Credit card news and advice

All the latest credit card news and top tips to help you manage your credit card.

Early online Christmas shopping? You’ll need a low fee card

Early online Christmas shopping? You’ll need a low fee card

The weather is warming up and you know what that means … Christmas is coming. It’s true, it may seem like we’ve jumped the gun a little on this one. But, if you’re an online shopper looking to buy gifts from international retailers (given COVID delivery delays) you may want to get yourself sorted now. “It’s often easy to leave Christmas shopping to the last minute, but given the current environment, shoppers are going to have to be a little more savvy this year,” says Mozo Director Kirsty Lamont. “Over the past few months, customers have seen long delay times on international orders which could ramp up as the holiday period rolls around.” 

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Do you really save with a no annual fee credit card?

Do you really save with a no annual fee credit card?

Whether you’re new to plastic or well seasoned, you have asked yourself: will I save by paying no annual fee on my credit card? Well, that all depends on your spending habits.  According to the Mozo database, credit card annual fees range from $0 to $1,200. In some instances it may be more cost effective to pay no fee and save the amount annually. But on the other hand, it could be better to pay a fee and offset it in rewards and perks or a lower interest rate. The simple way to find out if you’ll actually save money with a no annual fee credit card is to determine what type of spender you are. How exactly? Check out this scenario … 

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CommBank Neo: CBA’s answer to buy now, pay later

CommBank Neo: CBA’s answer to buy now, pay later

Taking its cues from NAB, which rolled out Australia’s first interest-free credit card yesterday with the StraightUp credit card, CBA has announced the upcoming launch of CommBank Neo.The CommBank Neo card will give customers up to $3,000 of credit. There are also no interest payments, no late payments, and no foreign currency fees - only a fixed monthly fee depending on your credit limit will apply.The three credit limits with corresponding monthly fees are detailed below. However, fees will be waived for the month if the card isn’t used and you have an outstanding balance of $0 during the statement period.

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NAB is ‘Straight Up’ with its brand new credit card

NAB is ‘Straight Up’ with its brand new credit card

Ever felt confused about all the bells and whistles attached to your credit card? Unsure how it all works? Well, it's time to get straight up! Today, major bank NAB has done just that and launched a new product: the StraightUp credit card. Unlike other credit cards that charge interest, this card comes with no interest at all. Yes, you read correctly … no interest. Instead, customers are charged a monthly fee which ranges from $10 to $20 and is dependent on the credit limit attached to the card: 

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Westpac and Amex split: what are your credit card options?

Westpac and Amex split: what are your credit card options?

Today major bank Westpac and credit card giant American Express have officially cut ties. Moving forward, the Westpac Altitude Black and Westpac Altitude Platinum will no longer come with the option to bundle with an American Express card.  According to Westpac, there has been a shift in consumer appetite for bundled credit card products. The decision was made in partnership with Amex. “In the current environment, stats have shown that Aussie spending is low,” Mozo Director, Kirsty Lamont said.“So naturally, some credit card users might be looking to ditch their bundled credit cards and opt for something that suits their needs better, like a low rate credit card or different rewards program.” But what does the split mean for current cardholders? If you currently hold an Westpac/American Express credit card bundle, Amex will get in contact with you directly about what this change means for you. The good news is though, the split won’t affect your rewards points. Current customers will still earn points in accordance with the loyalty program they are currently enrolled in. But for new customers, these Westpac/Amex bundles will no longer be available. Both credit card providers still have a bunch of great options. Here is what else is on offer:

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Contactless shopping: what are my payment options?

Contactless shopping: what are my payment options?

With some Aussie states in partial or full lockdown, many shoppers are looking for contactless ways to get what they need. From groceries to furniture, makeup to clothing, there are plenty of ways to get your shopping to your door in a more convenient way. 

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Having multiple credit cards: financial freedom or debt disaster?

Having multiple credit cards: financial freedom or debt disaster?

From building credit histories to being a lifesaver in emergencies, a credit card can be used for a number of reasons. And in some circumstances, having more than one can provide spending flexibility and freedom. But is owning multiple credit cards a recipe for financial disaster or a clever way to get more bang for your buck? We’ll tell you what you need to know.

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Finances in the pandemic: Aussies spend less and worry more about debt

Finances in the pandemic: Aussies spend less and worry more about debt

As the financial impact of the COVID-19 pandemic continues to hit Aussie families, many people remain concerned about what the future will bring.In fact, fresh Mozo research shows that 49% of Australians spend at least an hour worrying about their financial well being each day. Currently, 4 out of 5 people are feeling some level of concern about their finances, while 65% are uncertain about their future employment. “Covid-19 has presented a lot of financial uncertainty with unemployment hitting 7.4% in June and predictions it will reach 9.25% by December,” says Kirsty Lamont, Mozo Director. “While saving is a priority, for many Australians there isn’t quite enough to come and go on - half the population is considering a new line of credit at this time, while one in ten admitted they were using buy now pay later platforms to get by.”“Concerningly, financial vulnerability is incredibly high right now with 48% saying that meeting financial obligations will be touch and go. 1 in 10 Australians reported that they felt like they are a few steps away from homelessness. With so many people feeling a high degree of financial stress, purse strings are being tightened and non-essential spending has taken a sharp dive.”

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Credit card cashback offers: where to find yourself a deal

Credit card cashback offers: where to find yourself a deal

When you think of credit cards rewards you may think of things like flights, upgrades and airport lounge access. But let’s be real, who knows how long it’ll be before unrestricted travel is back in action.  In the meantime, if you are looking for a better deal on your credit card, you may want to turn your attention to cashback offers. Yes, that’s right, receiving money back in your pocket based on your spend! So, what’s on offer now? Today, credit card giant American Express launched a cashback offer on its Qantas Ultimate Card. For new customers that apply and are approved by 3 September 2020, they could receive $100 cashback when they spend $150 or more on Qantas Wine. This is on top of 80,000 bonus Qantas Points when you spend $3,000 within the first three months of being approved for the card. Want to get to know this card a little better? Check it out below!

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