If you find yourself in the situation that you are unable to pay your credit card debt balance off each month then there are steps you can take to reduce your interest charges.
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Not all credit cards are created equally. And so it makes it that much harder to decide which credit card offer to choose. There are many factors you sh.....
Credit Card Interest Growth Greatest in Low Rate Credit Card Segment 1 September 2008
Credit Card Interest Growth Greatest in Low Rate Credit Card Segment
A recent study by CreditMart.com.au of 150 Australian credit card offers indicated that since March 2008 the average credit card interest rate on cash advances has increased by an average of 14 basis points (.14%), where as the average interest rates on purchases has increase by an average of 26 basis points (.26%). As at the 31st August the average credit card interest rate on purchases stands at 16.55% and cash advance rate at 17.90%.
The biggest increases in the cash rate came from the standard and lower interest rate credit card segment. The cash rates in this segment has increase by an average of .46 basis points (.46%) where as the average interest rates on purchases has increase by an average of 10 basis points (.10%). As at the 31st August the average standard credit card interest rate on purchases stands at 15.75% and the cash advance rate at 17.30%.
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CreditMart is a leading Australian finance comparison portal with 1000's of finance products included in our comparison tables. We enable users to compare Credit Cards, Home Loans, Car Loans, Personal Loans Savings Accounts and more.
