BUDG046 Loyalty tax – are you paying more than you should? (463 words)

This article explains the concept of “loyalty tax,” where long-term customers may end up paying more than new customers for services such as insurance, utilities, and loans, often without realising it. The article highlights how regularly reviewing expenses, negotiating with providers, and seeking advice can help reduce costs and improve your overall financial position.

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Sandy joined her local gym a decade ago. She was proud of her long-member status and was content to pay the monthly $200 fee.

Imagine her surprise, when a friend was offered a sign-on deal of just $150 per month for the first year!

Known as loyalty tax, it’s that extra amount you pay effectively subsidising the sweetheart deals companies use to lure new customers.