Hi sydneyguy,
I dont know a great deal about credit cards but did read that VISA recently floated in the US which gave the banks an immediate profit somehow...once again spreading the risk via a float imo.
Someone else may know more or you could look into it.
I found it interesting to listen to a US caller on the the broadcast Question time on www.financialsense.com
Their Question was their delemna whether to buy a wood combustion heater for $5000 or pay off their $5000 credit card debt?
Why the delemna?...the credit card attracted 0% interest.
unlike ours !!!
Now they are the ones supposed to have a credit problem??
Best idea is avoid the high interest and dont abuse credit cards in this environment..
Sorry that this does not actually answer your question though.
credit card losses next, page-4
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