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Date Published : Friday, April 18, 2008
As credit card debt continues to grow, more and more people across Australia are taking notice of the terms and conditions of their cards and looking at changing credit card companies.
Recent data released by the Reserve Bank of Australia showed that debt put on to credit cards continued to grow in February this year, as a result of continued spending, increased interest rates and the current global financial uncertainly.
However, credit card debt did grow at its slowest level for 13 years, as consumers pondered a credit card comparison and kept a careful check on their finances.
Credit card balances hit $43.25 billion as consumers continued to spend on their cards through the post-Christmas sales.
For those looking for a cheaper alternative to their current credit card, there are a number of different options currently on the market to suit consumers needs.
The HSBC low interest rate credit card offers consumers zero per cent interest on balance transfers until January 2009, with no annual fee required in the first year.
A 55-day interest free period is available on all purchases while the bank chares a fixed rate of 13.99 per cent after that period is over.
Meanwhile, Commonwealth Bank's no fee card - as the name suggests - does not require any annual fee, allowing consumers to keep hold of their money. A balance transfer rate of 5.99 per cent is charged for the first five months and a free additional credit card for a family member of a friend is allowed.
Compare credit card offers.
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