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%

 

Rate rises 'will hurt those with multiple credit cards'

Consumers with multiple credit cards or large personal loans are most at risk from another interest rate rise by the Reserve Bank of Australia, an industry expert has claimed.

During April, the Reserve Bank kept interest rates on hold at 7.25 per cent. However, on the back of Australian Bureau of Statistics data which showed a 1.2 per cent growth in inflation during March, economists labelled the chances of a May rate rise as "fifty-fifty", the Age reported.

As a result, consumers are being warned to prepare for a rate rise, just in case the Reserve Bank does decide to hike rates on May 1st.

Research from Aussie Home Loans found that more that 50 per cent of its customers who speak to a financial advisor do not have the best mortgage deal available, costing potentially thousands of dollars every year.

Writing in the Australian, Aussie Home Loans' John Symond stated that consumers should be shopping around for the best deal on credit cards and all forms of loan, in preparation of another rate increase.

He said: "Credit card holders are wasting thousands of dollars by sticking with multiple or high-interest credit and store cards, instead of consolidating their debts into a low-rate personal loan and/or credit card.

"These small steps can really help out people who are intimidated and feeling the pain of higher funding costs."

Mr Symond added that savings of at least $200 a month can be made by switching home loan or credit card products.

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