credit cards

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

Australia Passes New Credit Card Regulations

Post by Sharat on March 7, 2018 · Under credit cards · Comments Off on Australia Passes New Credit Card Regulations 

Recently the Australian parliament passed laws designed to improve consumer protection as the government seeks to mitigate against rising national credit card debt. The Federal parliament effectively banned credit card issuers and banks from making unsolicited credit limit increase offers to their customers. From January next year lenders will also be required to allow their customers to make changes to their credit limits or cancel their credit cards online. Continue reading

Australians Should Not Use Credit Cards To Buy Cryptocurrencies

Post by Sharat on February 28, 2018 · Under credit cards · Comments Off on Australians Should Not Use Credit Cards To Buy Cryptocurrencies 

Towards the end of last year, the only thing everyone could talk about was Bitcoin which is unsurprising given the fact that in 2017 the value of Bitcoin rose from US$1,000 to just shy of $20,000. This means if you were lucky enough to have bought at the start of last year and sold at the high, you would have made a 1,900% return on your investment. Since Christmas much of the air has been let out of the price of Bitcoin but cryptocurrencies remain a hot topic amongst Australians throughout the country. Continue reading

Australian Credit Card Borrowers Becoming More Financially Savvy

Post by Sharat on February 7, 2018 · Under credit cards · Comments Off on Australian Credit Card Borrowers Becoming More Financially Savvy 

According to the latest data from the Australian Banking Association, there has been a reduction in Australian consumer credit card debt representing the third time this has happened in the history of the country. Despite the debt reduction, the total amount of outstanding consumer credit card debt is a staggering $52.2 billion. Tony Pearson Chief Economist for the ABA says that credit card holders are becoming more financially aware and are making sure they pay down debt and keeping their interest rate expenses low. Continue reading