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Frequently Asked Questions
What is the average credit card interest rate in Australia?
Most Australian credit cards charge between 14.99% and 22.99% p.a. Low-rate cards sit around 9.99%–12.99% p.a. but often have annual fees. Always check the comparison rate including all fees.
Should I do a balance transfer?
A 0% balance transfer offer can be a powerful tool if you're committed to paying off the balance within the promotional period (usually 12–24 months). Watch out for balance transfer fees (typically 1–3%) and the revert rate once the promo ends — often 21.99% p.a. or higher.
What's the minimum repayment on a credit card?
Most Australian banks require the greater of 2% of the closing balance or $25. At 2%, the minimum on a $5,000 balance is just $100/month — meaning most of it goes to interest, not principal.
Does paying more than the minimum actually make a big difference?
Significantly. On a $5,000 balance at 19.99% p.a., paying just the minimum (2%) takes over 30 years and costs around $8,000 in interest. Paying $300/month clears it in 20 months and costs about $800 in interest — a saving of over $7,000.