Managing your Christmas Debt in 2017

Piggy-Bank-at-Christmas

Don't let 12 days of Christmas spending turn into a 12-month debt hangover

A New Year means a fresh start for many, but it's hard to wipe the slate clean with a credit card bill looming. Are you worried about what you spent over the silly season, and how you're going to manage your finances in the New Year? No matter what you spent over the Christmas period, there are ways to manage your debt and get your finances under control. Start the New Year the right way and unlike the mistletoe, don't let your debt hang over your head.

What options do you have to manage your Christmas debt?

There are a few options available to pay down the spending you made over the holiday period. Below we highlight balance transfers with a credit card, or consolidating debt through a personal loan.

Getting rid of interest with a balance transfer credit card

A balance transfer credit card can help you pay off an existing card and even loan debts that have accumulated. You can enjoy interest rates as low as 0% p.a. for a set period of time, helping you to save money while you pay down your debt, or in this case - quite possibly your Christmas debt. These cards allow you to bring over an existing balance from one or more credit or store card accounts for up to 24 months (or longer on some cards). Considering longer periods can translate into more time to pay down your debt while saving on interest.

Exclusive finder.com.au Balance Transfer Offer

NAB Premium Card - Exclusive Offer

0% p.a. for 25 months
on balance transfers
Exclusive to finder.com.au

Eligibility criteria, terms and conditions, fees and charges apply

Exclusive finder.com.au Balance Transfer Offer

The NAB Premium Card features a range of platinum benefits and a long-term balance transfer offer exclusive to finder.com.au.

  • 0% p.a. on balance transfers for 25 months on a new NAB Premium Card. BT reverts to cash advance rate (currently 21.74% p.a.)
  • No balance transfer fee when BT requested upon application.
  • Receive seven complimentary insurance covers when you make an eligible purchase, plus, access to the 24/7 NAB Concierge Service.
  • Request an additional cardholder at no extra cost.
  • Must apply through finder.com.au to take advantage of this offer. Offer may be withdrawn at any time.
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Balance transfer credit card comparison

Rates last updated January 19th, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
NAB Premium Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
0% p.a. for 24 months
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 31 January 2018.
Westpac Low Rate Card - Online Only Balance Transfer Offer
0% p.a. for 30 months with 2% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.
Citi Rewards Platinum Credit Card
0% p.a. for 26 months with 2.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
A long-term balance transfer offer with a range of platinum rewards and benefits.
Woolworths Everyday Platinum Credit Card
0% p.a. for 14 months
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Bankwest Breeze Classic Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$79 p.a.
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, complimentary travel insurance.
Westpac 55 Day Platinum Credit Card
0% p.a. for 20 months with 2% balance transfer fee
19.84% p.a.
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Citi Platinum Credit Card - 100k Bonus Points
0% p.a. for 15 months with 1% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
HSBC Low Rate Credit Card
0% p.a. for 20 months with 2% balance transfer fee
13.25% p.a.
$79 p.a.
A competitive offer from HSBC featuring a long term balance transfer deal and low ongoing interest rate on purchases.
Bankwest Breeze Platinum Mastercard
0% p.a. for 24 months with 2% balance transfer fee
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
St.George Amplify Card
3% p.a. for 36 months
19.49% p.a.
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1 Amplify Point per $1 spent.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Qantas Premier Everyday
0% p.a. for 15 months
19.99% p.a.
$49 p.a.
Take advantage of 20,000 bonus Qantas Points, a 0% p.a. for 15 balance transfer offer, plus, included travel insurance for a $49 annual fee.
BankSA Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
NAB Low Fee Card
0% p.a. for 16 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 16 month balance transfer offer and special offers from Visa Entertainment.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.
Qantas American Express Ultimate Card
0% p.a. for 12 months with 1% balance transfer fee
20.74% p.a.
$450 p.a.
Take advantage of 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
St.George Vertigo Visa
0% p.a. for 18 months with 1% balance transfer fee
13.24% p.a.
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.

Compare up to 4 providers

Benefits of balance transfer cards

  • Pay down an existing debt and save money on interest
  • Consolidating multiple credit card accounts and other debts into one can help improve your credit rating
  • Some balance transfer cards offer great features such as rewards programs, low purchase rates and no annual fees

Some things to keep in mind

  • The revert interest rate on these cards tends to be quite high
  • The annual fees can outweigh any cost savings depending on the size of your debt and length of the balance transfer period
  • You will likely lose interest-free days on new purchases because of the balance transfer debt on the card
  • You usually cannot take up your entire credit limit with the balance transfer, typically only 80-95%
Learning more about transferring your existing credit card balances

Personal loans can offer longer terms with even more competitive rates

A debt consolidation loan is another available option. These loans do not offer 0% p.a. periods, but let you pay off your debt at competitive rates over a longer term.

