Money Matters: Are You Paying the Credit Card “Loyalty Tax”?

Today we’re diving into something many Australians set up and then forget about — their credit card. New research reveals Australians paid around $1.6 billion more in credit card interest than necessary last year, simply because many never review or switch their cards. To help break it down, we’re joined by Sally Tindall, Data Insights Director at Canstar, who analyses where Australians might be paying more than they should and shares tips to save. Why it matters: A new survey shows many Australians are paying a “loyalty tax”, sticking with the same card for years even when lower rates and fewer fees are available. That’s billions of dollars spent unnecessarily — and simple changes could save hundreds per person every year. Whether you’re carrying a balance, chasing rewards, or just paying fees you don’t need, this episode shows how a quick annual credit card check could put money back in your pocket.See omnystudio.com/listener for privacy information.