Credit card news and advice

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

Qantas frequent flyer bonus points offers to scoop up this christmas

Qantas Frequent Flyer bonus points offers to scoop up this Christmas

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!

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Using a credit card this christmas here s how to avoid a new year debt hangover

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

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.

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Online scams rise how to stay cyber safe this holiday spending season

Online scams rise: How to stay cyber safe this holiday spending season

With Black Friday and Cyber Monday sales ramping up and Christmas not far off, the Australian Competition & Consumer Commission (ACCC) has urged online shoppers to be extra vigilant. According to the ACCC’s Scamwatch, online shopping scams have increased by a massive 42% in 2020. The platform revealed that it has received over 12,000 reports of scams this year, equaling nearly $7 million in losses so far. The ACCC’s deputy chair Delia Rickard says that due to COVID-19 restrictions, more people have turned to shopping online. She says that scammers are now narrowing in on people doing Christmas shopping, including those jumping on Black Friday and Cyber Monday sales. “Scammers create fake websites that look like genuine online stores, offering products at very low prices and victims will either receive a fake item or nothing at all,” Rickard said. “They also post fake ads on classified websites, often claiming they are travelling and someone else will deliver the goods, but the item never arrives and the victim can no longer contact the seller.”Similarly, the losses due to scams on popular second hand websites like Facebook Marketplace and Gumtree have skyrocketed to $4.5 million (an increase of 60%). 

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Afterpay accepts amex tips to using a credit card with buy now pay later this christmas

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

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. 

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Credit card issuers make big profits by not passing rba rate cuts

Credit card issuers make big profits by not passing RBA rate cuts

When the RBA announces it will be reducing the official cash rate, many Aussies are left anxiously waiting for their home loan lender to make a move and follow suit. This is not surprising given that mortgages are usually the highest expense for any household.But what about the rates on our credit cards? New Mozo research has found that credit card providers have profited a whopping $6.4 billion by failing to pass on 4.40% in cash rate cuts over the past eight years. “The failure to provide rate relief to credit card customers after the RBA cuts the official cash rate has become a bad habit and a multi billion dollar business,” said Mozo Director, Kirsty Lamont. “At a time when credit card providers are faced with increasing competition from Buy Now, Pay Later services, something as simple as providing interest rate relief could be the difference between retaining customers or not.”Mozo’s data shows that the average credit card interest rate is also 164 times higher than the cash rate at 16.39%. However, while $20 billion dollars worth of balances are continuing to accrue interest across the country, Aussies have been making the effort to reduce their credit card debt, as balances have fallen by an impressive 46% since 2012.

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Pay 0 interest on your credit card spending this christmas

Pay 0% interest on your credit card spending this Christmas

December is fast approaching … wild, right?  Christmas will be here before we know it, so rather than be caught with a less-than-competitive credit card when shopping for gifts, now could be the time to snag a better deal. “Spreading the cost of Christmas is a must for many Aussies, especially given the year we’ve had,” Mozo Director, Kirsty Lamont says. “By opting for a credit card offering 0% interest on purchases, you can avoid paying interest on purchases for anywhere from 6 to 17 months depending on the card you select. This can give you a much needed breather and a chance to repay your festive season spending before being hit with expensive interest charges.”

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Credit card spending to pick up as christmas nears says citi

Credit card spending to pick up as Christmas nears, says Citi

With Christmas less than two months away, it won’t be long until the country starts buzzing with shopping. In fact, many Aussies might have already gotten a jump on their Christmas shopping, as new Citi research shows that the estimated credit card spend for October is 3% higher than September. The top three spend industries are supermarkets (10.3%), household goods retailing (8.85%) and business services (7.06%), Citi reports. Interestingly, hotels, spas and resorts have held a spot as the 11th highest spend category, which head of credit cards at Citi Australia, Choong Yu Lum says could show how many households are planning to spend at the end of the year.  “The credit card industry continues its path to recovery with ‘spend’ increasing month on month. Customer spend patterns reflect a trend towards leisure time and holiday seeking, with behaviour showing consumers are on board with the easing of isolation restrictions and are ready for a break,” he said.

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No annual fee vs low interest credit card which is better

No annual fee vs Low interest credit card, which is better?

Credit cards come in all shapes and sizes and if you’ve decided to pick one up for yourself, you might have already started comparing your options. If you like to keep your spending on the frugal side and have ruled out a rewards card, you could be tossing up between a low rate or no annual fee credit card.While both are budget-friendly choices, the type of spender you are can help determine which is the better pick for you. So if you’d like to find out the difference between a low rate and a no annual fee credit card, check out our explainer below.

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Aussies could save a 2 1 billion by switching credit cards

Aussies could save a $2.1 billion by switching credit cards

If you’ve been looking for a sign to downgrade your high interest credit card, this is it. According to the latest Mozo research, if Aussies switched their high rate plastic to the market leading low rate card, we’d collectively have an annual saving of $2.1 billion or or an annual saving of $570* per cardholder! We found that the highest credit card interest rate in the Mozo database clocks in at a whopping 24.99%, 17.50% higher than the lowest credit card rate on the market. Mozo Director Kirsty Lamont believes now has never been a better time to make the switch, as many high rates come with rewards and perks that are out of the question until further notice. “At a time when travel linked rewards on high interest rate credit cards largely grounded due to the pandemic, getting value through this premium card category has become more challenging,” she said. 

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