Debt Consolidation Personal Loans Comparison

Rates last updated January 19th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
NAB Personal Loan Unsecured Fixed
11.99% (fixed)
12.87%
$5,000
1 to 7 years
$10
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
Borrow up to $50,000 for a term of up to 7 years with the unsecured Loan from Westpac. Apply before 28 February 2018 for a 1% p.a. interest rate discount. Conditions apply.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 29.99% p.a. based on credit history.
Citi Personal Loan Plus
9.99% (variable)
10.95%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 16.95% p.a. depending on your credit score.
NAB Personal Loan Unsecured Variable Rate
15.69% (variable)
16.55%
$5,000
1 to 7 years
$10
$150
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
Swoosh Finance
From 48% (variable)
66.04%
$2,100
1 to 2 years
$400
A secured loan you can apply for in 10 minutes that gives you up to 12 months to repay. Note: Max loan amount $4,600. Fees and charges included in repayment.

Compare up to 4 providers

Compare debt consolidation loans

If you're still having doubts on how to tackle your debt then read this

Even if you still have doubts it's okay, at least by now you've acknowledged some of the avenues you can take, and it's time to decide what one will work for you. Managing debt will depend a lot on your situational lifestyle, so it may also help to define the following to help you decide:

  1. How much debt do you have?
    If you're looking at a balance transfer credit card, you'll only be able to bring over a certain portion of your new approved credit limit in the balance transfer, a few cards offer 100% of your credit limit, but it's usually between 80-90%. Depending on your creditworthiness, you may not be approved for a very high credit limit to start out. For a personal loan, you'll have to be approved for the sufficient amount you need to pay off all your debts.
  2. What kind of debts are they?
    Are your debts all on one credit card or are they spread across a few credit cards and a personal loan? The kind of debts you hold matter as to whether you should take out a credit card or loan. Most balance transfer credit cards will not let you balance transfer a personal loan, although a select few lenders will allow a balance transfer from a personal loan, so if you want to do this you will need to ensure that it's possible. Also, some cards have limits on the amount of cards you can bring over a balance from.
  3. How long will it take you to repay the debt?
    The length of time it will take you to repay your debt will be a crucial deciding factor in what kind of product you apply for. A balance transfer credit card will revert to a set interest rate, usually the cash advance rate, following the promotional period, so if you aren't able to fully pay back your debt within that period then you may want to consider a different option. See what monthly repayments will be manageable on your budget to find an option that will work for you.

How to avoid Christmas debt: Tips for next year

Being smart about spending and the use of credit cards over Christmas can help you improve your cash flow around the holidays and beyond. Starting the New Year with bad debt can see you get off to a tough start, so it’s crucial to follow the tips below to minimise what you pay over the Christmas period. First we’ll look at some basic ways of saving money over Christmas, then we’ll show you how to compare credit cards for your Christmas spending, and finally we’ll show you some ways to get out of Christmas debt.

What types of Christmas credit cards are available?

There are no credit cards that are specifically designed for Christmas spending. Rather, you can select a credit card that supports the type of spending you're likely to do around Christmas time. The right card for you will depend on how you use your credit card, the amount of spending you plan on doing with it, and the type of benefits and features you want to receive. Take a look below for some types of credit cards that might be beneficial to consider this festive season:

Low Purchase Rate Credit Cards

0% interest rates on purchases are usually offered for a limited time (often a period of six to 12 months). During this time you can make purchases and pay no interest until the promotional period ends. This gives you the ability to make Christmas purchases and then gradually pay them off interest-free. These cards can still have additional features such as rewards programs, complimentary insurance policies and more, so ensure the annual fees aren't too high compared to the value of these perks. Be sure to know what the interest rate becomes after the promotional ends. It can revert to the purchase rate or the cash advance rate.

0% Purchases Credit Cards

Rates last updated January 19th, 2018
$
Name Product Product Description Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period Amount Saved
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Until 31 January 2018 get 0% p.a. on purchases for 14 months. Plus, up to 0.66 Velocity Points per $1 spent.
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Up to 44 days on purchases
NAB Low Rate Platinum Card
A platinum card that offers an introductory rate of 0% p.a. for 9 months on purchases.
0% p.a. for 9 months (reverts to 13.99% p.a.)
4.99% p.a. for 6 months
$100 p.a.
Up to 55 days on purchases
NAB Low Rate Credit Card
Receive an introductory 0% p.a. interest rate for 6 months on purchases, Visa Entertainment offers and a competitive $59 ongoing annual fee.
0% p.a. for 6 months (reverts to 13.99% p.a.)
4.99% p.a. for 6 months
$59 p.a.
Up to 55 days on purchases

