Compare Credit Cards for Australia

Zero Interest Compared

We do not currently have any Zero Interest products to compare.

Zero Interest Credit Cards Explained

Zero per cent cards and Zero per cent balance transfer offers are good ways to reduce the burden of debt. With a zero per cent interest rate card, obviously the big attraction is being able to borrow cash for free. This means you can finance that brand new flat screen for no charge whatsoever. You should be aware however that such deals are for a limited time only usually approximately six months, so you should pay off as much debt as possible before the offer expires. This means if you spend $3000 on a television, make sure it is paid off at the end of 6 months.

Zero per cent balance transfer deals in contrast allow you to pay off existing debt rather than racking up new debt that is free of charge. The basic principle of a zero per cent balance transfer is that the credit card company allows new customers to transfer outstanding balance onto the new credit card and charges the customer zero per cent on the balance transferred. In theory if you are disciplined, you can pay down debt for the duration of the offer period without incurring additional interest rate charges.

This sounds great, but you should remember that zero per cent deals are usually for a limited time only, so you need to be aware how long the offer is for and pay as much of the outstanding debt as possible before the offer period expires, otherwise the rate gets hiked and interest starts accruing and your debt will increase quickly. This is true for both zero per cent interest rate cards, and zero per cent balance transfer deals. Also be aware that there is typically a 3 per cent charge on balances transferred so if you do take up a balance transfers offer, it is not completely free of charge.

Latest Compare Credit Cards News from the comparedinkum Blog

Australia Passes New Credit Card Regulations

Recently the Australian parliament passed laws designed to improve consumer protection as the government seeks to mitigate against rising national credit card debt. The Federal parliament effectively banned credit card issuers and banks from making unsolicited credit limit increase offers to their customers. From January next year lenders will also be required to allow their customers to make changes to their credit limits or cancel their credit cards online. Continue reading

Australians Should Not Use Credit Cards To Buy Cryptocurrencies

Towards the end of last year, the only thing everyone could talk about was Bitcoin which is unsurprising given the fact that in 2017 the value of Bitcoin rose from US$1,000 to just shy of $20,000. This means if you were lucky enough to have bought at the start of last year and sold at the high, you would have made a 1,900% return on your investment. Since Christmas much of the air has been let out of the price of Bitcoin but cryptocurrencies remain a hot topic amongst Australians throughout the country. Continue reading

Australian Credit Card Borrowers Becoming More Financially Savvy

According to the latest data from the Australian Banking Association, there has been a reduction in Australian consumer credit card debt representing the third time this has happened in the history of the country. Despite the debt reduction, the total amount of outstanding consumer credit card debt is a staggering $52.2 billion. Tony Pearson Chief Economist for the ABA says that credit card holders are becoming more financially aware and are making sure they pay down debt and keeping their interest rate expenses low. Continue reading

Latest from Twitter