Credit Cards - Page 8
How can struggling spenders get on top of their buy now pay later debt?
Australians almost doubled the amount of credit taken out via buy now pay later providers in the 12 months to June 2019, and are struggling to scrape together the funds to pay back the debts on time. It could be time to pull the plug and aim to build your own version of a buy now pay later facility to help quit this habit, an expert warns.
What is Zip Pay?
Zip Pay is one of several ‘buy now, pay later’ services currently operating in Australia. But how does it stack up against the others?
Does applying for a credit card hurt my credit score?
From what is a good credit score to whether applying for a credit card will hurt your score, here are the answers to some common credit score questions.
NAB customers start the week with banking outage
NAB's customers reported problems accessing their accounts via mobile and internet banking services on Monday. The nabtrade platform was also down, along with the bank's EFTPOS terminals.
Cards on the table: Latest 5-Star Rated credit cards revealed
While Australians have been reducing their credit card debt during the coronavirus pandemic, many could still stand to save on fees and interest – or get more back from their card in rewards – by moving to an outstanding value card, according to Canstar’s latest review of the credit cards on its database. Figures released last week by the Reserve Bank of Australia show that consumers collectively wiped a massive $6.34 billion off their debt-accruing personal credit card balances from March 2020 to the end of August, as coronavirus restrictions have impacted spending. But the nation’s total debt-bearing personal credit … Continued
Award-winning everyday banking for uncertain financial times
At a financially uncertain time for many Australians, Canstar reveals which bank and customer-owned institution offer Award-winning value across their range of everyday banking products. The economic turbulence resulting from the COVID-19 pandemic has meant that finding a high-value place to keep your money and manage your everyday spending has become a priority for many people. On a positive note for consumers, Canstar Research said that transaction accounts remain highly competitive in the current market, as some institutions continue to remove account-keeping and transaction fees from their accounts. The move to more cashless transactions caused by the pandemic could also … Continued
NAB's new credit card to compete with 'buy now, pay later' services: What's the verdict?
National Australia Bank has launched a new credit card, which it says offers strong features and fairer pricing than buy now, pay later services. Our experts dive in to see how it stacks up. NAB launched its StraightUp card on Wednesday, describing it as a “no interest credit card” that could give Australians “more control over their finances.” It’s open for applications from today. The card has no interest, no annual fees and no late payment fees, but it’s not entirely free of charges. NAB says customers will be charged a monthly fee, but only when they have a balance … Continued
Westpac mobile and internet banking outage leaves customers locked out
Some Westpac customers experienced issues trying to access their online accounts on Monday after the bank updated its internet and mobile banking service, Westpac Live. Update 3.42pm AEST: Westpac said its mobile and online banking services are now back up and running. A Westpac spokesperson told Canstar the online and mobile banking outage was caused by a system issue earlier today. “The issue occurred this morning following scheduled Westpac Live updates and we are thoroughly investigating the matter,” the spokesperson said. “This is not the standard of service we aim to provide our customers and we’re sorry for the inconvenience … Continued
Opinion: Credit cards in a downward spiral
This is not about calling time on credit cards. There is still the expectation they will be around for quite some time. But dark forces are amassing and it’s going to take an almighty reversal to save the product from a death by a thousand cuts. The Reserve Bank released its monthly payments data for June, revealing that credit card balances incurring interest were down $1.6 billion for June, following a $1.9 billion decline in May and a $1.1 billion drop in April. That’s down a total of $4.6 billion, the equivalent of 16.5%, in three months, leaving $23.2 billion … Continued
Forgot your wallet? Cardless cash could help
Have you ever left home only to realise that you’ve forgotten your wallet? Or maybe you’ve lost your bank card and you need access to cash? Some banks offer a feature called ‘Cardless Cash’ which may help you to get out of sticky situations like this. What is Cardless Cash? Cardless Cash allows you to withdraw money from an ATM using your phone, rather than your bank card. This might come in handy if you’ve left your wallet at home or if your card is lost or stolen. Cardless Cash was first launched in Australia in 2014 by CommBank. Since … Continued
Lockdown wipeout: How did Aussies slash credit card debt while in iso?
