Credit Card Debt in Australia
#2
Re: Credit Card Debt in Australia
Not stricly on topic I admit, but I discovered this credit card today that I like the look of: http://28degreescard.com.au/
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
#3
Re: Credit Card Debt in Australia
You've just reminded me that I have $12 on mine from something I bought off amazon that I must pay off. Hate being in debt!!
#4
Re: Credit Card Debt in Australia
Not stricly on topic I admit, but I discovered this credit card today that I like the look of: http://28degreescard.com.au/
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
#5
Re: Credit Card Debt in Australia
Am I missing any other goodies...?!
#6
Re: Credit Card Debt in Australia
Not stricly on topic I admit, but I discovered this credit card today that I like the look of: http://28degreescard.com.au/
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
No fees for international use, no fees for overseas ATMS (unless the ATMS charge you directly) and no annual fee either. Brilliant!
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
#7
Re: Credit Card Debt in Australia
'Total UK credit card debt in May 2011 was £57.2bn.'
Source : http://www.debtwizard.com/news/consu...tics-july-2011
UK population is 62.3 million as of June 2011
Source : http://www.independent.co.uk/news/uk...y-2305202.html
Giving a debt per person figure of £918 (or AUD 1,370)
Last edited by DownUnderPaddy; Jul 12th 2011 at 12:54 pm.
#8
Banned
Joined: Jan 2011
Location: The REAL Utopia.
Posts: 9,910
Re: Credit Card Debt in Australia
Unfortunately it isnt just credit card debt that has given Australia the highest household debt level in the world, it is mortgage, loans, credit card and everything else combined.
#9
Re: Credit Card Debt in Australia
I'd be interested to see how this compares to other bank cards that charge say 2.5% exchange fee on international transactions.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
#11
Re: Credit Card Debt in Australia
I'd be interested to see how this compares to other bank cards that charge say 2.5% exchange fee on international transactions.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
This is similar to the way that American Express do their currency conversion - XXX->USD->AUD. Amex only charges a % fee on the final AUD value and the rate usually ends up being competitive.
Cheers
LG
#12
BE Enthusiast
Joined: Apr 2005
Location: Melbourne
Posts: 629
Re: Credit Card Debt in Australia
I'd be interested to see how this compares to other bank cards that charge say 2.5% exchange fee on international transactions.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
One is "loaded up" with cash before we go o/s and then use it at ATMs to withdraw cash at a rate very close to the daily rate quoted on xe.com and no other charges.
The second card we use as a traditional credit card; again purchases are converted at a rate almost equal to those on xe.com.
The reason you need two accounts is that any money you load onto the card is first deducted from any purchases which sort of defeats the purpose of the card. Sometimes you have to be a little bit smarter than these fin institutions
#13
Re: Credit Card Debt in Australia
For the UK, "the average household debt in the UK, including mortgages, stands at around £55,862 (or AUD 83,804)"
Source : http://www.thinkmoney.com/debt/news/...sed-0-4606.htm
For Aus, with the 1.3 trillion figure quoted here, given a population of 22.5 million, that comes out at approx AUD 57,722.
http://www.dailytelegraph.com.au/aus...-1225980088576
So, really not much difference between UK and AUS household debt on that basis, is there ?
In fact, AUS average household debt looks better than the UK !
Additionally, keep this in mind.
75% of all household debt in Australia is held by the top two-fifths of income earners.
Vulnerable households (those that have a LVR ratio of 90% or above and also use more than 50% of their disposable income to service their mortgages) constitute less than 2% of all owner-occupied households with debt in Australia.
#14
Re: Credit Card Debt in Australia
Looking at it from a household debt level comparision then.....
For the UK, "the average household debt in the UK, including mortgages, stands at around £55,862 (or AUD 83,804)"
Source : http://www.thinkmoney.com/debt/news/...sed-0-4606.htm
For Aus, with the 1.3 trillion figure quoted here, given a population of 22.5 million, that comes out at approx AUD 57,722.
http://www.dailytelegraph.com.au/aus...-1225980088576
So, really not much difference between UK and AUS household debt on that basis, is there ?
In fact, AUS average household debt looks better than the UK !
Additionally, keep this in mind.
75% of all household debt in Australia is held by the top two-fifths of income earners.
Vulnerable households (those that have a LVR ratio of 90% or above and also use more than 50% of their disposable income to service their mortgages) constitute less than 2% of all owner-occupied households with debt in Australia.
For the UK, "the average household debt in the UK, including mortgages, stands at around £55,862 (or AUD 83,804)"
Source : http://www.thinkmoney.com/debt/news/...sed-0-4606.htm
For Aus, with the 1.3 trillion figure quoted here, given a population of 22.5 million, that comes out at approx AUD 57,722.
http://www.dailytelegraph.com.au/aus...-1225980088576
So, really not much difference between UK and AUS household debt on that basis, is there ?
In fact, AUS average household debt looks better than the UK !
Additionally, keep this in mind.
75% of all household debt in Australia is held by the top two-fifths of income earners.
Vulnerable households (those that have a LVR ratio of 90% or above and also use more than 50% of their disposable income to service their mortgages) constitute less than 2% of all owner-occupied households with debt in Australia.
#15
Re: Credit Card Debt in Australia
I'd be interested to see how this compares to other bank cards that charge say 2.5% exchange fee on international transactions.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
I note that all international transactions are converted to USD and then to AUD so I assume that's two lots of exchange fee's built in to the exchange rates adopted. May be good, may be sneaky.
I used the card yesterday to book a UK domestic flight on Zuji...it was $20 cheaper than using another card as they don't charge any fees for the 28 degree card...normally I don't use it for purchases though, only for overseas ATM withdrawals (pre-loaded with cash first).