Complacency with credit cards is leading to millions of Australians losing out on $100 a year, new research has revealed. 7NEWS
, but a failure to compare interest rates and switch cards could be costing the average consumer $100 a year, according to Finder’s latest analysis.Looking for a new job or job candidate? Post jobs and search for local talent onFinder analysis shows the average credit card holder has a 14.7 per cent interest rate on their current card and, according to the latest Reserve Bank of Australia figures, manages an average balance of $1,392 accruing interest.
A simple switch could bring valuable cash back amid mounting cost of living expenses, says Finder credit card expert Amy Bradney-George. “Given the cost-of-living crisis, no one with a credit card should have to pay for the cost of loyalty. But if you don’t shop around after getting a card, you won’t know how much value you could get elsewhere.”
Monthly purchases on credit cards reached a record high of $33.5 billion in January — a jump of 17 per cent or $4.9 billion on last year.
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