6 Statistics about Credit Cards

retiredfeline on 17/12/2015 - 08:37

Summary for the impatient:

You probably think you're better at paying off your credit card than you actually are
Banks get a greater return on credit cards than home loans
Banks don't cut interest rates on credit cards, even when the cash rate is low
Reward programs are only worth it for big spenders
Poorer people have nearly as much credit card debt as rich people
Cash payments are becoming a thing of the past

Comments

cypher67 on 17/12/2015 - 09:19

or 7. You don't need to have a credit card
Cheeper on 17/12/2015 - 10:00

+5

Very handy thing to have… if…
1. You have self control.
2. No annual fee.
3. Zero interest if paid within an allotted time.
4. Not silly enough to leave it around for others to use or steal.
- pjetson on 17/12/2015 - 12:05
  
  Unfortunately, it's tough to do some things without a credit card, such as hiring a car. Many places won't take a debit card.
Jemz on 17/12/2015 - 11:42

Use it linked to a home loan account with an offset account, that's the only reason I have one.