Interest rates might not be your number one consideration when choosing a credit card if you usually take advantage of interest free days. What happens if plans change for a month or two though? Maybe you decide to finance some holiday shopping. Perhaps you want to transfer a balance from another credit card, and you can’t pay it off in a single statement period. You might lose your job and have to adjust your credit card habits temporarily. In those cases, you might unexpectedly find yourself paying interest on your credit card balance. That’s where having a low interest credit card up front can come in handy. read more..

After the long, cold winter days, the warming of spring has always been a time for throwing out rubbish and general tidying up. As Aussie founder and executive chairman John Symond says, many people’s personal finances could do with some spring cleaning, too.

Mr. Symond points out that Australian interest rates are at historic lows and more likely to rise than fall further, making this an appropriate time for refinancing old, high-interest loans of all calibers. It’s a time for examining debt with an eye to reducing it, restructuring loans, purchasing property, life insurance, or other financial products, and making certain each person is well positioned to take advantage of the next cyclical investment boom. read more..

We’ve previously talked about whether or not you should use credit cards for routine purchases, including looking at some of the benefits (like increased rewards points) and some of the risks (like the greater risk of going into debt). But are you really sure how to weigh those risks versus rewards? The potential of going into debt, for example, will be much greater for some people than others. Where do you fall in that spectrum? read more..

The CEO of the Australian Bankers’ Association, Mr. David Bell, testified before the Senate Economics Committee yesterday, requesting an extension of time by one year, from January 2010 to January 2011, before initiation of the new laws regarding unfair contract terms and conditions. The reason given was to allow bankers additional time to review and amend their standard forms for security instruments and other financial products.

Mr. Bell also requested clarification of definitions utilised within the new laws, specifically the definition of “unfair.” read more..

You’ve decided that you want a new credit card — a balance transfer card to be exact. You choose the combination of a balance transfer card and rewards card in the Velocity NAB credit card. But wait! Don’t apply just yet. Did you remember to check your credit file first? If not, you may be in for an unpleasant surprise. read more..