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Media Releases

Credit card spending spike expected for Easter break

7th of April 2012

Credit card use historically higher over Easter period. Australians spent extra $2.37 BILLION in lead up to Easter last year . Card holders should prepare for higher credit card bills next month.

RateCity's Reserve Bank Rate Alert - April 2012 board meeting

30th of March 2012

Potential for RBA cash rate reduction – but will lenders pass cut on in full? No movements from lenders likely until after ANZ monthly review on April 13. Fixed mortgage rates creeping up. While most mortgage holders doing well, problems at the margin – late mortgage repayments at almost 15-year high: how to avoid missing a mortgage repayment.

Most card holders are better off without rewards

28th of March 2012

Less than 5% of card holders spend enough to benefit from credit card rewards program. Average Australian would have to spend over $60,000 per year to get real value from rewards. Cards with rewards charge almost 3% higher interest and three times more in annual fee.

Borrowing power lost as property values fall

20th of March 2012

Small deposit mortgages most at risk to falling property prices. Refinanced mortgages made up 34% of all home loans financed in 2011. First home buyers and borrowers with 20%+ equity in best position this year.

ATM fees have actually fallen – a good news story for a change!

15th of March 2012

ATM fees for “foreign” machine transactions fallen by over $150 MILLION, with over 77 million fewer transactions, in just 3 years. Major banks unlikely to lift foreign ATM fees. ATM fee reforms, competition and new technology will keep driving these costs down.

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