CREDIT CARDS

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Honeymoon credit card periods

Fancy a financial honeymoon? While it doesn't involve being whisked off to an exotic destination, a credit card honeymoon period offers an introductory interest rate that's hard to refuse.

What is a honeymoon period offer?

Credit card honeymoon periods, also known as introductory periods, offer smaller than average interest rates for an introductory period when you get, or transfer to, a new credit card. The low introductory rates are usually offered on balance transfers, when you transfer over your existing debt from your credit card to another. You are given a period of usually six months to 12 months with low interest rates to help you pay off your debt during that period.

Some credit cards offer no interest rate at all during the honeymoon period. Now, that's a holiday! But be careful not to treat it as such, as honeymoon periods are not the time to kick back and relax but instead an opportunity for you to kick your credit card debt to the curb.

Are you considering a honeymoon period?

There are plenty of attractive low rate, or no rate, introductory offers to choose from so make sure you take into consideration the key differentiating points.

  • What is the specified time frame of the introductory period?
  • What is the interest rate after your honeymoon periods ends?
  • Do any fees or charges apply?
  • What are the penalties for late payments?
  • What does the reduced introductory rate apply to?

Paying off existing debt when you are incurring high interest rates can be hard work, so use your honeymoon period to focus in on your debt and commit to paying it all off during the introductory period.

Want to live happily ever after? Shop around, compare and research all the honeymoon rates on offer to find your perfect match.

At RateCity, we want you to sail into your perfect financial future and can help you do so with our credit card comparison tool, which compares hundreds of Australian credit card offers.

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