Are you paying credit card loyalty tax

A cost of living crunch is squeezing household budgets, but simple steps have the potential to put valuable savings back in your hip pocket and provide much-needed breathing space for your finances. 

One easy step is to take a look at the rate you’re paying on your credit card. 

Research firm Finder* says there are 13 million credit cards in circulation across Australia, and almost half (44%) have an ongoing balance that attracts interest.

But here’s the rub.

According to Finder, the average card interest rate is a hefty 14.2%p.a. It could make your credit card balance your most expensive debt!

Community First’s Low Rate Credit Card comes with an interest rate of just 8.99%p.a.¹

It’s one of the lowest rates in the market, and for our cardholders it could mean big savings if you carry an outstanding balance on your credit card.

That’s why our Low Rate Credit Card has received a Highly Commended Award from Finder for the past two years.

Time to skip the loyalty tax

Finder’s Amy Bradney-George, says, “Credit cards are often one of those things we ‘set and forget’.” And she admits, “It’s costing us.”

At a time when many of us are feeling the pinch of high living costs, it doesn’t make sense to stick with financial products that cost more than necessary.

Switching to a Community First Low Rate Credit Card gives you the advantage of:

• One of Australia’s lowest ongoing credit card rates

• The freedom to choose – credit limits from as low as $500

• Low annual fees, and

• The chance to support a great cause, with half the $50 annual card fee going towards either the McGrath Foundation (Low Rate Pink Credit Card) or the Prostate Cancer Foundation of Australia (our Low Rate Blue Credit Card). 

To discover how much you could save with a Community First Low Rate Credit Card, pop into one of our Community First stores or call the Community First team on 1300 13 22 77. 

Credit eligibility criteria, terms & conditions, fees & charges apply.

¹ Rates are current as at 31/03/2018 and subject to change without notice. 

This information is general advice only and does not take into account your objectives, financial situation or needs (your “personal circumstances”). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available at communityfirst.com.au

*https://www.finder.com.au/australians-paying-credit-card-loyalty-tax-2024

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