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With the end of lockdown in sight (hopefully) the question of international travel is hot on many Aussies’ lips. And it’s looking like if things go as projected, Australian travellers may be jet-setting around the world in 2022. That means many savvy rewards credit card users may be gearing up to earn big rewards points for their spending up until then. And what’s a good way to earn points in bulk by the time international travel resumes? Bonus points. “Earning rewards points can sometimes seem like a drawn out task, which is true as you need to spend over time to build up enough points to get rewards,” Mozo banking expert, Peter Marshall says.“That’s why taking advantage of a bonus points offer on a credit card during periods of higher spending, such as the holiday season, could be a smart way to give your points earning a boost in time for when travel resumes.”
Credit cards are a common and useful way to pay for just about anything incrementally. Many cards also offer extra benefits, such as rewards programs or insurances. That said, credit cards also often come with fees.
Online credit card provider Latitude has recently announced that it will be ditching it’s points rewards programs. The change means card holders of either the Latitude Infinity Rewards Visa or the Latitude GO Mastercard, will no longer be able to earn or redeem points from late November. Here’s a quick rundown …
You may know PayPal as a digital payment giant, but the company announced its next big step: launching its first-ever rewards credit card in Australia.The move sees PayPal expand its online offering to physical stores, with customers able to take PayPal anywhere worldwide where Visa is accepted. Cardholders can earn points with every eligible purchase and redeem them at any of the 750,000 businesses globally that have PayPal integrated at checkout (including over 300,000 in Australia). The PayPal Rewards Card comes with perks including 50,000 bonus rewards points, uncapped reward points that never expire and zero annual fees. PayPal Australia’s general manager for payments, Andrew Toon, said this flexibility could help credit card users avoid situations where they end up with Frequent Flyer or Velocity points they can’t spend because of COVID-19 border closures. “Customers have said they want a flexible rewards program with points they can redeem however they’d like,” he said.“The pandemic has made the value of flexible rewards even clearer, as many Australians have been left with travel-related points they haven’t been able to use the way they would like to due to safety concerns and border restrictions.”
If you’re in the market for a credit card, chances are you’ve seen a good mix of deals and offers from a range of providers. That’s why it’s essential to do your research and shop around. But contrary to popular belief, finding the right option is only half the battle. The other part is ensuring the card is a winner. Because beneath the flashy or limited time offers, there’s often a catch to watch out for. So to help you avoid a nasty credit card trap, we’ve listed five features to look out for during your search for your plastic match.
From racking up rewards points to scoring invites to VIP events, every rewards lover has their favourite perk. And if you’re into cashback deals on everyday spending, we’ve got good news for you. American Express has launched a brand new credit card, called the American Express Cashback Credit Card. With the card, customers will earn 1% cashback per $1 spent on eligible purchases, plus an additional 5% cashback per $1 spent for the first months once you’re approved (up to $200 cashback). You could also earn an extra 1.5% cashback for purchases made at participating Shop Small small businesses (offer ends 31/03/22). But that’s not all. Once you own an Amex Cashback Credit Card, you’ll be treated to a free Binge Basic subscription, a 12-month pass to the Centr fitness app, complimentary Smartphone Screen Insurance and access to Amex Entertainment Lounges, Plan It Instalments and other Amex offers. “We’re always looking for ways to ensure our products address the evolving needs of consumers,” said Vice President of Consumer Lending at American Express, Austin Huntsdale. “With Gen Z and Millennials seeking instant gratification through Cashback incentives and new ways to be savvier with their money, there was no better time for us to introduce Australia’s highest uncapped Cashback earning credit card – giving them a financial tool that benefits their lifestyles and spending habits.” Of course, you’ll also have standard rewards credit card features, like up to 55 interest-free days, refund and purchase protection insurance. However, like any rewards credit card, there are a few things to keep in mind. The Amex Cashback Credit Card has a 20.74% purchase rate and a $10 monthly fee, so you’ll want to make sure you’re paying your balance off in full every month. Wanna find out what Mozo thinks about the new American Express Cashback Credit Card? Check out our editorial review! Or if you wanna find out how the new Amex card stacks up to other deals in the market, head on over to our rewards card comparison tool or get started with the offers below.
If you’re an American Express customer and a big fan of the Shop Small campaign, we’ve got good news for you. Today the credit card giant has announced that not only is the Shop Small campaign back in business, it will now be a year-long movement. Just in case you weren’t aware, Amex’s Shop Small campaign is all about encouraging Aussies to do their bit and shop from small businesses. And given the year the country has just had, many small businesses are gearing up for a prosperous 2021. “The resilience that Australian small business operators have shown throughout the Covid crisis has been extraordinary,” said vice president of small and medium enterprises for American Express Australia, Lisa Belcher. “And it’s encouraging to see consumers, big business and government rallying to back the sector, but now is not the time for complacency,” said vice president of small and medium enterprises for American Express Australia, Lisa Belcher. “That’s why Shop Small is returning all-year-round, to remind shoppers that if they want to see these businesses survive they have to take action and spend with them regularly.” To take part in the Shop Small initiative, Amex customers will need to save the Shop Small offer to their eligible card and shop at participating online and in-store small businesses where they will earn an extra three points per dollar spent until 31 March 2022 (up to 40,000 extra points).
Although the festive season has well and truly passed, new Mozo research has found that some Aussies have been left with a reminder they’d rather forget. We found that 52% of Australinas used a credit card to get through the Christmas period, with one in two (56%) concerned about how they are going to pay it off. Despite the Buy Now Pay Later (BNPL) boom, only 10% of shoppers opted to use BNPL to manage their Christmas spending. “Although there has been a lot of hype around the popularity of buy now pay later services, it seems that when it comes to the crunch credit cards are still one of Australia’s most popular forms of payment, particularly when it comes to spreading the cost of Christmas” says Mozo Director, Kirsty Lamont. Mozo’s findings come as the latest figures from the RBA revealed that the country collectively has $20.16 billion worth of credit card debt. Lamont suggests to Aussies struggling to get on top of their credit card debt to consider a balance transfer credit card. These are credit cards which feature 0% interest for a fixed period of time. “Credit cards can be a useful way to manage multiple purchases however, if you’ve gone overboard and need to get respite from high interest charges to help get back in the black, balance transfer offers are worth looking at,” says Lamont.At the time of writing, there are 82 balance transfer deals available in the Mozo database, with zero interest offers ranging from 6 to 30 months. Following a quick number crunch, Mozo found that a 12 month balance transfer credit card could save a customer $679 on a debt of $4,200.
In December 2020, CommBank launched its interest-free credit card Neo with the hopes of reeling in younger Aussies who feared the classic credit card. And according to recent figures from the major bank, they’ve managed to knock that task out of the park. CommBank found that one third of all credit card approvals in December were for the Neo interest-free credit card, while the bank notes that more than half of the card’s uptake alone, came from millennials. A quick recap: the CommBank Neo credit card features no interest rate or late payment fees. In exchange for this, customers are charged a monthly fee based on their chosen credit limit. The credit card fees and limits are as follows:
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