Borrowers 'should avoid rising credit card charges'

Although the official base rate set by the Reserve Bank of Australia and other central banks across the world have fallen in recent months, credit card borrowers should not assume that the rate they are being charged on their card will also fall.

Indeed, reveals that despite a series of interest rate cuts by national banks, numerous lenders have actually been taking steps to increase the amount they charge their credit card customers.

To avoid being a victim of such rises, the publication advises consumers to keep an eye on their credit card statements.

However, should they discover they are being charged an increasing amount of interest than they should look to swap products, while taking the time to compare credit cards could help them to find a competitive deal.

It was also suggested that for complete peace of mind when taking out a credit card, people should select a product providing a fixed rate of interest.

Earlier this week, the publication advised those switching to a zero per cent credit card deal to ensure they keep up their repayments, otherwise they could find they are the victim of "harsh penalties".

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