Credit cards, personal loans etc

Don’t want a massive limit, around 3 K. Currently got a GO Master card through Harvey Norman which was financially a comically bad decision on my behalf.

Anyway in order to dig myself out of that hole any advice on what people have would be greatly appreciated as I just get confused on the comparator sites.

I have a velocity card id like to involve if anyone does that also.


Are you looking to transfer the balance to a new card or just for a better option for a new credit card? Also will you be paying balance off in full each month?


Get a personal loan if you can, … ( if you haven’t got some redraw available on a Mortgage, or aren’t able to enlarge one perhaps), … pay out the card, chop it up, get a Debit card, and never get a C Card again would be my advice.


Balance probably wont get paid off every month, but def every 6 months tops. Not sure if they work like this.

The balance on this GO Mastercard id love to pay off so I can forget about the daft admin fees they charge.

If I do transfer the balance it would be to close down that card and hopefully pay it off in that time period. Just something sensible with comparable rates, fees, charges. Again I’m too dumb to work out what suits me best and obviously going to individual banks they’re just going to say all of there’s are great. And after the fees thing the big four where stung for I don’t trust any of them.

yeah I know. or microwave it.

no redraw on house. pay the minimum as were selling anyway. You can just get loans on line these days cant you?

Ok so I see two things then.

Balance transfer your existing balance to a card with zero interest rate card. Something like a Citibank simplicity which has no annual fee or Bank of Melbourne usually have decent offers.

Only use this card for the balance transfer, do not use this for purchases.
Cut up the card when it comes and close the card once it is paid off in full.

If you want/need a card to use for purchases then get a very small limit with a low interest rate on a second card. As you won’t be paying the card off you will be paying interest so it pays to have the lowest interest rate possible.

Best scenario would be balance transfer to 0% and just use your own money via debit card for purchases without getting a second credit card.


I can through CBA online yeah, … so I suppose that goes for others.

I don’t want to sound harsh, but this sounds like you want approval to take on more debt.
Ask your bank if your home loan can pay out your credit card, and if you really need a small amount of funds right now for something, then that too.

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Correct. Haven’t had a credit card in maybe 6-7 years, and before that only had $1k limit. Asked the bank for a smaller on and they looked at my weird.

I don’t think it is a bad idea trying to reduce the interest you are paying if you aren’t getting anywhere with it, providing you actually pay off the balance transfer whilst it is interest free and don’t use that card further adding to the problem. Those cards are made to trap you into high interest rates once balance transfer is over of if used for purchases and if statement balance not paid off in full by due date.

Some options below for you…

Low rate cards

Virgin Money Low Rate Credit Card
11.99% in purchases, $49 annual fee

Bankwest Breeze MasterCard
0% first 13 months then 13.99% purchases, $79 annual fee

NAB low rate credit card
0% first 6 months then 13.99% purchases,
$59 annual fee

Balance transfer options
Westpac Low Rate Credit Card
0% 25 months balance transfer with 2% transfer fee, $59 annual fee

Virgin Australia Velocity Flyer Credit Card
0% 18 months balance transfer 0% transfer fee, $49 first annual fee then $149 per year

Citibank Simplicity
0% for 15 months balance transfer 1.5% transfer fee, no annual fee.

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This is good advice. Along with the card’s you have already mentioned,ANZ also have a 20 month zero interest card you could transfer to. SO2010, get one of these and pay it off as aggressively as you can.

I get sent one about every 6-9 months.
Never applied for one
Borderline dishonest

your weird what
Ive never had one before but I have noticed every financial institution tries to push it on you.
this is a headfk. I hate money.

they want that sweet

‘im up to my eyeballs in credit card debt, can i get another?’

credit cards matter ■■■■ all in australia.

you don’t need to build up a good credit rating like america (unless you already have one) or whatever.

more for younger types.

so are you referring too the ones you’ve suggested as trapping you if you haven’t paid off within that period? also do you the annual fee as a set up or does that come out in 12 months?

Effectively if you transfer say $2,500 to interest free card at 0% you put yourself in position to reduce your overall interest costs in repaying the debt, until the interest free period expires. Once the interest free period lapses, the outstanding debt will be charged interest moving forward at typically a 20+% rate. The idea is to pay it off diligently whilst still at the low interest rate.

The trap is not everyone will use a credit card this way and will start using the card for purchases, or only pay the minimum amount listed on credit card statement, which will not pay it off in time to reduce balance to zero whilst still interest free.

Cutting up the card reduces this risk. So does ensuring you set up a set direct debit, automatic transfer each pay to pay the card down.

All credit cards “trap” you the same way. Just have to be smart about how you use them.

The balance transfer fee and annual fee will be charged to the card up front.
Most cards won’t let you balance transfer more than 80% of the limit. So if you are wanting to transfer 3k you will need a limit of $3,750-$4,000.

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Not entirely true.

Banks are moving to a positive credit scoring system soon and your repayment history will be shared with other institutions.

It is highly likely that having a debt that is paid on time could be valuable.