Only making the minimum repayment
While you may jump for joy at the minimum amount your are eligible to pay each month, do not give in to this temptation. By only paying the minimum amount, you run the risk of not being able to pay off the debt by the time the interest-free period ends, meaning that the rate will then revert to the much higher purchase rate, which on average, is a whopping 17.40%.
Moving debt around
Aha, you think youve found the answer to escaping the dreaded revert rate? Does it involve moving from one BT card to another? Not so fast. Yes, you will avoid paying interest on your debt, but jumping from one card to another will hurt your credit score, especially if your application is declined.
Using the card for spendi…
Read the full article at: https://mozo.com.au/credit-cards/articles/avoid-bt-traps