Credit card news
The latest credit cards news and tips
Stubborn credit card debt sticks at $20 billion
Australians have wiped $6.96 billion of debt accruing interest off their credit cards in the year since COVID hit, however RBA data released today shows this figure is starting to plateau.
Travel spend on credit cards back thanks to trans-Tasman bubble
Credit card usage is making a resurgence compared to COVID-lows recorded this time last year, according to the latest Citi Australian Credit Card Index. April marks the third month in a row in which credit card spend was above COVID levels.
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Credit card lending increasing, but yet to reach pre-COVID levels
Australians are understood to be spending more confidently on their credit cards, though not yet at the same rate as before the pandemic, according to recent statistics from the Australian Prudential Regulation Authority (APRA).
Spend on travel up as consumer confidence bounces back
Consumer confidence is back, and Aussies are using their plastic again for travel, with the latest Citi research showing spending increased 23 per cent month-on-month.
How capping credit card interest rates could save Australians $1.53 billion a year
Australia’s credit card debt has risen to a total of $20.03 billion dollars, according to new RBA statistics out today. It comes as there are growing calls for the federal government to regulate credit card interest rates so there’s a maximum margin with the RBA cash rate, which is 0.10 per cent.
CBA to launch buy now, pay later platform – how it stacks up against Afterpay
CBA has today become the first big four bank to create its own buy now, pay later platform.
Payments giant PayPal to enter the buy now, pay later sector - how does it stack up?
Competition in the buy now, pay later sector has just stepped up a notch with PayPal announcing it’s joining the club.
Credit card debt drops by $149 million as Australians start the year prudently
Australians have started 2021 paying $149 million off their credit card debt in January and taking the scissors to their cards.
Buy now, pay later self-regulation missing some teeth: RateCity
The buy now, pay later industry’s new code of practice is a step in the right direction but it’s unlikely to stop many customers from overspending.
December spending spree kicks credit card debt back above $20 billion
Credit card debt accruing interest has risen for the second month in a row, now back above $20 billion dollars.
RBA governor encourages Aussies to send credit card companies a message
Reserve Bank of Australia (RBA) governor, Dr Philip Lowe, has expressed his “frustration” with credit cards charging interest rates upwards of 20 per cent, and encouraged Australians to shop around for better rates to send a message to card providers.