Compare up to 4 providers

Low Purchase Rate Credit Cards

Rates last updated January 19th, 2018
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
HSBC Low Rate Credit Card
13.25% p.a.
Up to 55 days on purchases
$79 p.a.
0% p.a. for 20 months with 2% balance transfer fee
Add additional cardholders for $0 and pay using Apple Pay. Also enjoy exclusive offers with the home&Away Privilege Program.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 24 months
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 31 January 2018.
Westpac Low Rate Card - Online Only Balance Transfer Offer
13.49% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
0% p.a. for 30 months with 2% balance transfer fee
Take advantage of 0% p.a. for 30 months on balance transfers with a 2% balance transfer fee when you apply online by 28 February 2018.
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$49 p.a.
0% p.a. for 14 months
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
Up to 44 days on purchases
$129 p.a.
0% p.a. for 6 months
Until 31 January 2018, save with 0% p.a. on purchases for 14 months. Plus, up to 0.66 Velocity Points per $1 spent.

Compare up to 4 providers

About 0% Purchase credit cards

No annual fee credit cards

The standout feature of this type of card is, as you can probably guess, the fact that you aren't charged an annual fee. These cards can either charge no annual fee for the life of the card, or have a waived or discounted annual fee for the first year. Either way, there are savings to be had. With these cards, you should keep the following in mind:

  • How long does 'no annual fee' apply? As mentioned above, the no annual fee offer may not apply to the life of the card, or it might only be available to qualifying customers. Check the details of the offer before you apply to see that you're eligible.
  • Does the card offer competitive rates? While a card with no annual fee can help you save, it can also cost you a lot if it has a high interest rate and you carry a balance. Compare the purchase rate, and balance transfer rate if applicable, to see if the card is a competitive all-round option.
  • What other features does the card offer? No annual fee does not mean 'no features', as these cards sometimes come with lucrative features to supplement your credit card spending. No annual fee cards can come linked to rewards programs, offer bonus points, come with complimentary insurance covers and also balance transfer promotions.
Rates last updated January 19th, 2018
Name Product Annual fee Purchase rate (p.a.) Balance transfer rate (p.a.) Product Description
American Express Essential Credit Card
$0 p.a.
14.99% p.a.
0% p.a. for 12 months with 3% balance transfer fee
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with this card. Plus, a $0 annual fee for life.
St.George Vertigo Platinum - Online Offer
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
12.74% p.a.
0% p.a. for 24 months
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 31 January 2018.
Woolworths Everyday Platinum Credit Card
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
19.99% p.a.
0% p.a. for 14 months
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
St.George Amplify Card
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
19.49% p.a.
3% p.a. for 36 months
Take advantage of a 3% p.a. interest rate on balance transfers for 36 months. Plus, a $0 first year annual fee and 1 Amplify Point per $1 spent.
Qantas American Express Discovery Card
$0 p.a.
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
Earn an uncapped 1 Qantas Frequent Flyer point per $1 spent, plus complimentary purchase insurance.

Compare up to 4 providers

Information about no annual fee credit cards

Rewards Credit Cards

A rewards card simply rewards you with points for every dollar worth of eligible purchases you make. It allows you to cash in your rewards points for a range of items and other perks such as free flights, fare upgrades and more. Rewards cards offer many incentives to attract new customers, including bonus points, balance transfer offers and 0% or low purchase rate promotions. They typically have a higher annual fee, but can be a good way to get extra value from your Christmas purchases. You need to make sure you have the self control before you sign up for the rewards. If you spend just to get rewards points you will end up spending more than you can afford to pay off, and the interest you pay on your purchases will cancel out any rewards gifts you may have qualified for. Typically you need to spend above $2,000 a month to earn enough rewards to cancel out the costs of a rewards credit card.

Rates last updated January 19th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Westpac Altitude Black - Altitude Qantas 100k Bonus Points
100,000 bonus points
Qantas Frequent Flyer


1.25


0.625
20.24% p.a.
$250 p.a. annual fee for the first year ($395 p.a. thereafter)
Earn 100,000 bonus Qantas Points when you meet the spend requirement, plus, a discounted first year annual fee. Ends on 31 January 2018.
NAB Qantas Rewards Signature Card
100,000 bonus points
Qantas Frequent Flyer


1
19.99% p.a.
$395 p.a.
Collect 100,000 bonus Qantas Points when you spend $3,000 within 60 days of account opening. Plus, earn up to 20,000 points per statement period.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer


0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
Citi Rewards Program


1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
Woolworths Everyday Platinum Credit Card
Woolworths Rewards


1
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.

