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There’s a 1 in 3 chance you’re losing money on your credit card

If you think you’re getting a good deal from your current credit-card provider, think again.

Chances are you’re paying too much in interest or fees, and getting fewer rewards than you realize, a new report suggests. Even if you’re getting back more in rewards than you pay in interest and fees — you’re almost certainly missing out on even better deals, it adds.

The report was conducted by the Reserve Bank of Australia, their central bank, based on a detailed annual survey of consumers and their finances in the country. “Most cardholders would be better off if they held a different credit card,” concludes the report, “Consumer Credit Card Choice: Costs, Benefits & Behavioral Biases.

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