Do you know your credit card interest rate?

46 per cent of Australians who used credit cards for buying Christmas gifts did not know the purchase interest rate for their credit card according to the Customer Owned Banking Association.

Twenty-seven per cent of Australians who responded to the COBA poll said their interest rate was more than 15 per cent, 16 per cent said it was between 11 and 15 per cent, and 12 per cent said it was 10 per cent or less.

COBA’s Mark Degotardi said Australians have an alarming lack of knowledge about their credit card rates and who offers the best deals.

Source: The Adviser

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