Too many Kiwis captured by their cards

Monday 29 November 2004

Kiwis are gearing up for Christmas in the sun, and one in five is planning to spend more than last year - much of it on credit cards.

By The Landlord

But many people placing large sums on credit are using cards that cost them more than they should, according to Cannex, which has launched a free service to help consumers pick the card that suits them best - without trawling around the banks. That leaves more time for the beach.

Cannex NZ managing director Steven Anderson says there's no doubt credit cards are profitable business for the banks.

But careful card-users can come close to turning a profit on their cards and let the "less financially astute" deliver the returns the rapacious banks seek.


Unfortunately, there is every indication that many of those sharing New Zealand's huge outstanding balance on credit cards - tipped to top $4 billion by Christmas - have little idea what they are paying, either in annual fees or in interest rates.

Read More - Opens in a new window
Commenting is closed

Property News

Consents fall could have been worse

New dwellings consents dropped in April. That didn’t surprise anyone but economists were surprised that the drop wasn’t bigger.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.

Mortgages

Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer