Wizard Clear MC now 18.49%pa

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I would hope that the majority, like myself, pay off thier credit card in full each cycle, so it doesn't raelly matter what interst rate they charge!:mrgreen:
 
nice little magic trick there! ;)


kpc - by your standards, I think I am classed as one of those 'minority' types! :oops:
 
jso said:
As long as the interest rate is the only thing they change, I will be happy.
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It seems to have aoccured so that can avoid some of the other changes

But Wizard says the hike for new customers is necessary to ensure they can continue to waive the annual fee and offer 55 days interest fee.
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I think most people on this Board with that card are more concerned with another term

So does this mean they are going to boost the rate paid on cash balances that are accidentally deposited onto the credit card ??? :shock:
 
I'm with you jso!
I only use it for OS purchases (and pay it off in full each month) ;)
 
That is an increase of 2.75% over Wizards most recent cresdit card interest rate. Interesting that I applied and was approved before September 1. Does that mean that the interest for me will remain at 15.74%? Either way it does not matter as I have other credit cards with outstanding balances on a higher interest rate.

kpc said:
I would hope that the majority, like myself, pay off thier credit card in full each cycle, so it doesn't raelly matter what interst rate they charge!:mrgreen:
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Majority? You really think that is true? Australia's credit card debt is now over $42 billion and the average outstanding balance for each person is over $2,000. There are close to 14 million credit card accounts and I know 3 people living in my house who have never possessed, and never will possess, a credit card.

Australia's credit card bill tops $42b

I think those who do not pay interest are in the very small minority.
 
kpc said:
I would hope that the majority, like myself, pay off thier credit card in full each cycle, so it doesn't raelly matter what interst rate they charge!:mrgreen:
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JohnK said:
Majority? You really think that is true? Australia's credit card debt is now over $42 billion and the average outstanding balance for each person is over $2,000. There are close to 14 million credit card accounts and I know 3 people living in my house who have never possessed, and never will possess, a credit card.

Australia's credit card bill tops $42b

I think those who do not pay interest are in the very small minority.
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I did say "I would hope....", not implying the other way around which sadly seems the case...It does baffle me as to why people would pay such extortionate interest rates on their credit card....even a personal loan would give better rates! I have a simple philosophy that if I can't afford to pay for something in cash, then I wouldn't put it on my card; hence, I won't buy it.
 
kpc said:
It does baffle me as to why people would pay such extortionate interest rates on their credit card....even a personal loan would give better rates!
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Funny you say that but it is much easier to get a credit card than a personal loan. I have found the criteria for a personal loan to be much tougher than the criteria for a credit card. I wonder why? :rolleyes:

kpc said:
I have a simple philosophy that if I can't afford to pay for something in cash, then I wouldn't put it on my card; hence, I won't buy it.
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I don't go buying things I do not need either, OK holidays not included, but as I have explained in other threads some people seem to get themselves into a financial mess through one incident or another and credit cards are the easy solution. I am not saying it is right but it does happen and unfortunately it happens to way too many people.
 
I have a simple philosophy that if I can't afford to pay for something in cash, then I wouldn't put it on my card; hence, I won't buy it.
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a great philosophy to aim for...absolutely! but sometimes it doesn't kick it with all those things that life can throw at you!
 
JohnK said:
That is an increase of 2.75% over Wizards most recent cresdit card interest rate. Interesting that I applied and was approved before September 1. Does that mean that the interest for me will remain at 15.74%? Either way it does not matter as I have other credit cards with outstanding balances on a higher interest rate.


Majority? You really think that is true? Australia's credit card debt is now over $42 billion and the average outstanding balance for each person is over $2,000. There are close to 14 million credit card accounts and I know 3 people living in my house who have never possessed, and never will possess, a credit card.

Australia's credit card bill tops $42b

I think those who do not pay interest are in the very small minority.
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Useles fact. 42.698 billion dollars (taken from the link posted) owed at 18% = $243.71 in interest ever second of everyday.:shock:
 
kpc said:
I have a simple philosophy that if I can't afford to pay for something in cash, then I wouldn't put it on my card; hence, I won't buy it.
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That's a great philosophy, but what if that something is food? Or electricity? Unfortunately life does sometimes kick you in the teeth and a bit of CC debt is a lot better than starving or freezing.
 
vilemerchant said:
That's a great philosophy, but what if that something is food? Or electricity? Unfortunately life does sometimes kick you in the teeth and a bit of CC debt is a lot better than starving or freezing.
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Budget better;)....OK I'm being a bit facetious here, but really one should avoid getting into credit card debt given the extortionate interest rates charged.
 
kpc said:
OK I'm being a bit facetious here, but really one should avoid getting into credit card debt given the extortionate interest rates charged.
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Kevin, that is good advice but as people have mentioned life can throw curve balls at you and for most credit cards are the easiest way out. Really! I am not suggesting that it is OK to get into debt but sometimes it is necessary.

I don't know about others but now I have a job I am actively doing something about reducing the credit card debt back to a manageable level. I have canned the Earth cards and HSBC will go soon as well. I have taken up ANZ Mastercard, 2.9% balance transfer for 12 months, and St George Mastercard, 0% balance transfer for 6 months and also utilising the Amex offer of 7.9% for the life of the balance. I am monitoring the situation and I will review again in 6 months....
 
JohnK said:
Kevin, that is good advice but as people have mentioned life can throw curve balls at you and for most credit cards are the easiest way out. Really! I am not suggesting that it is OK to get into debt but sometimes it is necessary.

I don't know about others but now I have a job I am actively doing something about reducing the credit card debt back to a manageable level. I have canned the Earth cards and HSBC will go soon as well. I have taken up ANZ Mastercard, 2.9% balance transfer for 12 months, and St George Mastercard, 0% balance transfer for 6 months and also utilising the Amex offer of 7.9% for the life of the balance. I am monitoring the situation and I will review again in 6 months....
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I must congratulate JohnK for being so candid with this topic. There are many people out there at the line or over it. and with JohnK's voice it can for some be a becaon to say "You are not alone"
 
I have a Wizard Clear Advantage Mastercard and I rang them to let them know we will be in the US for 6 weeks and they asked if I planned to 'cash up' the card. I said yes and was asked for an amount. It was explained to me that, if I wanted to put more into it, I would need to call them to let them know. I probably won't - I can just pay off when the balance is due - the card is just for the fee free cash out facility and I probably didn't need to cash it up at all - just seems strange that they need to know if you wish to have the card in credit. Is it possible they want you to use the fee free cash out facility and then they hope (and probably get) lots of people who don't clear the debt before interest is due?

If I put my ANZ Visa in credit they don't seem to care. Well, they wouldn't because if you take out cash you pay a fee!

It's all like a merry-go-round. My first ever credit card was a NAB Bankcard. I bought a colour tv (WOW) and paid it off over 2 years. Now, I go the way of the few - pay off before interest is due and I've been lucky to be able to do that. However, I keep a nice high credit limit because you just never know what's around the corner!
 
Driver said:
However, I keep a nice high credit limit because you just never know what's around the corner!
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damn, that's what got me into this mess! Virgin money were more than happy to give me a $27k credit limit :shock: I was more than happy to exercise that right :oops:

I had a similar process to JohnK - just kept rolling over balances to new cards with no/little fees and 0% balance transfers! However in the end I just took out a personal loan to cover the amount!
 
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