Don’t be ridiculous with your credit card this Christmas

Don’t stab your credit card at Christmas with these tips to get you going. Tip 1: Get the lowest possible rate table.

It happens every Christmas.We continue The excitement of Christmas shopping And it feels good … until the credit card invoice arrives in January. The unpaid balance is Horrible financial stings..

8 out of 10 credit card users have unpaid balances, according to a new RateCity survey I don’t even know the interest rates they are paying..

The average credit card rate is currently 17.23 percent, which is exorbitant. But did you know that prices range from 7.49% to a whopping 23.99%? This is a big difference and can have a big impact on the amount of interest you pay.

Of those who pay interest, a quarter have a debt of less than $ 1,000. However, 10% say they have over $ 20,000 in credit card debt.

According to an analysis by, an account with an average rate of $ 20,000 in debt paid $ 283 per month. However, with the lowest rate card, this is $ 123 per month, reducing interest paid by more than half.

Source:, RBA Individual Lending Interest Rate September 2021, Released November 5, 2021, Data are original terms.

Australians are paying off their debts Cut the credit card Drive in COVID (mainly Buy now, switch to pay later) But there are still people Stuck on a treadmill in debt..

Credit card with interest rate less than 10%, no annual membership fee or low amount

Highest credit card interest rate


Credit card debt is one of the worst types of debt. Please avoid it as much as possible. If unavoidable, Manage it well..

RateCity Top 5 Tips for Using Your Credit Card for Christmas

1. Check the rate. There are 17 credit cards with interest rates less than 10%. If you don’t clear your debt every month, you can save a lot of money by switching to a lower rate card.As many as three of the four major banks 0% credit cardHowever, there may be a monthly fee.

2. Pay more than the monthly minimum: On most cards, it’s about 2 percent of the balance you owe.At that rate it can take Decades Repay the balance. Always pay as much as you can each month to settle your debt as soon as possible.

3. Check for interest-free days: Most cards usually give you room to pay off your purchase up to 55 days before interest accrues. However, if you do not repay your invoice last month, you may lose your interest-free days. Please check the terms of use of the card and know the repayment amount.

4. Weigh the rewards: Free flights, or even free bottles of wine, may feel good now, but credit cards that offer benefits often have higher than average interest rates and fees. Look for the lowest possible interest rate card.

5. Set a budget: If you use a credit card to fill the shortfall until the payday, Make a budget.. Make a note of all the money you spend in the month. The amount of money spent and How to reduce..

Don’t be ridiculous with your credit card this Christmas

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