A non-major bank has gone live with an offer which provides consumers who switch their credit card over to the group 12 months interest free, in line with two current market trends: the wave of Aussies looking to consolidate their debt and the rising popularity of buy now, pay later services.
From Wednesday, 25 November, Heritage Bank will provide 12 months at 0% interest for its Gold Low Rate and Platinum Credit Cards to both new and existing members who transfer their credit card over from another Australian financial institution.
Heritage CEO Peter Lock explained the initiative allows people to move the money they owe to a new Heritage credit card and therefore escape the stress of paying interest in addition to their repayments for the next year.
“By consolidating debt onto one credit card with our current offer, there is also the benefit of fewer fees and easier account management with fewer banking products to manage,” he added.
Lock emphasised that credit cards have an “important role to play”, despite the growing preference for buy now, pay later services.
“Buy now, pay later services seem attractive, but miss any payments and the late fees can soon add up. Plus, there is usually no credit check to make sure you can afford the debt you’re locking yourself into, so you can quickly find yourself in over your head if you aren’t careful,” he explained.
“If you’re diligent about paying your bills on time and managing your finances, credit cards can be a helpful tool to make purchases, earn perks and rewards, and grow your credit history.”
In recent months, Heritage has moved to support its members as many have been pushed to take a different approach to their finances in the wake of the pandemic.
“We want to support our members in making informed financial decisions and finding the products that best suit their needs,” Lock said.
“Aside from this current offer, Heritage already has very attractive interest rates on personal loans and credit cards, to make it easier for people to manage their finances
“Together with our personalised and award-winning service, you can count on Heritage to have your interests in mind when you need help to look after your financial affairs.”
