
Aussies could save a $2.1 billion by switching credit cards
If you’ve been looking for a sign to downgrade your high interest credit card, this is it. According to the latest Mozo research, if Aussies switched their high rate plastic to the market leading low rate card, we’d collectively have an annual saving of $2.1 billion or or an annual saving of $570* per cardholder! We found that the highest credit card interest rate in the Mozo database clocks in at a whopping 24.99%, 17.50% higher than the lowest credit card rate on the market. Mozo Director Kirsty Lamont believes now has never been a better time to make the switch, as many high rates come with rewards and perks that are out of the question until further notice. “At a time when travel linked rewards on high interest rate credit cards largely grounded due to the pandemic, getting value through this premium card category has become more challenging,” she said.
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