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Introductory Rates & Interest Free Periods
Article archive
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Quarter 4 October - December 2019
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Quarter 4 October - December 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Introductory Rates & Interest Free Periods

Consumers are enticed to transfer balances owing on credit cards, but need to be aware of all the costs, not just the benefits.

       

 

During the promotion period:-

  • a lower interest rate may apply, and/or
  • fees, and charges may be lower, or may be waived altogether

The credit provider must take care that consumers are not misled about the details of the offer – The Corporations Act, the ASIC Act and National Consumer Credit Protection Act, are in place to ensure a balanced message and consumers have a realist impression of the overall costs.

If an advertisement includes details of a discounted interest rate, or discounted/waived fees, the advertisement must also make clear with equal prominence, the period for which the discounted rate applies.

The advertisement must also state what the interest rate revers to after the promotional period.

Pose yourself questions such as:-

  • can I pay off the debt during the promotional free period?
  • will the rate after the promotional period be higher than the current rate?
  • can I change my habits to avoid future credit cards interest?

 

There is no substitute for careful reading or asking for a second opinion from your accountant before you sign up.

 

 

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