Business and finance news is constantly changing, so it’s crucial to pay attention to what happens in the news.
Australia and indeed the world is constantly evolving, and nowhere is this more evident than in the personal finance and credit card categories.
Technologically speaking, credit cards and the software used to manage them is constantly being updated.
Today there’s the possibility to pay for items using your phone or a credit card with PayPass or payWave enabled. Merchants can now also accept credit and debit card payments using nothing but their smartphone and a small card reader.
From a legal and ethical standpoint there’s also the constant reforms process bodies like the Reserve Bank of Australia (RBA), Australian Securities and Investment Commission (ASIC) and Australian Competition and Consumer Commission (ACCC) take part in to make our spending safer and cheaper.
There’s also the constantly changing economic landscape and the way credit card providers are responding to these changes through the release of new innovative products.
What you’ve missed
Here’s a small selection of what you could’ve (or have) missed by not listening to credit card news.
Signatures for credit card payments won’t be around for long
Paying for an item by signing was once the only way to pay for something with a credit card. Then the PIN came out, and credit card payments were able to be made by typing in this number rather than signing.
If you haven’t been paying attention to credit card news you wouldn’t know that credit card signatures are being phased out by the ACCC. Soon the only way to pay will be with a PIN or using a payWave or PayPass terminal.
Credit card surcharges have been scaled back
If you weren’t paying attention to credit card news back in 2012 you would’ve missed out on seeing consumers take the fight to airlines, taxi companies and other industries against exorbitant surcharges.
You would’ve also missed out on the opportunity to join a 40,000-plus group of consumers who petitioned against Jetstar’s expensive credit card surcharges. There was also a government consumer survey you could’ve participated in to give your say, and the RBA’s response to limit credit card surcharges.
Credit files are now positive in addition to negatives
Paying attention to credit card news is also useful when it comes to your credit file. Not paying attention to the news would’ve meant you wouldn’t know that starting in 2014, credit files in Australia will take into account not only the negative aspects of your credit file, but now also the positive aspects.
This means those who previously couldn’t get credit may have a better shot if they have savings accounts with regular deposits and pay their bills on time.
Credit card reforms have changed the order of adverse payments
The final important development you would’ve missed out on if you didn’t pay attention to the news came in the banking reforms of 2012. These reforms had many changes, one of which was the decision that all banks must now direct your payments to the most expensive part of your credit card debt first.
Prior to this, repayments would pay off the cheaper of your credit card debts, while expensive charges which gathered the highest amount of interest like cash advances were left to gather more interest.
Credit card incentives are getting more and more competitive
Now is a good time to compare credit cards. Bonus points offerings for rewards cards are in force, as are competitive balance transfer and interest free purchase offers. New innovative products are also coming out targeted at all types of spenders from hardcore travellers to those wanting a credit card solely for emergencies.
If you don’t pay attention to news you might now know how to leverage these new developments. So how can you keep abreast of what’s going on in your country?
- Check CreditCardFinder often. We publish the latest news and information on a huge range of topics about credit cards, from the fundamentals to credit card interest to the latest developments in technology and banking reforms.
- Subscribe to our newsletter. An easy way of keeping informed without having to do anything is subscribing to our bi-monthly newsletter. It’s packed with new deals, products and news.
- Follow us on Twitter with @ccfinderau. Keep to the date with the latest news, updates and credit card reviews by following us on Twitter.
- Research the latest deals. If you have a spare moment why not look at the latest deals. Balance transfer offers and purchase rate deals are tweaked by card providers all the time, so if you’re looking for a good deal check back with us often. It could save you thousands. As mentioned, many card providers are now offering bonus points for signing up, so check back on a regular basis to see the most competitive of these. There’s categories for each of these on our site so you can find out instantly.
If you own a credit card, keeping up to the date with the latest announcements will make sure that you make educated purchases. Remember to regularly compare credit cards so you are always getting the deal fit for your financial situation.