A frequent flyer credit card is a loyalty program offered by a credit card issuer often in conjunction with an airline. Typically credit card holders who own a frequent flyer credit card accumulate frequent flyer miles, kilometres or points depending on the amount spent on the credit card. The frequent flyer miles accumulated can then be redeemed for free air travel, other goods or services or better benefits including business or first class upgrades, access to airport lounges or priority bookings.
When choosing a frequent flyer credit card, borrowers should take the time to determine who long the expect it will take to earn enough points or miles to receive a free ticket. They can do this by simply dividing the average amount they spend on a credit card by the standard number of points required to earn a free ticket. For example if it takes 25,000 points to earn a free ticket and the borrower expects to receive 6000 points a year for their spending on a the credit card, then it will take the card holder approximately four years and two months to earn a free airline ticket (25,000 divided by 6,000)
Economists at Australian banking major ANZ are predicting that the Reserve Bank of Australia will cut the official cash rate to as low as 2 per cent by the end of next year, arguing that it may be more prudent for the government to back away from its budget surplus plans.
The economists are basing their prediction on the back of a weak Australian economy and modest gains in the global economic outlook.
The latest retail forecasts are projecting that Australians will spend approximately $32 billon over Christmas, with the average spend per person estimated to be $1200.
The forecast represents an increase over past years and is a major bonus for the retail industry which over the last few years has felt “more Grinch than Santa” according to Margy Osmand, the chief executive of the Australian National Retailers Association (ANRA)
The extremely detested surcharge that consumers are hit with when paying for a cab ride using a credit or debit card is unlikely to survive into the new year if the Australian central bank has its way.
The Reserve Bank has revised the rules regarding surcharges which are effective next year, tightening the language and making it explicit that the surcharge rules also apply to the taxi industry.
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