November financial wrap up
Article by Ben Tosi
With just one month left until the new year ticks over and even less until Santa climbs down the chimney, Aussies might have taken their eyes off the big headlines to come from November. But fear not, we’ve wrapped up the month’s money must-knows, bow and all, so that you can head into, what is sure to be a busy December, financially prepared.
Stealing the spotlight in November was credit card chat, but Aussie energy was also the talk of the town. There is also a bunch of Christmas tricks and tips to know about, plus travel money matters to get through.
Grab a coffee, or don’t, we’ll be quick. Here is the November financial wrap up:
Credit card chat ahead of Chrissy
The weather might be warming up, but it has been raining credit card news in November with a bunch of providers kicking off the month by offering you a range of new incentives, including bonus point and cashback offers as well as cuts to purchase rates. This month also saw regulatory giant, ASIC cast a cautionary word in Afterpay’s direction, which might have Aussies thinking they’re better off sticking with their credit card over Christmas.
But it wasn’t all sunshine and rainbows for credit card providers. A Banking Day review revealed that Westpac and NAB late fees have been climbing over the past year and now sit at $15, which is still $5 less than both ANZ and Commonwealth Bank currently charge.
Citi released research that found 38% of Aussies were using a credit card to fund their Christmas haul this year, so it is a good thing we were given an extra way to accrue rewards points on those purchases in November. Qantas announced a partnership with Uber, meaning you can now turn your trips to and from the airport into a tidy rewards return.
Want your own rewards point redeemer? Check out a range of the most popular cards on the market, here.
RELATED: October financial wrap up
Aussie energy providers prepare for summer
The first of December brings with it the official start to summer! But while the sun is shining outside, Roy Morgan Research has revealed that the Aussie energy crisis is seriously dampening our mood, even outweighing how disturbed we are with our current political landscape. Our collective concern has been met with a mixed response by providers with EnergyAustralia hiking prices for their customers, while Momentum Energy moved to freeze prices.
There was a whole lot of renewables chat doing the rounds after it was revealed that Aussie households are increasingly being kitted out with solar panels. A spike in solar installations over the month of August is estimated to power 25,559 homes and slash $180 million from energy bills across the country, but some states need more help than others!
For example, South Australians can expect to pay the least for their energy needs over the next six months, while recent analysis of the Victorian energy market revealed that their prices continue to climb. Fortunately, the Andrews State Government announced a power rebate for customers of three major providers who aren’t currently on a discounted energy plan.
And if all that doesn’t work out we’ve got our friends and family to fall back on, right? AGL pioneered a ‘peer-to-peer’ energy trading scheme that is operated via an app, allowing you to send excess solar power to anyone who needs it.
RELATED: September financial wrap up
And we’ve got you covered.
In November, Mozo revealed the best and worst ways to pay for Christmas, weighing up the pros and cons of using a credit card versus a personal loan - which will you choose? If you opt for a plastic product we also ran through some common credit card mistakes, and more importantly, how to avoid them and stay debt-free this festive season. But if a personal loan is more your style, Mozo recently crunched the data on 239 personal loans from a staggering 73 financial institutions and released this list of winners as part of our Experts Choice Awards - happy hunting!
The month just passed also saw Mozo tackled the age-old question: where to do the Christmas grocery shopping haul? ALDI offered the best bang for your buck, trumping Woolies and Coles and offering savings of up to 25% compared to the competition.
The travel money must knows to come from November included ING’s announcement that it would be scrapping overseas fees on its Orange Everyday Account, making it an attractive option for your next holiday abroad. We were also given a timely reminder that traditional banks aren’t the most economical option when it comes to sending your money overseas, so check out some specialist IMT providers before you start sending your hard-earned cash to family and friends abroad this Chrissy. And finally, more and more Aussies are heading out onto the open water for their annual family holiday according to research from Lonely Planet, with this travel trend tipped to peak in 2018.
If you’re kicking off the new year with a cruise, make sure you’re covered by comparing a range of travel insurance policies here.