If you think you’re getting a good deal from your current credit-card provider, think again.
Chances are you’re paying too much in interest or fees, and getting fewer rewards than you realize, a new report suggests. Even if you’re getting back more in rewards than you pay in interest and fees — you’re almost certainly missing out on even better deals, it adds.
The report was conducted by the Reserve Bank of Australia, their central bank, based on a detailed annual survey of consumers and their finances in the country. “Most cardholders would be better off if they held a different credit card,” concludes the report, “Consumer Credit Card Choice: Costs, Benefits & Behavioral Biases.” It adds that despite this, “only a relatively small number of cardholders switch cards.”
