Credit Savvy 150 Credit Savvy finds Australians could save $3,000 in interest by switching to a more competitive credit card

Consumer advocate, Credit Savvy has released an infographic that visualises the credit and financial landscape of Australia.

Key highlights

  • The average Experian credit score was highest in the ACT at 700 (out of 1,000).[1]
  • Household debt has reached a staggering $2 trillion[2] and the average credit card debt is $3,114[3].
  • Credit Savvy has found that Australians could save over $3,000 in interest by switching to a more competitive credit card[4].

Managing Director of Credit Savvy, Dirk Hofman said, “We strongly encourage Australians to see if they’re getting the best deal possible. When you consider that there can be a difference of up to 12% p.a. in interest rates between different credit cards[5], it pays to do your homework on what’s out there.”
“This doesn’t just apply to credit cards – there are plenty of competitive deals out there on home loans and personal loans as well. In fact, if you’ve got a great credit history, there are personal loans you can find on the Credit Savvy Marketplace that could reward you with a better interest rate.”
Credit Savvy provides Australian consumers with free access to their Experian credit score, a summary of their credit file, and a marketplace of credit products.
View the infographic here.

[1] Data from Experian Australia Credit Services, 31 December 2015.

[2] ‘Beyond Our Means’, Bankwest Curtin Economics Centre, (Page 14), June 2015.

[3] Reserve Bank of Australia, Credit and Charge Card Statistics C1, January 2016.

[4] Based on a balance of $2,000 and assuming your repayments are the greater of 2% of the closing balance or $20.

[5] Data from Community First Low Rate Visa Credit Card (8.99% p.a.) and 28 Degrees Platinum MasterCard (20.99% p.a.) compared at www.creditsavvy.com.au, as of 15/04/2016.

Source:  Credit Savvy Australia