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Repay your cards up to 5X sooner
Credit cards can be a decades long debt trap because there is usually no fixed monthly repayments or minimum term...
^CALCULATION ASSUMPTIONS
Credit Cards: Minimum credit card repayments of 2.5% of outstanding balance OR $20 (which ever is greatest). Credit Card Cutter: 7.99% p.a. interest rate (8.55% p.a. comparison rate) 1 to 5 years. Savings: Savings do not take into account credit card fees and charges of the Credit Card Cutter application fee.
UNSECURED
Borrow $1,000 up to $30,000 without the need to secure against your home
ADDITIONAL PAYMENTS
Use your cash and savings to save interest and repay your loan sooner
REDRAW
Redraw additional funds paid when you want them. (redraw fee applies)
EARLY TERMINATION
Repay your loan and close your account at any time without penalty
PRINCIPLE & INTEREST
Use your cash and savings to save interest and repay your loan sooner
APPLICATION FEE
A low once off application fee which can be added to the loan at settlement
$0 ACCOUNT FEES
Use your cash and savings to save interest and repay your loan sooner
FLEXIBLE TERMS
Choose the repayments that suit you. Choose to repay your loan from 1 up to 5 years.
Credit Card -v- Consolidate
Credit cards can look much the same as a personal loan. You borrow at an interest rate and repay over time. But there are four key differences which could be costing you time and a lot of money.
No fixed term
Credit cards don't have a fixed repayment term. This means you'll always have the temptation to draw your credit card right back up to the limit.
Reducing Repayment
Minimum repayments are calculated as a percentage of the outstanding balance (usually 2% or 2.5%). The result can mean 4 to 5 times more interest than a consolidation loan and decades longer to repay.
Access to the money
Unlike a personal loan which you need to redraw to spend, a credit card is sitting right there in your wallet, ready to spend.
It's like carrying a packet of cigarettes with you when you're trying to quit smoking.
Honeymoon deals
Credit cards offer "honeymoon" deals that sound like incredible value. We all plan to transfer the balance when the intro rate is over, but few of us ever do.
HOMEOWNER
SPECIAL
up to 5
YEARS
Variable interest rate
Comparison rate*
7.99
%
p.a.
8.55
%
p.a.
About the lender
A not-for-profit Customer Owned Banking Institution with a history of outperforming the major banks. Established in 1964.
NON HOMEOWNER
up to 5
YEARS
Variable interest rate
Comparison rate*
9.99
%
p.a.
10.56
%
p.a.
About the loan
An unsecured personal loan for the purposes of consolidating and cutting up your credit cards once and for all.
Hundreds of Australians speak to Parker Lane every month about ways to save money.
4.9
Out of 5
Australia's #1 finance service rated by customers
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