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Author: Shaun Trindall

Do you know your credit card rate?

Our Mayfield Branch Manager asks if you are paying too high a credit card rate as a new survey shows many people don't know what the interest rate is on their card.  

A new survey by consumer organisation Choice shows that almost half of Australians don't know the interest rate they pay on their credit cards.

Choice commissioned the online survey of 1,045 Australians in May.

Forty eight per cent of respondents who had used a credit card in the last three months said they either didn't know or weren't sure what interest rate currently applied to new purchases.

Choice CEO Alan Kirkland said banks earn an estimated $6.2 billion in revenue from average credit card interest rates of 17.16 per cent.

The good news for Greater Building Society customers is that its low rate Visa card rate starts at just 9.25 per cent after The Greater cut a full one percent from its rate on June 1. According to Rate City the Greater's card is the best-performing generally available card in terms of rate reductions.

If you are not sure of your credit card rate simply check your statement or ask your financial institution. If you are paying too much, switch. Simply call me or one of my colleagues on 1300 651 400 or visit a Greater branch today.

 

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