May 22, 2020 
9 Comments 
Interest rates are the scourge of many Australians – they are too low to offer any useful earnings on bank accounts and way too high on credit cards. On YourLifeChoices’ Mind Your Own Retirement podcast, we turn up the heat on credit card interests rates. CHOICE consumer finance expert Patrick Veyret joins host John Deeks to explain the credit card interest rate rip-off, how you can get a better deal on your card and why you should support the CHOICE petition to banks.
We also talk with Cale Donovan, co-founder of Bare Cremation. He tells what’s happening in the industry during this time of COVID-19 limits on gatherings, how we can save on funeral costs, why people prepay funerals – and it’s not just about budgeting – and why no-one should equate the cost of a funeral with how much a person is loved. He explains how Bare Cremation allows mourners to create the send-off that is most appropriate for their loved one.
Finally, a slightly nervous John chats with fashion and beauty editor Rebecca O’Hearn. Rebecca has styled numerous celebrities through her career, but now, as editor of smartcasualclassic.com, her focus is on helping over-50s find their style – if they haven’t already – or hone it if they have. And she helps John find the answer to that fraught question, ‘Does my bum look big in this?’
Pursuit
Will Brodie
Liz Connor
YourLifeChoices Writers
Ben Hocking
Ellie Baxter
Steve Perkin
To get the best deal on your credit card interest rate, don’t buy things on it that you can’t afford and pay the balance off in full each month, or use a debit card instead.
Agree David. If you actually need to have one and don’t want to fall into the trap, it’s the only way to use them.
I use a Bank Direct Debit system to pay all my accounts such as maintenance fees, gas, electricity, phone, internet and insurance accounts.
I use my Debit Card for any purchases I make.
I agree with David
I’ve operated four cards for years. All are exempt from annual fees. Two can be used as debit cards, one of which I never use for credit. The other three are due on different monthly dates, so I stagger my purchases to make maximum use of the banks’ money, and pay each of them off the day before due date. Sounds complicated? Maybe, but it works for me.
Interest rate on credit cards is not a problem if a person manages his/her finances responsibly. One good way or the best way is work to a budget. If interest rates on credit cards are lowered too much, more people will be tempted to use the card more and increase their problems. I find my credit card to be very convenient, but I pay it up in full each month and pay no interest.
Exactly right, David!
Exactly right, David!
Use a debit card then you are using your own funds