The Commonwealth Bank Business Sales Indicator was largely unchanged in trend terms throughout December, it has been revealed.

The Commonwealth Bank (CBA) Business Sales Indicator (BSI) has recorded its best reading for more than a year.

It is positive news for retailers in Australia as the BSI tracks the value of Aussie credit and debit transactions through the financial organisation’s point-of-sale terminals.

The result was mainly unchanged in trend terms but there was good news for firms.

Craig James, chief economist of the bank’s broking subsidiary CommSec and author of the BSI, pointed out this result was particularly positive because there was some activity in New South Wales and Queensland in December.

He said: “While growth in economy-wide spending remains elusive, the good news is that the majority of industry sectors are still expanding rather than contracting.”

What’s more, Mr James stated December 2009 saw the BSI decrease in terms of a trend basis, while executive general manager of local business banking at the CBA Matt Comyn noted Retail Stores has now experienced its fourth consecutive rise as it increased by 0.5 per cent in December.

He added: “We must also remain mindful of the impact of the recent flooding on small businesses operating in affected communities across Australia.”

And this natural disaster has led many financial organisations to pledge money to flood relief, as well as produce emergency packages for those affected.

Some of services provided by the banks have included extensions to credit card limits, as well as waiving charges on the withdrawal of term deposits.

Mr Comyn stated: “There will undoubtedly be negative short-term effects on business activity including continuing supply-chain disruptions and a tightening on cashflow.”

This comes after the CBA revealed in December there were positive signs for companies, despite continued negative spending growth in its last BSI.

It fell for the 12th month in a row in November, but Mr Comyn pointed out the declines recorded by the BSI had been getting lower.

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Interest rate tends to be lower on credit cards than store cards, it has been stated.

When weighing up the advantages of both credit cards and store cards pound for pound, the former would usually be chosen ahead of the latter.

This is according to Mark Bouris, executive chairman of wealth management and advice firm Yellow Brick Road, who stated one of the reasons for this is because the interest rate tends to be lower, News.com.au reports.

He also stated these Aussie credit products are usually linked to a person’s internet banking, plus frequent flyer reward points can be collected on them.

But he advised: “Do plenty of research before signing up for any card because there are good and bad examples of each type.”

“Credit cards tend to have slightly lower interest rates but they are still usually more than 15 per cent.”

What’s more, Justine Davies, a finance author with a decade of financial planning experience, pointed out such products with a low interest rate are what most shoppers would opt for, plus she recommended people should be getting a card with the lowest interest level if they do not pay their debt back each month.

And Ms Davies noted this can vary from ten to 23 per cent, which could be a huge difference to some.

In addition to this, when comparing store cards with credit cards, Kerrin Falconer, a financial planner, stated the former tend to have a higher level of interest, plus there are annual fees and transaction fees at times.

But she encouraged those looking to take out a product to figure out what they require a new card for, stating: “Like private health cover, needs are different and what works for one may not necessarily be the best choice for another.”

This comes after Noel Whittaker, director of Whittaker MacNaught, advised people with debt on their credit card to move it to another product with a low interest, the Sydney Morning Herald reports.

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Surfers aged 50 and over received welcome news earlier this month after Saga introduced its best-buy online instant access account.

Saga has launched a range of savings solutions for the over-50s allowing them to enjoy attractive returns.

The products, exclusively available to savers aged 50 and above, include the Saga online savings account paying 2.75% which includes a 1% bonus for the first year, and the Saga ISA which pays 2.60% tax free including a 1.00% bonus for the first 18 months.

The Saga ISA Saver is a Cash ISA provided by Birmingham Midshires, that provides savers with unlimited easy access to their funds on investments from £500 up to £5,100 per tax year.

The Saga ISA allows savers to transfer some or all of their previous years subscriptions, so there’s no excuse to be earning a low rate.

Alternatively if you’re lucky enough to be aged under 50 or you want to scour the market for the highest rates, consider the Nationwide ISA. This product is also up in the best-buys for ISAs, offering savers 2.75% on balances between £1 – £5,100. The Nationwide ISA currently offers the best instant access rate for an ISA transfer but savers must either have an existing nationwide account or open one before applying.

Savers will have a hard time finding an instant access cash ISA or standard savings accounts paying more than 3%.

The best ISA rates can be had by those that are happy to lock their savings away in a fixed rate ISA. For example the RBS ISA pays 4% if you invest between £3,600 – £5,100 for 3 years with the option to transfer existing ISAs. This means that if you were to deposit the maximum amount into this account you could earn up to £612 for the 3 year term.

www.moneyextra.com Around 1 in 10 people leave their application for an ISA until the last two days before the tax year ends The deadline for ISA application is on April 5th which is Easter Monday and a bank holiday.

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