Credit Cards look cheap?

Anyone thinking that their credit card is expensive should have a look at the rates charged on “store” cards, which currently offer up to 62 interest free days, but charge up to 21% after that.

The stores claim that the convenience and special offers make their cards reasonable, and provided consumers pay in full by the due date, they can get the best of both worlds. However, shoppers should make sure that they are in control.

Credit card rates actually look to be falling, with NAB reported to be lowering it's card rates by 0.6%, amidst new competition from American Express' new “Blue” card which offers 55 interest free days and a rate of 13.85%. This positions Amex much in line with bank overdraft rates, and will seriously challenge the banks.

As with all cards, pay them in full, on time.