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How to repay your credit card debt sooner

Information verified correct on December 8th, 2016

Credit card debt can be difficult to control. Learn about your options and ways to repay your credit card debt in this guide.

Credit card debt can be a real worry for many people, and clearing your credit card balance isn't always easy. Having a plan to repay your debt and methods to reduce interest charges will allow you to manage your current expenses whilst clearing your debt. Here are 7 practical steps you can follow to repay your credit card debt.

9 ways to repay your credit card debt sooner

  1. Consolidate your debt with a balance transfer

    Use a balance transfer card to repay your debt with a lower rate of interest, consolidate your debts in one place and help you save money on interest charges.

  2. Pay more than the minimum payments

    Only making the minimum payment will not significantly reduce your credit card debt. It is important to set up a plan to repay a portion of your existing debt every month, so you can clear your debt sooner.

  3. Pay off the highest rate of interest first

    Prioritise repaying your debts from the highest rate of interest and allocate repayments to them first. You can close each credit card account after you have repaid the balance in full to avoid any further charges.

  4. Reduce your credit limit

    Lowering your credit limit will prevent you from spending more, allowing you to make larger repayments to your debt.

  5. Budget

    If you can't afford to make more than the minimum payment every month you may need to reconsider your budget. By cutting back on unnecessary expenditures, you can reallocate these funds to your credit card payments and start clearing your debt.

  6. Negotiate with your provider

    If you're having real difficulties and are experiencing temporary hardship in repaying your outstanding balance, then contact your provider to renegotiate your payment plan.

  7. Get help from a financial counsellor

    Financial counsellors often provide free, confidential and independent services if you are having trouble repaying your credit card debt. Financial counsellors can provide suggestions on improving your current financial situation, assess eligibility for government assistance, assist in managing your finances and explore your options in debt recovery.

    The following list of contacts can assist in providing financial counsel:

    Financial CounselContact Number
    National debt hotline1800 007 007
    Financial Rights Legal Centre1800 007 007
    Tasmania - Consumer Credit Helpline (Hobart Community Legal Service)1800 232 500
    Victoria - MoneyHelp 1800 007 007 and Consumer Action Law Centre03 9629 6300
    South Australia - Consumer Credit Law Centre08 8342 1800
    Western Australia - Consumer Credit Legal Service08 9221 7066
  8. Stop using credit cards

    If you want to clear your credit card debt then avoiding spending on credit cards may help you manage your budget. Cancelling or pausing your credit cards can be a great idea to control the temptation of purchasing on credit.

  9. Use any savings and investments you have

    Using your savings to repay debt can help eliminate your credit card debt sooner and reduce the amount of interest you have to pay.

Compare Balance Transfer Credit Cards

Rates last updated December 8th, 2016
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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 3% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 16 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
BankSA Vertigo Visa
A low interest rate card with a low annual fee, a long term balance transfer offer of 0% p.a. for 18 months and an introductory offer of 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 9 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cashback on retail purchases.
0% p.a. for 9 months 19.99% p.a. $0 p.a. Go to site More info
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