June 20th – This week's Australian credit card news
Posted June 20th, 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.
Commonwealth Bank lifts interest rates: other lenders to follow - Dynamic Business
Commbank lifted their interest rates on home loans and business loans by 0.1%, and the market can expected other Australian banks to follow.
Wayne Swan said the move was ‘selfish’, and Ms. Julia Gillard was ‘furious’ at the rate change saying “The Government has been acting to stimulate the economy to support Australian jobs, the Reserve Bank has been decreasing interest rates once again to spur activity and here we have the Commonwealth Bank acting in completely the reverse direction. This is a decision the Government is rightly furious about and one we are describing as selfish because that’s precisely the right word.’
Give consumers a little credit when it comes to managing their debt - Crikey
Figures show a reduction in credit card usage from Australian’s with the Reserve Bank revealing that the average credit card balance declined by an annual 1.2% to $3,o80 in April. This is the first fall since records began being kept 14 years ago. The total credit and charge balance fell 0.6% from $44.358 billion to $44.073 billion. The figures are reflective that Australian’s have become a bit more conservative with their spending mainly due to risk to job security amidst the global financial crisis.
Caught in the balance transfer trap - Herald Sun
Did you rack up a balance on your credit card over the Christmas & holiday season, then transfer that debt to a 0% low-rate balance transfer credit card? I was interviewed by the Herald Sun for my opinion on balance transfers. Statistics from the Reserve Bank of Australia indicate that people with a credit card balance of $10,000 can save up to $4,400 by taking advantage of one of the balance transfer credit card offers available in the marketplace.
Call to cap fees and salaries - The Canberra Times
Independent Senator Nick Xenaphon has put forward a plan to limit bank fees and executive pay, and cap credit card interest rates. Mr. Xenaphone proposed that banks be limited to charging 5% above their mortgage rates when setting credit card interest rates, aiming to keep interest rates and fees proportional to the cost of their services.
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.
Citibank puts Virgin back in business – Broker News
We were quick to report the great news that we could be seeing a Virgin Credit card again in 2010, with Citibank entering a profit sharing agreement with Virgin, helping re-launch a credit card and a high interest online savings account.
Stay tuned next week for more Australian credit card news and a wrap-up finance updates in the Australian market.
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Comparison of our Top Credit Card Offers
| 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 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 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% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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