Compare up to 4 providers

Retail Rewards Credit Cards

These are credit cards which have certain shopping benefits or rewards programs in place. They're often store branded, by retailers such as Woolworths, Coles or Myer, and can come with interest-free deals on purchases made at these stores. Like a rewards card, from time to time retail credit cards can also offer 0% or low interest rate promotions as well as balance transfer deals.

Rates last updated January 19th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
David Jones American Express
20,000 bonus points
Membership Rewards


1
20.74% p.a.
$99 p.a.
Receive 20,000 bonus points, David Jones benefits including complimentary standard delivery, gift wrapping and invites to exclusive fashion events.
NAB Rewards Classic Card
30,000 bonus points
NAB Rewards


0.75
19.99% p.a.
$95 p.a.
Receive 0.75 NAB Rewards Points per $1 spent and complimentary purchase protection insurance. Plus, a 0% p.a. for 6 months balance transfer offer.
Woolworths Everyday Platinum Credit Card
Woolworths Rewards


1
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
David Jones American Express Platinum Card
40,000 bonus points
Membership Rewards


1
20.74% p.a.
$295 p.a.
Receive 40,000 bonus points, invitations to exclusive Season Launch Parades, complimentary priority delivery and personal shopping perks.
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards


1
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.

Compare up to 4 providers

About rewards credit cards

Cards with extended warranty offers

Warranty is a guarantee that the product you're buying won't break — and if it does, you'll be able to get a replacement, or at least have it fixed. Credit cards that offer extended warranties essentially extend this guarantee, so you'll be able to enjoy the warranty, and your purchased product, for a longer period of time. So, how does extended warranty work on credit cards?

  • Making your purchase. You need to make the purchase on your credit card, and your credit card needs to offer extended warranty.
  • Claiming your warranty. Proof of your purchase will need to be kept in order to take advantage of the extended warranty offer.
  • Types of purchases covered. Only Australian purchases that offer an expressed Australian warranty will be covered.
  • Limits. You will usually have a limit on the amount you are able to claim within a certain period, usually one year.
  • Maximum time of warranty extension. Credit cards that offer this feature usually only extend the warranty for a maximum period of five years. Be sure to check the terms that your credit card offers.

Compare cards that come with extended warranty

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How do I prepare my finances for Christmas?

The health of your finances will determine how generous Santa will be with your family and friends this year, and which special trimmings make it to the dinner table. If you want it all, follow the tips below. Preparing for Christmas is one thing, but sticking to your budget is tough when the Christmas sales and advertising is in full swing. Here's what you can do to avoid needless overspending over the holiday season.

  • Don't spend too long at the stores while you're shopping as you are more likely to buy something you don't need
  • Shop online and get the cheapest prices you can. Be mindful of credit card surcharges or foreign transaction fees if purchasing from an overseas retailer
  • Remain aware of your credit card balance at all times
  • Have a credit card repayment plan and always aim to pay off your balance in full each month
  • Start buying early so that you don't incur all the costs in December and so you can take advantage of sales when they come
  • Find activities to share which cost no money like a trip to the beach, a BBQ in the park, bushwalking or a picnic, as they will all help keep that budget under control

The ultimate Christmas Gifts Guide

What kind of credit card use should I avoid over Christmas?

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How do I manage my Christmas credit card purchases?

Keep track of your repayments. When you miss a repayment or regularly make your repayments late, you are travelling down the slippery slope to uncontrollable Christmas credit card debt. Missed repayments have a snowball effect, because when you miss a repayment you are charged a late fee and the late fee is added to your balance. Your balance then increases, interest is charged on your balance including your fees so your interest charges increase and you need to pay more each month just to beat the compounding interest, let alone repay your principal balance.

The golden rules to managing your Christmas purchases

Enjoy the holiday season

A little planning can go a long way when it comes to Christmas spending. Put a plan in place, and if you need a Christmas credit card make sure you consider all options in your comparison. This way you can enjoy, rather than worry about the holiday season. About Shopping and Holiday Spending

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Read more on this topic

Credit Card Offers

Important Information*
NAB Premium Card - Exclusive Offer
NAB Premium Card - Exclusive Offer

Interest rate

19.74

Annual fee

90
St.George Vertigo Platinum - Online Offer
St.George Vertigo Platinum - Online Offer

Interest rate

12.74

Annual fee

99
Woolworths Everyday Platinum Credit Card
Woolworths Everyday Platinum Credit Card

Interest rate

19.99

Annual fee

49
Virgin Money Low Rate Credit Card
Virgin Money Low Rate Credit Card

Interest rate

11.99

Annual fee

49

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Credit Cards Comparison

Rates last updated January 19th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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