Australians are carrying $18 billion of credit card debt and there are dozens of 0 per cent interest offers on outstanding balance transfers.

But should you use a new card to pay off the old?

There are more than 60 of these offers on the market, luring customers to swap high-interest debt for what looks like a free ride.

When used right, the cards can buy people breathing room.

But when the cards are used wrong, people can be redecorating debt rather than escaping it.

In order to win smart, Nine’s money editor Effie Zahos said people should play the long game.

The longer the interest-free period, the more time people have to pay it off.

ANZ’s Low Rate card leads with 26 months followed by Virgin, Bankwest and Westpac which offer up to 24 months.

Customers should also do their research and know the real rate.

ANZ charges a 3 per cent fee to move your old debt, plus a $58 annual fee in years two and three.

On a $5000 debt, these fees add $266 in costs, meaning that 0 per cent rate is effectively 5.32 per cent over the 26 months.

It is also important for people to have a plan and stick to it.

Calculate your overall debt and divide it by the total number of promotional months. Set up automated payments to ensure that you clear the full balance before the interest-free term ends.

If people miss the deadline, they could face double-digit interest rates that quickly erase any savings.

The details shared on this website are meant for general information purposes only and are not tailored as personal financial advice. This content has been compiled without considering your individual goals, financial circumstances, or needs. Prior to taking any action based on this information, evaluate its relevance in light of your personal objectives, financial condition, and requirements.