Credit card news and advice - page 9

What you need to know about the new American Express Cashback Credit Card

Thursday, 22 April 2021

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.

Amex Shop Small campaign is back in 2021 - with a twist

Thursday, 1 April 2021

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).

50% of Aussies still have Christmas credit card debt

Thursday, 4 March 2021

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.

CommBank’s interest-free credit card surges in popularity amongst millennials

Tuesday, 16 February 2021

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:

7 ways to cut credit card debt in 2021

Thursday, 21 January 2021

Whether it’s to pay for big ticket items or to support yourself through a financial emergency, there are all sorts of reasons why you might be considering a credit card this year.But while credit cards can help you out of a bind, the flipside is they could also lead you down a rabbit hole of debt, if not managed responsibly. Credit Counsellors Australia ’s senior insolvency officer, Matt Shepherd says a mistake many people make is that they treat their credit card as ‘free money’ rather than borrowed money.  “We find that when people pretend like their debt isn’t there, that’s when it can really get out of hand. Due to interest and things like [late fees], a couple hundred dollars can turn into a thousand dollars very quickly,” he says. The good news though is that you can use a credit card without ever falling into debt. All it takes is practising healthy money habits, such as sticking to a solid repayment plan and being proactive with your plastic - that might mean knowing your interest rate, reducing your credit limit or switching to a more suitable card.We spoke to three personal finance experts about their top tactics for staying debt-free over 2021. Here’s what they had to say.

Award winning credit cards revealed for 2020: Mozo Experts Choice Awards

Last updated Thursday, 31 December 2020

Aussies love to spend, and a lot of us are using credit to purchase everyday things as well as big ticket items. So, it’s important to find a credit card that suits your needs and budget. The old stigma that credit cards were something that would get you in debt has long changed, and the “smart” use of plastic has helped many Australians, consolidate debt, score rewards and even manage cash flow for their business.For the 2020 Mozo Experts Choice Awards, Mozo judges compared 215 personal credit cards and 45 business credit cards, from over 70 financial providers, proving just how saturated and complex the market can be when trying to choose one that meets your needs.“Credit cards come in all shapes and sizes, and whilst they are a convenient way to pay, many card holders are still getting stung with high rates, annual fees and unnecessary usage charges,” said Mozo Expert and awards judge, Peter Marshall.“Our awards aim to help consumers find the credit card that’s right for them, whether it’s a low rate, great rewards or an appropriate business card for their needs.”With over 16 million credit cards in the Australian market according to the Reserve Bank of Australia, finding the right one has never been more important.Credit Card Provider of the YearFor the fourth year in a row and proving that consistency is key, American Express has taken the crown yet again as Credit Card Provider of the Year!The coveted title comes together with eight individual awards in all three categories assessed; personal, rewards and business cards. So it’s no small feat for American Express to add this award to their outstanding reputation in the industry.

Qantas Frequent Flyer bonus points offers to scoop up this Christmas

Thursday, 3 December 2020

Bit of a sucker for credit card bonus points? Well you’ve come to the right place. With Christmas around the corner, it’s likely your spending is going to increase, so now could be the perfect time to capitalise on a bonus points offer. And if Qantas Frequent Flyer is the program for you, there are plenty of options out there. At the moment, there are over 60 credit cards on the Mozo database that have bonus points offers attached. In most cases, these offers require a new cardholder to spend a certain amount in a selected period of time in order to receive a lump sum of rewards points. Of those credit cards, 28 have Qantas Frequent Flyer bonus offers: ranging from 15,000 points up to a generous 150,000. Check out some of these offers below!

CommBank launches interest-free credit card Neo: here’s what you need to know

Wednesday, 2 December 2020

CommBank has officially launched its brand new interest-free credit card Neo, just three months after its announcement. Customers who sign up for a Neo interest-free credit card will have their pick of three credit limits and are assigned a monthly fee based on the limit they have selected. The credit limits and fees are:

Using a credit card this Christmas? Here’s how to avoid a new year debt hangover

Wednesday, 2 December 2020

For many Aussies, Christmas is the time of year to indulge, whether that’s having a festive drink or an extra slice of cake. But for some, it can often mean spending more than intended on gifts, groceries and more. And rather than just starting the new year with tighter jeans, you’re instead left with a large amount of credit card debt. So if you’re planning to put some or all of Christmas on your credit card this year, having a tight repayment plan in place for the new year is essential. To get you started the right way, we’re sharing two of our top plastic picks that can help keep costs low this Christmas.

Afterpay accepts Amex! Tips to using a credit card with Buy Now Pay Later this Christmas

Tuesday, 24 November 2020

Planning to spread the cost of Christmas using Buy Now Pay Later (BNPL)? Well, just in time for the holiday spending season, credit card giant American Express has announced a new partnership with BNPL powerhouse Afterpay. According to Amex, customers can now use their credit cards to earn rewards points on Afterpay payments. All they need to do is set up their card as a payment option. The truth is, using your credit card for BNPL can be tricky business, so it’s important to know exactly how to manage your repayments and avoid further debt.