Why are credit card applications up 15 per cent?
Two interest rate cuts since the start of 2015 have encouraged Australian consumers to shop around for a great credit deal according to the Veda Consumer Credit Demand Index.
The rate cuts have made Australians feel better about their financial situation and encouraged them to apply for new credit cards or switch to a better credit card.
The volume of credit card applications is up 15 per cent on last year. Veda's Angus Luffman said extended zero rate balance transfer offers, zero purchase rate offers and bonus reward points offers are all encouraging consumers to shop around for cards.
Source: Banking Day