How Well Do You Know Your Credit Card?
– Pushpa Sathish, Staff Writer
We know that most people have a considerable amount in credit card debt, but do we know why? No, it?s not because of irresponsible and high usage; it?s because most people have no idea of the interest rate on their credit cards, according to a Citibank study of nearly 1000 people in Australia. Some samples from the survey:
- Nearly 50 percent of the respondents did not know the interest rate on their cards.
- Around 30 percent were not aware of the number of interest-free days they were allowed after using the credit card to buy something.
- Almost 25 percent of those surveyed were not sure if the interest rate on their purchases applied to cash advances too.
- And more than 50 percent were of the opinion that women gave in to their impulses more than men did, and ended up using their credit cards for purchases; they did however, put these buys in a positive light by calling them ?practical.?
This survey only goes to show that people, even if they wish to use their credit cards wisely, are hampered by their ignorance regarding the interest rate on the cards.
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March 21st, 2007 at 8:11 am
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