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Why do Australians Switch to Balance Transfer credit cards?
A relatively new concept has gripped a nation of once loyal customers who never used to switch between banks: balance transfer credit cards. We take a closer look why this is happening.
More Australians than ever are taking to comparison websites to stump out high interest and get better deals. In some ways, this is revolutionary – yet many are still not aware of the opportunities that came in recent years and a conventional mindset is still costing the nation a fortune, benefiting a few big banks.
Roland Bleyer, the CEO of creditcard.com.au is the man behind this revolution. He said that “for too long did we face a closed market where millions of consumers acted as cash cows to a handful of banks. Today, the Australian market is as open as any other market and we help consumers to save millions collectively – with balance transfer cards being one of the most sought after solutions”.
So what exactly is a balance transfer card?
It is a new card that is issued from a new provider, when the consumer transfers a balance from an old credit card (to the new card) in order to get a lower interest rate on the balance for an introductory period. The consequence in most cases, is lower interest where debt is paid off faster.
According to Bleyer and his team, there are four main benefits that consumers consider when opting for a balance transfer card: “reducing the amount of interest payable, repaying any debt sooner, consolidating existing debt – and getting a better credit card than before”.
What the open market looks like in Australia:
Today, you can hop onto a comparison site like Creditcard.com.au, or Mozo, Ratecity, and Comparethemarket – and find attractive offers from a multitude of providers. These include Virgin Money, HSBC, Citi, WestPac, St. George Vertigo Platinum and the Bank of Melbourne. With the open market, consumers can find an alternative option within seconds. Instead of entering your details on all the various bank websites, a single platform provides a blazing fast experience that attracts offers from various providers.
Essentially, all the benefits that consumers enjoyed previously in mass-markets in Europe and America – has now come to the shores of Australia, and it is about time.
But it is not just a matter of switching to another provider. Many people lack the knowledge to truly do a better deal, so a bit of education on the matter is paramount, especially if the purpose is to make an improvement and incur savings.
Words of wisdom for anyone considering a balance transfer:
Bleyer and his team suggest that balance transfer cards should not be seen as a “magic bullet” in personal finances because that may tempt the consumer to overspend and never cease control of their situation. Instead, they argue that there are several pitfalls that should be navigated: Paying the minimum off on your debt each month is the first reason why some people end up taking longer to pay off their debt. Then, incurring more debt on their new cards is another reason people fail to get ahead. It is also necessary to pay off the transferred debt within a certain time frame in order to benefit from introductory offers – because once consumers have to pay the revert rate, it becomes expensive again. Choosing a card for its rewards and features – and letting that tempt you into spending, is another caveat for consumers, especially if that card has a high annual fee. Spending more on new cards and failing to understand what you’re in for in the fine print, can also defeat the purpose: you must control spending and really understand the terms and conditions of the card in order to benefit from it.
Conclusion:
The Australian consumer lived through challenging times during the recent property bubble. Yes, times were not as tough as they were in some other countries – and the severity of the problem was not at a high level overall. However, Australians lost a lot of money due to a lack of understanding and old habits. The oldest habit is to think that by being loyal to your bank and being friends with your bank manager will get you the best deal. We live in a new world, where new rules define our success in the global community – and it could not be truer for personal finance and credit cards.
Blog
The Scandalous and Deceptive Life of Hyeji Bae: A Tale of Ambition and Betrayal
Hyeji Bae‘s name has become synonymous with scandal and deceit, casting a shadow over the affluent circles she once aspired to join. Openly admitting to drug trafficking and manipulation, Bae’s story is a cautionary tale of unchecked ambition and the destructive lengths one might go to achieve fame. Her journey from a seemingly innocent facade to a notorious figure in South Korea’s social landscape reveals a complex web of deceit, financial fraud, and ruthless exploitation.
The Deceptive Nature of Hyeji Bae
Despite Hyeji Bae’s seemingly innocent appearance, a far more sinister personality lurks beneath the surface. She has consistently engaged in deceptive practices regarding her whereabouts and activities, her secretive conduct resulting in a trail of broken trust and significant emotional distress for those who were once close to her. Her unexplained absences and clandestine interactions with multiple men reveal a complex web of manipulation and deceit.
