Australian Credit Card Balance Reduction Sparks Bank Interest
Posted June 25th, 2009
In light of Australians reducing their credit card balances, financial lenders and banks look to step up campaigns
It was recently announced by the RBA that for the first time in 14 years, the average credit card balance in Australia actually fell.
Despite rough economic times and a hike in bank fees, Australians have been becoming more conservative with their credit card usage, with a 1.20% drop in balances down to $3080 being recorded for April.
The average balance on a credit card declined by an annual 1.2% to $3,080 in April – the first fall since records were kept more than 14 years ago.
Nicole Rich of the Australian Consumer Action Centre stated that ‘Financial lenders are looking for ways to boost consumer’s credit card balances again‘.
She stated that introductory offers and reward points are the most common forms of signing up new applicants. These introductory offers are of real value, and can be used to your advantage, it’s simply important not to get caught up in them and spend more that you can afford.
View the range of some of Australia’s most competitive reward credit cards to compare introductory offers. Until the 4th of July, if you need to reduce the amount of your interest repayments, see the official ANZ Low Rate MasterCard offer for 4.99% p.a. on purchases for the first 12 months.
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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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