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 dollars of annual savings available to 6.1 million Australian credit card customers

• Stay or Go is now working with banks to support mortgage customers to maintain a competitive deal without switching

MELBOURNE, Australia, 2 November 2022 /PRNewswire/ — New research from Australian fintech startup Stay or Go has revealed that 1 in 2 credit card customers (a total of 6.1 million) would benefit from simply transferring to a more suitable product with their current bank. Remaining on their current product is estimated to cost these customers a collective 1.5 billion dollars each year.

The survey, based on a sample of 5,000 Stay or Go customers, identified three groups of consumers who could benefit the most:

• Consumers struggling to pay their balance in full – by transferring to the bank’s low-interest or interest-free product, these consumers can save $1200 on average over 3 years.

• High users who pay their balance in full – by upgrading to the bank’s most suitable rewards card, these consumers can earn almost $1000 of extra reward value on average over 3 years.

• Low users who pay their balance in full – by moving to one of the bank’s low-fee cards, these consumers can save almost $500 on average over 3 years.

The customers of the big banks have the most to gain, with a whopping 64% better off by switching to one of the bank’s more suitable credit card products. Stay or Go founder and CEO, Anthony Fitzgerald explains: “Banks continue to launch innovative new products, but existing customers rarely consider the option to transfer, and many don’t realize they can. If you’ve had the same credit card for more than a few years, there’s a good chance that the bank now has a better alternative available.”

These findings follow the launch of Stay or Go’s innovative new service which helps consumers get a better deal from their bank, avoiding the hassle of switching.

The story continues

“Most consumers do not want to switch banks, but until now they have had no support when negotiating a better deal with the bank. Stay or Go solves this problem.

“For credit card customers, it only takes 60 seconds to check if your bank has other products you should consider, and to compare them with leading offers from across the market. You are presented with a very simple summary of how much you can save, which makes it easy to decide whether you want 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 the bank’s more suitable credit cards, Stay or Go makes the process easy. More importantly, you usually don’t have to waste time applying for credit again, and you don’t have to worry about to damage your credit. rating.” Anthony said.

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 expanding to support mortgages, personal loans, car loans and deposits. In fact, Stay or Go can already be used to compare most of these products.

“With interest rates rising rapidly, and approx 375 billion dollars of ultra-low pandemic fixed rate mortgages maturing in 2023, we are soon launching a new service to help consumers negotiate a competitive mortgage deal with their current bank. In the same way, the service will help the banks with better service and retain their mortgage customers, says Anthony.

Consumers can access Stay or Go at stayorgo.com.au

About Stay or Go

With Stay or Go, you no longer have to change banks for a better deal. We work to negotiate a better deal for you with your current bank, and compare it with leading offers from across the market. You can then choose to ‘Stay’ or ‘Go’ and relax in the knowledge that we will continue to monitor your new deal to ensure it remains competitive. Our purpose at Stay or Go is to strengthen loyal customers. Our first mission is to help you with your bank. Later, we want to help you with other services including mobile, broadband and energy.

Stay or Go was founded by Anthony Fitzgerald, Nir Palombo and Simon Dillon who has extensive experience in Australian banking and technology development.

SOURCE Stay or go