How much can I save by switching credit cards?

An average credit card charges around 18.98 per cent p.a. Repaying the average $3199 credit card debt on that card could take 29 years and eleven thousand dollars, if you just repay the minimum monthly required amount.

Or you could look around and find a new low rate card. The lowest purchase interest rate on a credit card right now is 7.99 per cent. The same $3199 debt on this card would take 12 years and $4,500 to repay at the minimum amount each month.

Source: Sydney Morning Herald

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