This week in banking news - RBA, Aussie homes underinsured, energy prices and Citibank’s special offer
- The Reserve Bank of Australia’s decision not to cut the official cash rate this month.
- Find out why some Aussies homes are underinsured by as much as 66%.
- Why Victorians might be seeing a difference in their energy bill.
- Online business loans lender Prospa’s limited time offer.
- How Citibank customers in New South Wales can get $5 cashback this November.
All in this week’s banking recap.
The RBA decides to keep the cash rate at record low 0.75%
Despite speculation that Aussies might be dealing with back to back cuts, the Reserve Bank of Australia (RBA), decided not to make any changes to the official cash rate this month. This means that it will stay at a record low of 0.75% for the foreseeable future.
Although the cash rate will remain the same this time around, both interest rates on home loans and savings accounts are still feeling the effects of the previous cuts.
New research finds Australian homes up to 66% underinsured
Research conducted by MCG Quantity Surveyors has revealed that a worrying number of Australian homes could be underinsured by as much as 66%. Director of the company, Marty Sadlier suggested that inaccurate online calculators could be the main reason that such a large number of homes are lacking the proper insurance premiums.
Plus with bushfire and flood season just around the corner, this is definitely not something to be brushed aside. Taking out an insurance plan with underinsurance cover and considering a total replacement policy are just a few things you could do to try and protect your home from underinsurance.
And if you are on the hunt for a new policy, why not head to Mozo’s home insurance comparison page, to see what plans are out there.
Victorians may have noticed a change on their energy bills
Following the regulations put in place on July 1st this year, Victorians might have begun to see a difference in their energy bill.
As per the new regulations, energy retailers are now obliged to show a best offer alert on the customer’s bill. With these new alerts the Victorian government hope to help households, who may be paying more than they need to, save money on their energy bill.
Of course, it might still be a good idea to shop around and see what deals other energy providers have to offer. And you can do just that, using Mozo’s energy plans comparison page to find the best energy prices available in your area.
Prospa’s new business loans deal
In more good news, online business loans lender Prospa’s new limited time deal could help small businesses break even over the Christmas period.
Businesses who either apply for a new loan or refinance their existing loan will be able to pause repayments for a whole six weeks. All you have to do is settle the loan by December 31st and give Prospa notice of two business days before activating the payment deferral.
Or, if you’re keen to set up an ongoing line of credit for your business, Prospa is willing to waive the $195 activation fee, granted your business is approved and you draw down upon a new Line of Credit by December 31st.
Citibank customers can beat Monday blues with $5 cashback
Speaking of deals, Citibank also have a pretty enticing incentive for Citi Visa credit card holders in New South Wales. As of this week, Citibank customers can earn $5 cashback for tapping on and off with their credit card, anywhere within the Opal card network.
The deal is valid every Monday this November, meaning that at the start of every gloomy working week this month, you could potentially be bagging a sweet $5 cashback. Or to put it another way, the price of a coffee or a tasty sushi roll. So granted you tap on and off on a Monday this month with your Citi credit card, you can expect to have a tidy sum credited to your account within 60 days of the offer end date.
Curious to find out about other credit card deals? Why not check out the rewards credit cards below to discover what other perks are on offer.
Compare rewards credit cards
Citi Rewards - Rewards Points Offer
100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Citi Rewards Program$199 $99 in the first year100,0001 point up to $10,000/monthRewards - Rewards Points Offer
100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
- Intro rate
- -
- Ongoing Purchase rate
- 22.49% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 22.99% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.40%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Mastercard, up to $10,000 per month
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 19,500 points (excluding taxes and charges)
- 299,000 points (excluding taxes and charges)
- 20,900 points
- Card Benefits
- Extended Warranty Insurance,
Purchase Protection Insurance,
Mobile Phone Insurance - Rewards Bonus Points Points uncapped for eligible international purchases.
Read reviews and learn more about Citi rewards credit cards
American Express Explorer® Credit Card
Receive 50,000 Bonus Membership Rewards Points when you apply online, are approved, and spend $4,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. New Card Members only.*
Rewards program
Annual fee
Bonus points
Earn rate per $1
Membership Rewards$39550,0002 points uncappedExplorer® Credit Card
Receive 50,000 Bonus Membership Rewards Points when you apply online, are approved, and spend $4,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. New Card Members only.*
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 2 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 50,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,000 points
- Card Benefits
- Travel Insurance,
Extended Warranty,
Account alerts by SMS,
Card Purchase Cover - Rewards Bonus Points Earn 1 points per $1 spent at government bodies.
Read reviews and learn more about American Express rewards credit cards
Citi Rewards - Balance Transfer and Purchases offer
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Citi Rewards Program$199No current offer1 point up to $10,000/monthRewards - Balance Transfer and Purchases offer
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
- Intro rate
- 0% p.a. for 15 months
- Ongoing Purchase rate
- 22.49% p.a.
- Balance transfer rate
- 0% p.a. for 15 months and then 22.99% p.a. (2.00% balance transfer fee)
- Cash advance
- 22.99% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.40%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Mastercard, up to $10,000 per month
- Reward point expiry
- Never
- Bonus points
- No current offer
- Rewards
- Points
- 19,500 points (excluding taxes and charges)
- 299,000 points (excluding taxes and charges)
- 20,900 points
- Card Benefits
- Extended Warranty Insurance,
Purchase Protection Insurance,
Mobile Phone Insurance - Rewards Bonus Points Points uncapped for eligible international purchases.
Read reviews and learn more about Citi rewards credit cards
American Express Essential® Rewards Credit Card
Receive 40,000 Bonus Membership Rewards® Points when you apply online by 28 January 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Membership Rewards$10840,0001 point uncappedEssential® Rewards Credit Card
Receive 40,000 Bonus Membership Rewards® Points when you apply online by 28 January 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 40,000
- Rewards
- Points
- 15,600 points (excluding taxes and charges)
- 239,200 points (excluding taxes and charges)
- 20,000 points
- Card Benefits
- Extended Warranty,
Account alerts by SMS - Rewards Bonus Points Earn up to 5 points per $1 spent on eligible eat and drinks purchases, up to 3 points per $1 spent on selected streaming subscriptions, up to 2 points per $1 spent at selected major retailers.
Read reviews and learn more about American Express rewards credit cards
American Express Qantas Ultimate Card
Receive 50,000 bonus Qantas Points when you apply online by 14 January 2025, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available for new American Express Card Members only.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$45050,0001.25 points up to 100,000 points/year, then
1 point uncappedQantas Ultimate Card
Receive 50,000 bonus Qantas Points when you apply online by 14 January 2025, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available for new American Express Card Members only.
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 50,000
- Rewards
- Points
- 8,000 points (excluding taxes and charges)
- 110,400 points (excluding taxes and charges)
- 20,010 points
- Card Benefits
- Account alerts by SMS,
Card Purchase Cover ,
Travel Inconvenience Cover - Rewards Bonus Points 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.*
Read reviews and learn more about American Express rewards credit cards
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