Among the shocking headlines that haunt 2020, here’s a sliver of positivity: Aussies have used the COVID-19 lockdown to pay off credit card debt worth billions of dollars. Here’s how they did it. The COVID-19 pandemic lockdown strategy has surprisingly resulted in a fall in credit card debt, new Reserve Bank of Australia (RBA) statistics show. The June figures, released today, show that the number of credit card accounts had fallen by more than 137,000 since May. Balances accruing interest – credit card debt – fell by $1.6 billion in June. Compared to the same time last year, credit card … Continued
CBA "sorry", sends $50 to customers after last week's bank outage
Commonwealth Bank customers might notice a free $50 has been deposited into their accounts today as a “goodwill payment” for last week’s network outage. The major bank sent an email out this afternoon to customers who’d been “significantly impacted” by a payment processing issue on 6 July, saying it was “truly sorry” for the inconvenience this caused and that they would receive a $50 goodwill payment. The payment should have arrived in customer accounts this morning, according to the bank. “We hope this gesture will go some way towards showing you our sincere apology,” Commonwealth Bank (CBA) said in an … Continued
American Express launches 'buy now pay later' tool for credit cards but fees could stack up, expert says
American Express has launched a new feature that will allow some cardholders to pay off a portion of their credit card balance in equal monthly installments at a 0% interest rate, but with a fixed month fee applying instead. Here’s what we know, and what to be wary of when entering into this type of instalment plan. The growth of buy now pay later (BNPL) programs seems to be increasingly impacting on credit card usage – in May alone, Australia’s collective credit card debt balance went down by a record $1.9 billion, according to Reserve Bank of Australia data. However, … Continued
Commonwealth Bank outage blocking customers' access to cards, app and internet banking
Customers of Australia’s largest bank are currently unable to access some banking services or make payments using their debit or credit card. Commonwealth Bank announced to customers around lunchtime today that it was aware of some customers having issues viewing cards and loans in Netbank and the CommBank app, as well as making payments. The bank has not provided an explanation for the unplanned tech outage at this stage, which has left some customers furious and unable to pay their mechanic, buy essential medication, pay for parking or petrol. “I’ve been left stranded at three shops today because of this,” … Continued
Which rewards credit card provider has the most satisfied customers in 2020?
Are you happy with your rewards credit card provider? Canstar has surveyed thousands of Australians to find out which credit card provider has the most satisfied rewards customers. Personal finances are currently front of mind for many Australians in light of the coronavirus crisis, and some rewards credit card customers may be using this period to look at their options and make sure they are with the right provider for them. As part of Canstar’s 2020 Most Satisfied Customers – Rewards Credit Card Provider Award, our researchers surveyed over 2,400 customers with rewards credit cards around Australia between February and … Continued
Finance hacks: Spending smarter & managing credit card debt during coronavirus
The impacts of the coronavirus crisis have extended to Australians’ hip pockets, impacting spending habits in many households. If spending smarter is on your mind, here are a few ways to free up cash flow and make debt more manageable during these uncertain times. Commonwealth Bank’s analysis of credit and debit card transactions released during the first week of May revealed consumer spending had improved and suggested we may be past the “low point” of COVID-19’s unprecedented impact on spending – where falls of up to 20% year-on-year were recorded in recent times. These falls were only partially offset by … Continued
Lower interest rates flowing to credit card holders with NAB rate cut
While shareholders of the bank may not be happy today, National Australia Bank has lowered one of its credit card interest rates for its customers ahead of the other major banks, continuing the trend of lower interest rates for consumers across financial products. Today NAB slashed its interim dividend for shareholders to $0.30 a share, in an attempt to strengthen the balance sheet after its cash profits were hit hard by the coronavirus fallout, but it also delivered a small win for customers in the form of a 1 percentage point cut to its Low Rate credit card. The new … Continued
What will happen to your Velocity Frequent Flyer Points and linked credit cards?
Virgin Australia has gone into voluntary administration, leaving many Velocity account members and credit card holders wondering what will happen to their frequent flyer points. While we wait to hear if a rescue package will emerge for the airline, there are some options that may be available to these consumers. The airline announced on Tuesday it had gone into voluntary administration, after the Virgin board was confronted with the risk of continuing operations with nearly $5 billion in debt that needed to be repaid and no bailout in sight from the federal government. Virgin’s fate had looked increasingly uncertain in … Continued
Is it safe to save my credit card details on shopping websites?
You can never be too careful when it comes to protecting your credit card and account details. We take a look at how you can protect your accounts. Many people are probably finding themselves doing more of their “non-essential” shopping online or over the phone these days as they stay home as much as possible to help reduce the spread of coronavirus. You may find yourself wanting to buy something over the phone but are wondering if it is safe to give out your credit card details. Or maybe you want to know if it’s safe to save your credit … Continued
Roll up, roll up: How much does a garage door cost?
Whether you are looking to install a garage door or replace an old one, we have rounded up some of the options available and the potential costs. A garage door can serve many purposes in your home, whether it be for securing your home and vehicle or to boost your street appeal. There are many options when it comes to selecting the right garage for you, so we’ve outlined a few considerations. What are the types of garage door available? According to the Australian Garage Door Association (AGDA), the three main kinds of garage doors available are roller doors, tilt … Continued
Important Information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.