Credit card news and advice

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

What you need to know about the new american express cashback credit card

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

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.

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Let s give credit card rates the chop says vic treasurer

Let’s give credit card rates the chop, says VIC Treasurer

Last week Victorian Treasurer Tim Pallas threw down the gauntlet to Federal Treasurer Josh Frydenberg asking for credit card interest rates to be slashed. He argued that although the cost of borrowing money has plummeted over the past few years, credit card interest rates have remained the same. “That is unfair, it is unreasonable, and it’s unconscionable, and it has to stop,” he said.“The Commonwealth needs to step up.”To get credit card interest rates under control, Pallas has also demanded a review into how rates are set and regulated within Australia. It might not be that much of a bold statement either, as credit card rates have barely moved, despite the fact that the official cash rate currently sits at 0.1% Mozo research from November last year revealed that by failing to pass on 4.40% in RBA rate cuts over the past eight years, credit card providers have profited an eye-watering $6.4 billion. According to Pallas, the move to reduce credit card interest rates would help the banks “re-establish their credibility” with customers. While it’s unclear whether this idea will come to fruition, credit card holders can take action now against their card’s interest rate by making the switch to a better deal. According to the Mozo database, the average credit card rate is 16.87%, while the lowest sits at 7.49%, so there are some decent savings to be made by shopping around.

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Where to find a top credit card bonus points offer

Where to find a top credit card bonus points offer

Love rewards points? If you’re on the market for a new rewards credit card, a bonus points offer might be exactly what you need to scratch your points-loving itch. So which credit cards come with bonus points?  Well, last month six credit card launched fresh bonus points offers to new card members.

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Amex shop small campaign is back in 2021 with a twist

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

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).

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How to make your credit card interest free

How to make your credit card interest-free

No one likes paying interest. So why would you pay it on your credit card if you can avoid it? The truth is, there are a handful of hacks to make your credit card interest-free without chopping it to pieces.  One simple way to avoid paying interest on your credit card is by paying down your balance in full, month to month. While this might seem obvious, what it means is that whether you have a card with a 0% or 24.99% interest rate, you won’t be charged either way. So, say you have a rewards credit card with a hefty interest rate in return for a killer points earning system: if you spend and then repay what you owe each month you’re essentially using an interest-free card with all the perks! 

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Credit cards a year in review and what s changed

Credit cards: A year in review, and what’s changed?

In between investing in reusable masks and learning to ‘check in’, a lot went down in the credit card world last year. Aside from being asked to exclusively try to use plastic to limit the spread of Covid-19, credit card providers were also left with the task of managing redundant travel rewards programs and assisting financially vulnerable customers. To give you an official recap, we’ve broken some of the credit card news highlights over the last year.

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Half of aussies reaching for digital wallets over leather

Half of Aussies reaching for digital wallets over leather

Do you appreciate the fine design of a well-crafted leather wallet? Well, according to fresh numbers a large chunk of us are ditching stitching and using digital wallets to shop instead.  In fact, online financial broker firm Savvy found that 46.5% of Aussies have a digital wallet on their smartphone to store virtual debit and credit cards. Of those that use digital wallets: 

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4 balance transfer credit card offers to help get you debt-free

Whether you overindulged during some retail therapy or had a large and unexpected bill, credit card debt has a way of creeping up on us. But the good news is, you don’t have to just let it sit there accruing interest. In fact if you’re ready to put an end to your mounting debt, there is a way to do it interest-free. A balance transfer credit card allows you to move the balance on your current credit card onto a card with a 0% interest rate for a fixed period of time. If you’re thinking about picking one up, we’ve rounded up four offers to get your search started.

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50% of Aussies still have Christmas credit card debt

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.

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