Stefani often goes on holiday. She has a credit card with an outstanding balance, that...
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Stefani often goes on holiday. She has a credit card with an outstanding balance, that increases when she pays for her holidays. Stefani usually finds an offer that has 0% interest on balance transfers. She then transfers the balance of her existing credit card account to a new credit card company. These offers usually last for 12 months, then the interest rate changes to the companys standard interest rate. There is usually a small fee charged for the balance transfer. Stefani has often done this sort of balance transfer in recent years. Moving her credit card balance has saved her money on interest repayments. However, the credit card balance has now reached its limit of 8 000. Stefani has saved approximately 1 000 to repay part of the balance owing. She has saved some of this money by not paying interest. 5 Discuss whether Stefani should continue to transfer her outstanding credit card balance to a new provider
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