SmartWayToPay is calling on the federal government to cap credit card interest rates at 10% after ASIC recently confirmed that 1.9 million Australians were in persistent credit card debt. This comes at a time when it appears total personal credit card debt accruing interest in Australia appears to be locked at a consistent $20 billion, as it has remained for
Read moreCheck out the excerpt of Business Insider’s article about BNPL Myths below. Buy now, pay later (BNPL) products such as Afterpay or Zip Pay have increased in popularity in recent years, with the Covid-19 pandemic seeing customer growth increasing dramatically. It’s unsurprising why this is the case given the fact millennials are now 37% less likely to own a credit
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The witch hunt being carried out against Buy-Now-Pay-Later (BNPL) providers is being undertaken to stop the $4 Billion river of gold that is credit card interest from drying up. Afterpay and Zip have claimed that banks are forcing mortgage applicants to delete their BNPL accounts before approving their home loans. Zip boss Peter Gray claimed it’s the number one reason
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Good news in the gambling space as Australia takes a major step towards banning credit cards for gambling. After a QLD MP gained the support of the big four banks, it looks like a ban on credit cards for all forms of gambling may be on the horizon. It doesn’t take an in depth study to realise using credit cards
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Data from a major financial regulator has found that of over 70,000 complaints in FY21, credit cards received 14 times more complaints than Buy-Now-Pay-Later (BNPL) products. This is particularly poignant when considering there are over 12 million credit card accounts in Australia and over 6 million BNPL accounts. Credit card complaints are well out of proportion. A recent Media Release
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We call credit cards the “hidden household bill”. Australians worry about our power and grocery and petrol bills but we sometimes forget how much Credit Card interest can cost. Look at the example below: Typical Credit Card Debt $3,500 Typical Interest Rate 20%p.a. Annual Interest Bill $687 SmartWayToPay That’s $687 a year in interest payments if you only pay the
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Afterpay in Australia have released a report by Accenture today claiming the leading Buy Now Pay Later platform has saved its users $110 million (AUD) in credit card fees, as calls for a curb on high interest cards intensify. The new data follows accusations that anti-BNPL Australian bank ANZ is doubling down on attempts to lock customers into high-fee credit
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Consumer Advocate Christopher Zinn is today calling on the Australian Federal Government to address the growing push for an inquiry into how to reduce exorbitant credit card interest rates. The calls started earlier this week when Victorian Treasurer Tim Pallas wrote to Federal Treasurer Josh Frydenberg asking him to tie credit card interest rates to the official cash rate. Since then, multiple
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