Credit card debt ‘revolvers’ need a low rate card

About half of all credit card users carry a balance on their card from month to month. They are called ‘revolvers'. These people need to know the interest rate being charged. You'll find it on your latest card statement or look it up on InfoChoice.

Some cards charge 23 per cent or more. At that rate, an average card debt of $3,000 will cost you annual interest of $690.

Some of the cheapest cards currently in the market charge around 9.25 per cent, like the cards offered by Community First Credit Union or Greater Building Society. On that $3,000 card balance, annual interest charged would fall to around $278 – a saving of $412.

Source: Central Telegraph