Credit card news and advice - page 8

All the latest credit card news and top tips to help you manage your credit card.

Commbank neo cba s answer to buy now pay later

CommBank Neo: CBA’s answer to buy now, pay later

Taking its cues from NAB, which rolled out Australia’s first interest-free credit card yesterday with the StraightUp credit card, CBA has announced the upcoming launch of CommBank Neo.The CommBank Neo card will give customers up to $3,000 of credit. There are also no interest payments, no late payments, and no foreign currency fees - only a fixed monthly fee depending on your credit limit will apply.The three credit limits with corresponding monthly fees are detailed below. However, fees will be waived for the month if the card isn’t used and you have an outstanding balance of $0 during the statement period.

Your first credit card 101 what you need to know

Your first credit card 101: What you need to know

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.

Contactless shopping what are my payment options

Contactless shopping: what are my payment options?

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.

Having multiple credit cards financial freedom or debt disaster

Having multiple credit cards: financial freedom or debt disaster?

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.

Finances in the pandemic aussies spend less and worry more about debt

Finances in the pandemic: Aussies spend less and worry more about debt

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.”

Credit card country aussies prefer plastic over bnpl during covid 19

Credit card country: Aussies prefer plastic over BNPL during Covid-19

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.

Credit cards perks and pitfalls report past present and future

Credit cards perks and pitfalls report: Past, present and future

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.