Credit cards are a staple of Australian spending, with more than 16 million active accounts across the country collectively making over $25 billion in transactions each month (according to 2018 Reserve Bank statistics).
Since launching in Australia in 1974, these convenient pieces of plastic have provided millions of Aussies with fast easy access to credit – fuelling a ‘live-for-today’ shopping culture. Meanwhile, they’ve also sent many into crippling levels of debt and financial distress.
Because of this, credit cards are a product that divides personal finance experts – some advise everyone to completely abstain from using them, while others argue that when used responsibly, they can provide net financial benefits for consumers.
At Savings.com.au, we’re in the latter camp (although we agree that some people really should cut up their credit card). We want our practical savings info to help Australians with their credit cards, be it through helping them:
- choose a credit card
- choose a credit card
- take advantage of the perks; or
- avoid the traps.