credit cards

Financial Regulator Issues New Guidance On Credit Cards

Post by Sharat on November 7, 2018 · Under credit cards · Comments Off on Financial Regulator Issues New Guidance On Credit Cards 

In a bid to ensure that credit card issuers engage in responsible lending, the regulator ASIC has asked that lenders take up a three-year period when they determine what the appropriate credit limits for borrowers should be. Banks and other providers of credit will now have to assess a borrower’s ability to repay their credit limit in no more than three years, whilst still maintaining the ability of customers to have regular access to credit. Continue reading

Tips For Renewing A Credit Card

Post by Sharat on October 14, 2018 · Under credit cards · Comments Off on Tips For Renewing A Credit Card 

No one ever wants to be stuck in the awkward situation of being at a restaurant or at a checkout counter with no way to pay the bill. Therefore, it is extremely important that people are aware of when their credit card is going to expire. The expiry date of a credit card is displayed prominently on the card and it tells you the month and year the card is set to expire. This means an expiring credit card should be good to use right up until the very last day of the month. Continue reading

New Report Suggests Many Australians Are Struggling With Credit Card Debt

Post by Sharat on August 7, 2018 · Under credit cards · Comments Off on New Report Suggests Many Australians Are Struggling With Credit Card Debt 

A new report by ASIC has found that 18.5% of Australians are struggling with credit card debt. The outstanding credit card debt in Australia totals $45 billion with $31.7 billion of that incurring interest. ASIC Deputy Chair Perter Kell says the findings prove that credit cards can result in financial difficulties for many Australians. Other research suggests that one fifth of all cardholders in the country are in a long-term debt trap with 1 in 10 carrying credit card debt for over a decade. Continue reading

Australians Not Using Balance Transfer Cards Properly

Post by Sharat on April 21, 2018 · Under credit cards · Comments Off on Australians Not Using Balance Transfer Cards Properly 

Balance transfer cards are popular with Australians seeking to pay down their credit card debt because they come with an interest free period. That does sound good doesn’t it? Unfortunately, the reality is most Australians are seriously misusing these cards and its costing them a packet. According to RateSetter 44 per cent of Aussies who use these cards to try to pay down debt fail to do so within the interest free period because they are unable to resist the temptation of spending more. A further 12 per cent simply lack the discipline to make the monthly minimum payment. Continue reading

Common Balance Transfer Pitfalls

Post by Sharat on April 7, 2018 · Under credit cards · Comments Off on Common Balance Transfer Pitfalls 

Balance transfer cards are useful because they allow credit card borrowers to consolidate their debt onto a single card that usually has a long interest free period. This means the borrower is able to pay off their debt without incurring additional interest rate charges. This does sound too good to be true doesn’t it? Well to some extent it is, there is a catch, lenders are increasingly tacking on fees to transfer a balance, which is usually some fraction of the balance being transferred. Continue reading