Consumers 'spoilt for choice' on credit cards

Australians now have a huge range of options available when they come to compare credit cards, a commentator has observed.

Herald Sun business writer Jason Bryce noted that there has been a total of 13 new credit cards launched in 2010, mostly from big retail chains and airlines seeking to expand their customer loyalty schemes.

He also pointed to the "surprising number" of cards that still charge around ten per cent or less on purchases.

"In addition to those new cards, there is noticeably more innovation in Australia's credit market," said Mr Bryce.

"Qantas Frequent Flyer relaunched with an improved deal for most cardholders. American Express pushed the envelope on rewards points earned for each dollar spent."

He also commended the banks for "finally" embracing debt-free Visa and Mastercard debit cards.

The comments follow a recent survey by RaboDirect which found that one in five credit card holders worry about not paying off their bill in full each month, even though one in six said they are happy to make purchases knowing they cannot pay for it in the interest-free period.

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