New Credit Union's Terms & Conditions Reforms
Posted July 31st, 2009
Australian credit unions and building societies might soon be needing to deal with a new set of union terms and conditions within a few short months. Abacus however is not yet pleased with the current set of stipulations and has asked for a revision of some of the key points.
A recent issue by Australian credit unions has seen some interesting warning statements for those credit card consumers looking to get a better grip on their finances.
Summary of New Recommendations:
Pay off credit as soon as possible: Most interest rates on credit cards are higher than those of home loans and personal loans. Therefore it is important to pay off your credit card fast. You should also read the fine print of any contract and be wary of monthly fees and charges for late payments.
Keep an eye on the fluctuation of rates: Some companies have specific stipulations in regards to interest rate and how it will be calculated on your card. You could be required to spend a certain amount of money before the rates are lowered for example.
Seek professional help if you struggle to pay off your debt: Your first point of contact should be your financial institution.
Be wary of interest-free periods: There can be many hidden fees attached and it is recommended you read the fine print.
Australian credit unions and building societies are consistently in battle with the banks for new customers. By providing their clients with these money saving tips they certainly gain the trust of more people in the process. Let’s wait and see what happens when the new reforms are made public.
Source: Abacus
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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.) | |||
|---|---|---|---|---|---|---|
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 2.9% for 12 months | $99 | 21.74% |   |
St George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 12 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 9 months | $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 | 21.49% | |
ANZ Frequent Flyer | An exclusive bonus points offer, Plus extended warranty, overseas travel and medical insurance,90 day purchase security insurance. | 19.74% | $95 | 20.99% | |
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