Ever felt confused about all the bells and whistles attached to your credit card? Unsure how it all works? Well, it's time to get straight up! Today, major bank NAB has done just that and launched a new product: the StraightUp credit card. Unlike other credit cards that charge interest, this card comes with no interest at all. Yes, you read correctly … no interest. Instead, customers are charged a monthly fee which ranges from $10 to $20 and is dependent on the credit limit attached to the card:
Today major bank Westpac and credit card giant American Express have officially cut ties. Moving forward, the Westpac Altitude Black and Westpac Altitude Platinum will no longer come with the option to bundle with an American Express card. According to Westpac, there has been a shift in consumer appetite for bundled credit card products. The decision was made in partnership with Amex. “In the current environment, stats have shown that Aussie spending is low,” Mozo Director, Kirsty Lamont said.“So naturally, some credit card users might be looking to ditch their bundled credit cards and opt for something that suits their needs better, like a low rate credit card or different rewards program.” But what does the split mean for current cardholders? If you currently hold an Westpac/American Express credit card bundle, Amex will get in contact with you directly about what this change means for you. The good news is though, the split won’t affect your rewards points. Current customers will still earn points in accordance with the loyalty program they are currently enrolled in. But for new customers, these Westpac/Amex bundles will no longer be available. Both credit card providers still have a bunch of great options. Here is what else is on offer:
In life you’re likely to experience a lot of ‘firsts’, like your first car, apartment, or holiday overseas. But one thing you might not give much thought to is the first time you apply for a credit card.
With some Aussie states in partial or full lockdown, many shoppers are looking for contactless ways to get what they need. From groceries to furniture, makeup to clothing, there are plenty of ways to get your shopping to your door in a more convenient way.
From building credit histories to being a lifesaver in emergencies, a credit card can be used for a number of reasons. And in some circumstances, having more than one can provide spending flexibility and freedom. But is owning multiple credit cards a recipe for financial disaster or a clever way to get more bang for your buck? We’ll tell you what you need to know.
As the financial impact of the COVID-19 pandemic continues to hit Aussie families, many people remain concerned about what the future will bring.In fact, fresh Mozo research shows that 49% of Australians spend at least an hour worrying about their financial well being each day. Currently, 4 out of 5 people are feeling some level of concern about their finances, while 65% are uncertain about their future employment. “Covid-19 has presented a lot of financial uncertainty with unemployment hitting 7.4% in June and predictions it will reach 9.25% by December,” says Kirsty Lamont, Mozo Director. “While saving is a priority, for many Australians there isn’t quite enough to come and go on - half the population is considering a new line of credit at this time, while one in ten admitted they were using buy now pay later platforms to get by.”“Concerningly, financial vulnerability is incredibly high right now with 48% saying that meeting financial obligations will be touch and go. 1 in 10 Australians reported that they felt like they are a few steps away from homelessness. With so many people feeling a high degree of financial stress, purse strings are being tightened and non-essential spending has taken a sharp dive.”
Despite the country’s hesitancy to spend at the start of the Covid-19 lockdown, recent figures from ME Bank found that Aussies aren’t ready to give up their plastic just yet. According to the ME Household Financial Comfort Report, credit cards are still the nation's preferred payment method, with 46% of respondents claiming they had used their credit card in the past six months. Surprisingly, it was Buy Now, Pay Later (BNPL) services that were on the decline, with only 13% of Aussies reporting they had used a BNPL platform within the last six months. “Buy Now Pay Later certainly hasn’t replaced the credit card yet. Credit card usage is holding steady while Buy Now Pay Later is dropping,” said ME general manager personal banking, Claudio Mazzarella.“It doesn’t matter how innovative the lending method is, most Australians are wary of getting into more unsecured debt in the midst of a global and domestic economic crisis,” he said.
In the wallet of the average Aussie you might come across a few essentials like a debit card, a drivers license, some cash and of course the handy credit card. According to the Reserve Bank of Australia (RBA), there is now a credit card for every adult Australian, with the total number hitting an impressive 16 million. But while it might seem like they’ve been around for a long while, credit cards only made their way to Aussie shores in 1974, making them just 46 years old. And within those 46 years plastic has taken on many forms, from low rate to balance transfers or travel and rewards cards. Younger Aussies are even choosing to adopt emerging platforms, like Buy Now, Pay Later (BNPL) as a preferred ‘line of credit’. So could credit cards become a thing of the past? This report answers that and more.
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