June 13th – This week's Australian credit card news
Posted June 15th, 2009
Last week featured some interested articles from Australian media outlets. The following credit card and finance-related articles have been handpicked for your reading enjoyment. To save you time, we’ve even included some key points from each article.
Weak Security opens door to credit card hacks - The Age
Article highlighting that banks and other companies still have more work to do to improve their credit card security, and protect financial identity.
Bad debt rising, with Paul Clitheroe – The Southern Star
Australian’s have collectively $33 billion in credit card debt, attracting interest rates of up to 20%. Paul Clitheroe gave two key recommendations for reducing your credit card debt:
- Make extra repayments if you are already on a low interest rate credit card to help get ahead.
- If your interest rate is 15% or higher, Paul recommends opting for a balance transfer credit card, to pay off your existing credit card debt
Shop around on credit cards, says Rudd – Brisbane Times
Mr. Rudd feels that Australian banks should be charging reasonable interest rates now that the Australian government is guaranteeing their funds. Mr. Rudd also said that with over 300 credit card offers available, “The rates vary enormously – it really does pay to shop around” further justifying the importance for consumers for websites like Credit Card Finder, a critical tool for credit card comparison.
Online transaction security: Tips for staying safe – CNET Australia
CNET Australia points out a number of key tips to ensure that you protect your financial identity when using the internet. The tips include how to bank online securely, picking a secure password, and using two-factor authentication using a VeriSign token.
Financial Crisis squeezing Gen ‘Y’ out – The Age
Gen Y have an expectation that their parents will help in paying for weddings, house deposits, education fees. Instead, parents are more concerned with paying debts, with 24% of the 1,000 Australians surveyed preferring to pay down their credit card debt. Parents want children to be more financially savvy and manage their money better. Check out our family & student finance credit card tips guide.
Credit cards: the more you fail, the worse it gets – Lifehacker Australia
A recent study shows that Australian’s are pretty good at managing credit card debt, particularly in the case where the person hasn’t had credit card debt before. The article also points out the credit cards are popular – 60% of the adult population has a credit card with a median debt of $5000 – you’re not alone! The alarming statistic is that 16% of the 12,000 who participated in the HILDA survey, “never” or “rarely” pay off their credit card debt.
Another interesting statistic from the survey was that of those Australians experiencing credit card difficulty in 2006, 29% had were also experiencing financial difficulty in 2002.
Stay tuned next week for more Australian credit card news and a wrap-up on the latest banking and finance industry updates.
Related posts:
Credit Card Offer Comparison
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 4 months (reverts to 11.99% ) | 0% for 6 months | $59 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 0% for 6 months (reverts to 11.99% ) | 0% for 6 months | $49 annual fee for the first year ($99 thereafter) | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 2.99% for 6 months | $0 annual fee for the first year ($55 thereafter) | 21.49% | |
Virgin Australia Velocity Flyer Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 2.9% for 6 months | $129 | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 0.99% for 9 months with 1% handling fee | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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