Should you switch your credit card?

Do you owe a operating balance on your credit card? If so you’re not alone there is presently around $ 35 billion worth of credit card debt on which we pay interest. At an average interest price of just under 17%, that equates to about $ 16 million in credit card interest per day. PER DAY! Hmmm.

So if you are a single of the quite many people who keep a running balance of debt, then answering “yes” to any one particular of these questions is a excellent indication that you must be buying around for a better deal:

Q: Does your credit card charge an interest rate of much more than 10%?

At the moment the lowest rate on our database is 799%.

Q: Did you sign up for your credit card due to the fact of the rewards on provide?

Rewards credit cards have a tendency to charge a higher rate of interest than basic cards. If you owe income, check regardless of whether the interest you are paying is worth more than the rewards.

Q: Did you originally sign up for a % honeymoon rate?

% balance transfers can be good if you are using them to pay off your debt – but be aware that the “revert” rate (the interest rate that the card reverts to when the honeymoon is more than) tends to be greater than typical – as higher as 23.50%!

Q: Did you apply for your credit card because you liked the colour?

Over the previous few years CANSTAR has observed a move upwards from the regular, gold and platinum levels of card to normal, platinum, signature, and/or black card. There’s now that level above platinum that wasn’t there ahead of. I guess we all have to be “upwardly mobile” – but it normally comes at a price. It may be worth weighing up the snob appeal with the cost…

CANSTAR analyse and price 190 credit cards from 65 providers across 4 various spending profiles: verify out what is on offer you and no matter whether you could be saving cash.

Should you switch your credit card?