That's close to $1.5m a day paid out to credit card companies. With over $3 billion outstanding every month, New Zealanders spend approximately $500 million a year on just servicing the interest. according to data published by the Reserve Bank. What's worse - interest rates average around 18% p.a. I frequently receive complaints about poor value bank "cashback" and "reward" cards, just as I do about bank savings account interest rates (as outlined in this .nz column). cashback on your spend), and cardholders earn 2 points per $1 spent.īanks (arguably) offer credit cards aggressively to their customers, but my view is that these cards don't deliver the value they should in many situations. As a background, 200 points = $1 of statement credit (i.e. If you're a business owner, the annual fee is tax deductible while the benefits/rewards are not subject to fringe benefit tax. However, the card fee is not cheap ($1,250/year) but cardholders enjoy extensive reward, travel, hotel, dining and insurance benefits.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |