Aussies advised to shop around for credit cards

Going online to compare credit cards may enable those who already have plastic to save money, an expert has suggested.

Jackie Pearson, managing editor of YourMoney Magazine, asserted that Aussies should not be distracted by offers such as frequent flyer points and low introductory rates.

Instead, she recommended that those who already have an outstanding balance focus on finding credit card deals with low ongoing interest rates.

"Many people stay with the same card provider for years to avoid the hassle of switching, but you could be finding a better deal elsewhere so it's important to shop around," she stated.

According to YourMoney Magazine, taking care when heading online to compare credit cards could help Aussies to save hundreds of dollars each year.

Last month, data from the Reserve Bank of Australia revealed that in May 2011, borrowing on plastic rose to nearly $50 billion, up 45 per cent on the figures from five years ago.

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