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Hi Moneyguru, I have racked up some pretty heavy debt on my credit cards and the interest charges of 12% are killing me. Is there a credit card from a Swiss bank which has a much lower interest rate that I can transfer my card balance onto?
Hi there,
Currently, the majority of Swiss credit cards use the maximum legally permissable interest rate of 12%. A handful of credit cards have lower interest rates. You can find these using the moneyland.ch credit card comparison.
As long as you have consistently made your minimum payments (and other debt repayments) without fail, you should be able to apply for a cheaper credit card.
Unfortunately, no Swiss card issuers provide specialized balance transfer credit cards, so you will not normally be able to transfer your debt to your new card. At this point, no Swiss credit cards come with introductory 0% interest periods.
A more sensible alternative to transferring your balance is to use a personal loan to pay off your card debt. Interest rates for personal loans are generally lower than those you get with credit cards. You can compare Swiss personal loans here. However, because personal loans are not normally revolving loans, you will have to meet your loan repayments and repay the loan within the agreed-on time frame. Make sure to choose a loan schedule that matches your ability to pay.
Best regards from Moneyguru
