Credit under control, cardholders say
One in five people don't know the interest rates on their credit cards, a new survey shows. Ninety per cent support Labor's plans to force credit card issuers to put financial heath warnings on cards but 80 per cent of credit card holders believe their debt is under control and 85 per cent said they would increase their credit limits if approached. The survey was taken last week and showed that Visa is the most popular card, with 62 per cent of respondents saying they carried one. MasterCard were held by 36 per cent, store cards by 26 per cent, American Express (11 per cent) and Diners Club (3 per cent).
Sixty-four per cent said they had one card; 24 per cent had two cards and 6 per cent had three cards. Half said they used cards for convenience but only 6 per cent said reward programs were the main reason for having credit cards. Just under a third of card holders said they pay off their balances in full every month while 70 per cent said they carry debt over each month. About 37 per cent said having credit cards had improved their quality of life but only 4 per cent said they had made it worse.