Minimum card payments leads to maximum debt

If the minimum repayment on your credit card is 2 per cent, and you have $500 or more on it, you'll never pay the card off, a study by the Australian Consumers Association suggests. So get another card, and switch to a card with a discounted honeymoon rate, such as HSBC's 2.99 per cent or Citibank's and Virgin Money's 4.90 per cent. Check whether the discount applies only to the balance you've transferred from the other card, or new transactions as well.