More cards have more interest free days

Financial institutions are offering a greater range of credit cards and have increased the number of cards with interest-free periods. Some cards now offer interest-free periods of up to 62 days.

Interest-free days on credit cards range from 40 days to 62 days. The average interest rate is about 17 per cent.

Suncorp’s executive manager of personal lending products, Tony Meredith, says low-fee and platinum cards are becoming more popular.

Source: Herald Sun