Did you know what Monday, 16th Feb was? Aussie Mastercard have named it “No Rip Off Day” and no, I didn’t plan a morning tea for it (I can see my RL friends sniggering!)
Now I don’t usually like to post about credit cards on my blog but this caught my attention.
Aussie has recently been calling on banks to lower the interest rates on credit cards. To kick start the process, they have introduced a 9.99% rate card for new applicants this week.
You don’t need to be paying interest rates like these:
If Aussie can charge 10% interest on it’s Mastercard, why can’t the major banks?
The leading financial services group has launched a major promotion to alert Australia’s credit card holders to the high interest rates they could be paying on their cards.
Chairman of Aussie, Mr John Symond, said “We have launched ‘No Rip Off Day’ to draw the attention of card holders to the fact that there are cheaper cards in the market which will save them thousands of dollars in interest payments. If consumers haven’t already switched to a low rate card we urge them to mark the day by cutting up their high rate cards for good.
The majority of credit cards across the country are a rip off with interest rates as high as 20%. That’s more than double our promotional rate and almost double our ongoing purchase rate of 11.74 per cent p.a. Our research shows that the majority of card holders do not even know what interest rate their cards attract.
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 credit card”, he added.
“Many credit card holders are paying a premium for frequent flyer points and other add-ons which they never use, creating an unnecessary cost and a burden on their financial future.
By cutting up their store cards and other high rate cards, card holders can consolidate their debt and lower their monthly repayments with low interest rate card. Customers need to get the message that a low rate card is preferable to paying a high rate with the frills of rewards schemes and other lures to get their business”, added Mr Symond.
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