HomeView 2013 Media ReleasesTime to look for credit card value

Credit card customers should take stock of the interest rates they are currently paying after independent data today revealed a substantial saving is available through customer owned banking.

The latest Canstar figures show Australian consumers can do better on interest rates, fee free days and annual fees.

Figures released today show the average credit card rate for customer owned banking is more than 4.5% lower than the major banks, together with a lower annual fee and longer interest free period.

The figures follow the release of a CHOICE survey that found that almost half of Australian consumers don't know or are unsure of the rate they are paying on their cards.

Customer Owned Banking Association CEO Louise Petschler says that's one clear reason to move to a customer owned banking backed credit card.

"It's important to manage credit card expenses but clearly there is better value on offer through customer owned banking," Ms Petschler said.

"The new financial year is a perfect time to review credit card expenditure and get the best value card that is right for your individual circumstances."

According to Canstar, the average interest rate for the customer owned banking sector is 13.33%, compared to 17.90% for the big four banks.

The lower cost options are available through credit unions, building societies and mutual banks.

The Customer Owned Banking Association represents more than 100 institutions across Australia and around 4.5 million Australian customers.

For more information please contact:
Daniel McDougall, Senior Adviser Media
02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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Sally Mackenzie
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