Aussie consumers find credit card rates unfair
The results of a recent survey have shown that the majority of credit card holders in Australia are not happy about the interest rates that they are being charge, viewing them as unfair.
According to the results of a recent survey that was carried out amongst credit card holders in Australia, the vast majority of cardholders think that they credit card interest rates that are being charged by providers are hugely unfair. The survey involved polling nearly five thousand consumers in Australia and almost eighty percent thought that the credit card rates being charged were unfair.
Recently the Reserve Bank of Australia has applied a series of interest rate cuts to the base rate, but many credit card providers have failed to pass on these base rate cuts to their credit card customers, which has caused anger and upset amongst cardholder who have said that this is very unfair.
Nearly sixty percent of those that were polled as part of the survey said that a ‘people’s bank’ should be created by the Australian government to create greater competition rather than consumers having to rely on the big, dominant banks that appear to rip them off. Amongst the pet hates that were mentioned by respondents were high interest rates, crippling fees, and high annual fees charged on credit cards.
On a lighter note the survey also showed that many cardholders were repaying their balances in full each month, thus incurring no interest charges. One official said: “On the whole respondents were very financially responsible and it was even higher if they owned a rewards credit card with 66.1% paying no interest on their card. For the other 49.5%, the worry factor about their credit card debt ranged from “yes I have a fair bit but tend not to think much of it” (13.9%) to just over 10% who can’t pay more than the minimum repayments.”
Source - Reversepr.com.au