The heading says it all....Chanticleer
No-interest credit cards are 'dumb'
No-interest credit cards sound like a prudent way to manage purchases. But the fees are high and unlikely to appeal to already indebted young Australians.
Updated Sep 16, 2020 – 12.13pm,first published at 11.25amThe no-interest credit cards launched by Commonwealth Bank of Australia and National Australia Bank look like desperate responses to the surge in buy now, pay later payment options.
A number of questions arise from the moves by CBA and NAB to counteract the surging demand for buy now, pay later products offered by about a dozen different local and international providers.
First, why are two of our major banks making it easier for young Australians to load up on debt? Is this really a responsible reaction to increased competition?
