Australians 'should compare credit cards to save on fees'

By Mozo ·

Australian bank customers should compare credit cards to avoid paying excessive fees, it has been suggested.

A report by News Limited claimed that on average, Australians lose $1,000 a year in bank fees.

"Often we pay those fees because of our own laziness," it said.

The newspaper noted that Aussies can save money by shopping around for credit cards. It advised people who never pay their balance off on the due date to choose a card with a low interest rate and no interest-free days. Meanwhile, it said that people who regularly pay their balance off on time will benefit from interest-free days.

"Make sure you check out the deals offered by your financial institution. Many of them offer discounted fees for pensioners, students, a range of professions and even members of sports associations," added the paper.

According to the second annual Bankwest Financial Fitness Index, almost a third of Aussie women are "financially unfit". This contrasts with a quarter of men, suggesting that women are more reliant on debt and have fewer savings.

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