Australian fintech Stay or Go to help credit card customers save $1.5 billion a year without switching banks
- Innovative new service, Stay or Go, helps consumers get a better deal with their bank, avoiding the hassle of switching
- The service has unlocked $1.5 billion of annual savings available to 6.1 million Australian credit card customers
- Stay or Go is now collaborating with banks to support Home Loan customers maintain a competitive deal without switching
New research from Australian fintech startup Stay or Go has revealed 1 in 2 credit card customers (6.1 million in total) would benefit by simply transferring to a more suitable product with their current bank. Remaining on their current product is estimated to be costing these customers a collective $1.5 billion each year.
The research, based on a sample of 5,000 Stay or Go customers, found three groups of consumers who could benefit most:
- Consumers who struggle to pay their balance in full – by transferring to their bank’s low rate or no interest product, these consumers can save $1,200 on average over the course of 3 years.
- High spenders who pay their balance in full – by upgrading to their bank’s most suitable rewards card, these consumers can earn almost $1,000 of additional rewards value on average over 3 years.
- Low spenders who pay their balance in full – by moving to one of their bank’s low fee cards, these consumers can save almost $500 on average over 3 years.
Customers of the major banks have the most to gain, with as many as 64% better off by transferring to one of their bank’s more suitable credit card products. Stay or Go founder and CEO, Anthony Fitzgerald explains, “Banks continue to launch innovative new products, however existing customers rarely consider the opportunity to transfer, and many are unaware that they can. If you’ve had the same credit card for more than a few years, there’s a good chance your bank now has a better option available.”
These findings follow the launch of Stay or Go’s innovative new service that helps consumers get a better deal from their bank, avoiding the hassle of switching.
“The majority of consumers don’t want to switch banks, however, until now, they’ve had no support when negotiating a better deal with their bank. Stay or Go addresses this problem.
“For credit card customers, it takes just 60 seconds to check if your bank has other products you should consider, and to compare them to leading offers from across the market. You’re presented with a very simple summary of how much you could save, making it easy to decide whether to ‘Stay’ with your current bank or ‘Go’ with a more compelling offer from a new provider.
“If you decide to transfer to one of your bank’s more suitable credit cards, Stay or Go makes the process easy. Importantly, you generally won’t need to waste time reapplying for credit, and don’t have to worry about damaging your credit rating.” said Anthony.
Following Stay or Go’s success in the credit card market, where they have already helped more than 50,000 consumers get a better deal, the solution is being expanded to support Home Loans, Personal Loans, Car Loans and Deposits. In fact, Stay or Go can already be use to compare most of these products.
“With interest rates climbing rapidly, and approximately $375 billion of ultra-low pandemic fixed rate home loans maturing in 2023, we’ll soon be launching a new service to support consumers negotiate a competitive home loan deal with their current bank. Equally, the service will help banks better service and retain their home loan customers.” said Anthony.
