Australians urged to compare credit cards

Mozo

Tuesday 04 August 2009

People looking for cheap credit cards may be interested in the advice of a recent article on news.com.au.

The author explores the pros and cons of a number of types of deal, urging consumers to compare credit cards before deciding which one is best for them.

It explained people who pay off their cards on a regular basis and those who spend a lot on them can benefit from the various reward schemes on offer.

"However, if you are always carrying an outstanding balance and pay interest each month, forget about it," the article reads. "Reward cards are not for you."

It quotes Canstar Cannex financial researcher Peter Arnold, who explained platinum cards may be useful for big spenders as they earn rewards quicker.

However, it also explains consumer group Choice advises against reward cards unless the user is likely to make a lot of purchases.

The advice comes as St George Bank and Westpac revealed they are to cut charges for overdrafts on all accounts, in order to help customers deal with the financial crisis.

This article is brought to you by Mozo – Helping you compare credit cardsADNFCR-1761-ID-19296100-ADNFCR

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