The Reserve Bank recently made excess surcharging on credit cards illegal for Australian retailers. What is an excess surcharge? How do I report a retailer?
A report released by Choice and financial comparison site Mozo reveals the big four banks have made $2.07 billion from credit card interest since 2011.
Despite the RBA cutting the cash rate to a record low of 2% in May, credit card interest rates have hardly moved so why not switch to a low-fee credit card.
While most credit cardholders have gripes about their card, most have kept it for at least five years. It's easy to move to a better deal, writes Effie Zahos.
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