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 LandlordBut 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
There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.