). Limited time only. New customers only

$79 annual fee – ongoing
3 additional cardholders at no additional cost 

5. Bankwest Breeze Platinum MasterCard

A Platinum card offer with an introductory balance transfer rate, $0 foreign transaction fees, and low ongoing purchase rate. Limited time, new customers only.
0% p.a. on balance transfers for 24 months (2% balance transfer fee applies). Limited time only.
$99 annual fee – ongoing.
A range of complimentary insurance covers*
Enjoy extra benefits such as no foreign transaction fees on online and overseas purchases.

Compare balance transfer credit cards with InfoChoice today and take control this 2018.

Related links:

What is a balance transfer credit card?
How to apply for a credit card
What types of credit cards are there?

Last updated: December 2017

 Sources: *.moneysmart.gov.au/borrowing-and-credit/credit-cards/credit-card-debt-clock ^retail.org.au/news-posts/childrens-choice-christmas/
Disclaimer: InfoChoice may receive a commission for links displayed or products sold.

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