Credit Card Australia: How To Avoid Everyday RIP-OFF Fees

There are MANY ways credit cards in Australia cost you MORE. Learn how to SMARTY use your credit card and SAVE money. If you use PayPal you must watch this - 100% NOT clickbait.

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There are so many charges in Australian credit cards (ANZ credit card, CBA credit card, Westpac credit card, coles credit cards), these include:
Interest rate
Annual free
Balance transfer fee
Late Payment Fee
Over Limit Fee
Cash advancement fee
Foreign transaction fee

With all these fees and the fine print, you're bound to make a mistake and be overcharged.

The first area is the credit card interest spread. Since 2011 the Reserve Bank in Australia has dropped the cash rate 5%, but credit cards still charge 20%. This means many personal loans are now cheaper than credit cards, saving Australians $6.3bn.

Overseas currency conversions, including PayPal, cost the customer every time they choose to pay for a good or service in their home currency. You'll save money by using the credit card providers rate over the merchants.

Cash-out or payday lending by credit cards is something to avoid. The cash out fee + interest works out to an effective interest rate over 35%.

The average consumer gets $12 of value from credit card points when spending $24k. Due to an increase in merchant fees and airlines doing it tough, credit card points or only going to be harder to get.

Credit card insurance is getting pushed more often. I think that there are better insurances you can purchase with the money saved.

You need to watch out for credit card surcharges. Some merchant charges are getting higher than the standard 1% - 2%. I've seen a merchant for a micro-purchase charge 15%.