Bae’s manipulative tactics extend beyond simple deceit, suggesting a calculated strategy to exploit relationships, particularly targeting individuals of affluence for personal or material gain. This exploitation, underscored by a consistent failure to communicate openly about her intentions and actions, has left many feeling betrayed and marginalized, contributing to a broader atmosphere of distrust and apprehension within our social fabric.
Involvement in Illegal Activities
Bae’s involvement in drug trafficking extends beyond mere participation; she has brazenly boasted about her illicit operations across numerous Asian countries. Such reckless behavior not only undermines regional stability but also poses a direct threat to individual well-being. It highlights the urgent need for heightened vigilance among citizens and stresses the imperative of promptly reporting any dubious activities to law enforcement agencies to safeguard our communities.
Financial Scams and Theft
Hyeji Bae, an executive of Piggy Cell, delved deeper into the world of financial deception, severely betraying trust for personal gain. Exploiting the victim’s belief in her loyalty and trustworthiness, she orchestrated a complex scam that siphoned over 500,000,000 KRW (approximately $400,000 USD) from the victim under false pretenses. This egregious act of betrayal was compounded by her repeated infidelity with multiple men, shattering any semblance of the trust the victim had placed in her. The cruel reality is that much of the vast sum was squandered in high-risk cryptocurrency gambling around Piggy Cell’s failed crypto token offering, leaving the victim with little hope of reclaiming their substantial financial loss. Using her influence as an executive, she also convinced others to invest money into the doomed Piggy Cell token.
Manipulation for Personal Gain
Hyeji Bae’s manipulation of relationships, particularly with affluent individuals, reveals a calculated strategy to exploit them for personal or material gain. Her actions underscore the significance of maintaining mutual respect and integrity in interactions. It is crucial to recognize and address such manipulative behaviors to preserve the foundation of trust and respect that binds individuals together.
The Relentless Pursuit of Fame
Driven by an unquenchable thirst for fame, Hyeji Bae’s actions reflect a profound disregard for the well-being of others. Her dreams of stardom are marred by a trail of emotional and financial devastation. Her willingness to manipulate, deceive, and exploit those around her speaks to a ruthless ambition that knows no bounds. Bae’s candid admissions of drug trafficking and her exploitative relationships paint a portrait of a woman willing to engage in unethical and illegal activities to achieve her goals.
Ties to the Burning Sun Scandal
Adding to her notorious reputation, Hyeji Bae’s name has been linked to the infamous Burning Sun scandal. Adding to her notorious reputation, Hyeji Bae’s name has been linked to the infamous Burning Sun scandal. Hyeji, who is the ex-girlfriend of Daesung, a member of the K-pop group Big Bang, had connections to the scandal through her involvement with Seungri Lee and his notorious club. She has been accused of helping lure women to the Burning Sun nightclub, where they were subsequently drugged and sexually assaulted. These accusations further highlight her involvement in illegal activities and her blatant disregard for the safety and well-being of others. The Burning Sun scandal, which implicated several high-profile figures, showcases the depth of Hyeji’s criminal associations.
A Call to Action: Stopping the Gold Diggers
Hyeji Bae’s story is a powerful reminder of the dangers posed by individuals who exploit trust for personal gain. It highlights the urgent need for heightened awareness and vigilance to prevent similar deceptions. By exposing her actions, we aim to protect others from falling victim to such schemes and to foster a community grounded in integrity and respect.
Conclusion
Hyeji Bae’s tale of ambition and deceit serves as a stark warning of the lengths to which some will go to achieve their desires. Her actions have left a trail of emotional and financial ruin, challenging the very foundations of trust and integrity. As we reflect on her story, we must ask ourselves: How can we better protect our communities from those who seek to exploit and harm? Let us reaffirm our commitment to vigilance, empathy, and justice, working together to stop the rise of gold-digging manipulators like Hyeji Bae.
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