Many Aussies don’t know their card rate
Forty per cent of Australians are unaware of their card's interest rate. Reserve Bank of Australia figures show the nation owes $49.9 billion on cards including $35.4 billion accruing interest.
Reforms introduced last year forced financial institutions to provide customers with information on how long it would take card users to pay off their debt if they only made minimum monthly repayments.
The lowest interest cards on the market are 9.5 per cent and the average of the highest interest cards are around 19 to 20 per cen. Some store cards charge up to 25 per cent.