June 27th – This week's Australian credit card newsPosted June 27th, 2009
This week featured a lot of interesting finance news. The following credit card and finance-related articles have been handpicked for your reading enjoyment.
High Credit Card Rates Dash Hopes of Savings - Brisbane Times
Consumers are suffering more than home owners when it comes to getting their share of the recent Reserve Bank interest rate cuts. There have been 9 credit cards that have had their interest rate increase since September 2008, which is when the RBA began it’s first round of rate cuts.
Retailers welcome exemption from new consumer credit card laws - Dynamic Business
Retailers will be exempt from new consumer credit card laws under the new Consumer Credit Protection Bill, which would of required retail staff to undertake extensive training to be able to provide finance options when purchasing a product at a store.
Consumers cash in on FlyBuys - Inside Retailing
The Global Financial Crisis is encouraging more Australians to pull out their FlyBuys card to collect rewards points for credit card payments and shopping vouchers. The number of redemptions hit an all time high of 82% between January and May. Consumers are using their points to pay for everyday living expenses and necessities like grocery bills and credit cards.
Chris Bowen on National Consumer Credit Protection Reform Package - Australia.to
Chris Bowen MP, Minister for Financial Services, Superannuation and Corporate Law introduced Kevin Rudd’s new consumer credit laws in to parliament. The new regulation will establish for the first time, a single national law for regulation of consumer credit.
$136,000 trip for Rees and entourage – Brisbane Times
It’s not only regular Australians who go out on a credit card “binge” session – NSW Premier Nathan Rees & co, went on a very expensive trip to Europe costing $136,000 for the trip. His trip included some big spends at some fancy big hotels – hardly a good example and the right thing to be doing in today’s economic climate!
Stay tuned next week for more Australian credit card news and a wrap-up finance updates in the Australian market.
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%|
|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%|