Featured Credit Cards for May

St George Vertigo MasterCard

• Rate : 10.99 %
• Balance Transfer :
  0% (for first 6 months)

 

Citibank Clear

• Rate : 11.99 %
• Balance Transfer :
  0% (for first 6 months)

 

Aussie MasterCard

• Rate : 11.99 %
• Balance Transfer :
  0% (for first 6 months)

 

NAB Low Rate Visa Card

• Rate : 12.79 %
• Balance Transfer :
  0% (for up to 6 months limited time only)

 

St George Starts Low, Stays Low Credit Card

• Rate : 12.99 %
• Balance Transfer :
  12.99%

 

Clearing the payment headaches

Online payment systems can be a bit of a nightmare. Making sure you are on a safe site, typing in the numbers correctly and making sure the site does not time out before you have done that can induce headaches.

Alongside that, many sites only allow a limited number of credit cards, ruling out consumers with debit cards or other forms of payment.

As a result, credit card holders are likely to see a change in the way online retailing is done throughout Australia. Recently, the industry body - the Australian Payments Clearing Association - voluntarily opted to clean up the messy process of retrieving funds mistakenly deposited into the wrong accounts.

While no figures exist of the amount of transactions that go wrong, or the amount of mistaken payments which occur, it can be very traumatic for those involved.

Chris Hamilton, the chief executive of the Australian Payments Clearing Association, says: "It is very rare but upsetting to the person involved when it happens. There is also reputational damage [for the institution] and they want the customer to go away happy."

Earlier this month, as part of a wide ranging report into the country's payments systems, the Reserve Bank of Australia stated that it would like to open up the options for consumers to pay with more than just credit cards - in a bid to cut down on the growing levels of personal debt in the country.

Compare and apply for Australia's best credit card offers.