Treating yourself while on holiday may be one of life’s small joys, but breaking the holiday budget is costing Aussies a collective $4.6 billion a year.
Banks are ramping up credit card repayment plans following the lightening success of Afterpay, with Australia’s biggest bank, Commonwealth also due to launch a repayment offering in coming weeks.
Australians are making fewer new borrowing commitments, and are more likely to borrow to buy a home or to spend on a credit card, according to the latest lending finance figures from the Australian Bureau of Statistics (ABS).
The trend towards low-rate credit cards has made an impact on the Australian marketplace, with the average credit card interest rate on RateCity falling to a new low in April 2018.
The latest change to credit card interest rates from American Express could see Australians clear their card debts a year and a quarter sooner, saving hundreds of dollars in interest payments, according to RateCity calculations.
There are several dozen credit cards in Australia that currently offer 0 per cent balance transfers for at least one year.
Westpac has confirmed it plans to offer least-cost routing for contactless debit card payments, which could allow retailers to lower operating costs and pass the savings on to Australian shoppers.
^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.