Credit Card News

Wallets and credit cards may soon become a thing of the past. They will be replaced by microchips embedded in mobile phones, watches or other portable devices.

Thieves have created new methods to steal cash from ATM's by developing false keyboards to record pin numbers as they are typed in.

This new method is being used instead of concealed cameras previously used to record pin numbers contradicting the banks advice to customers to cover their hands when using the keyboard.

Under the new national laws, banks and other lenders, which push, unwanted credit cards and increased credit limits onto people who cannot afford it, will lose their licenses.

As part of an elaborate $500,000 scam more than 5000 ATM cards have been skimmed in just four weeks.

The Herald Sun has reported that Police believe an international crime syndicate, operating out of Southern Europe is responsible for fitting at least four, skimming devices in ATM's in Melbourne's CBD and Southeastern suburbs.

Despite the fact that borrowing rebounded in January consumers still continue to reduce their debt as fears of a recession loom.

According to data released by the Reserve Bank of Australia on Friday, total private sector credit rose 0.6 per cent in January from 0.2 per cent decline in December.

Australians have been scared into paying off their debts and ramping up their savings due to the sinking economy and fear of losing their jobs.

Less than 5 per cent of mortgage borrowers have opted to reduce the repayments on their mortgages as figures from the big four banks have shown.

The Reserve Bank is going to introduce new rules governing ATM charges as of March. This will mean that bank customers could face millions of dollars in extra ATM fees - and a smaller choice of free machines.

Woolworths will cut its Everyday Money Credit Card interest rate from 18.99 per cent to 17.99 per cent per annum.

The new interest rate will be effective for new and existing customers from February 1.

Despite the biggest Reserve Bank cuts to official rates in years credit card holders are being charged with higher interest fees.

Treasurer Wayne Swan has demanded an explanation as to why banks have not passed on the savings to their customers.

Despite cuts to the official cash rate, certain banks are hiking card interest rates forcing consumers to switch to credit card deals that charge lower interest rates.