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News: Issue 1
In the dark on credit cards
 Do you know how much interest your credit card charges you? Around half of all Australians with cards have no clue, says a recent online poll.
Many of us cop a 19 per cent charge, when with some careful research we could be using a credit card with an interest rate as little as 8.99 per cent.
The survey also revealed that one in three Australians (32 per cent) likens the attachment they have with their credit card to being trapped in an abusive spousal relationship and that more than a quarter of us (27 per cent) own four credit cards or more.
While paying your card off in full each month is the best strategy, many small business owners or self employed people use credit cards to help manage their cashflow and used sensibly a credit card can be a useful tool for a family or business.
“It is absolutely unnecessary for Australians to feel so trapped by their credit cards,” says Kevin Sherman, General Manager of credit card comparison engine ARTOG.com.au, who conducted the survey of 2,033 Australians of all ages.
Sherman suggests that if you’re finding it hard to pay off your credit card, you should search for a card with a better rate or an attractive balance transfer options.
“Some cards offer a 6 month interest free period on balance transfers. During this time, be strict and pay your credit card off in full,” he says. |
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Avoid dodgy tax schemes
