With more than 15.5 million credit cards currently in circulation, and an average of $22 billion spent on credit card purchases every month in the past year, it’s fair to say Australians are fond of paying with plastic.
If used correctly, credit cards can be an incredibly useful tool. But there are common credit card traps that can turn spending into bad debt – particularly at this time of the year, according to Australia’s financial comparison website, RateCity (www.ratecity.com.au).
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^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, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.