Credit Card Tips

March 26 2008
1. Look at the interest rates

This looks like an obvious point however many people do not know their interest rates on purchases and cash advances. When signing up for a new credit card the first thing you should look at is the interest rate. After that you should then shop around and compare rates from other providers in Australia. once you have done your market research on interest rates you can then go ahead and check on other key features to get yourself the best possible deal available.

2. What type of credit card do you need?

The major credit card categories in the modern era are budget credit cards, frequent flyer credit reward credit cards, gold and platinum credit cards. You need to decide what category best suites your needs then compare the features within these sections. For example if you are a person that travels alot with business an earns a good salary then you would want a frequent flyer gold or platinum card. If you want a credit card with low fees then you would choose between the budget credit cards available in Australia.

3. Read the fine print.

One of the most important things to understand before applying for a new credit card is to read the fine print. Banks and other credit card providers will often try to sneak fees and charges in the fine print. So if you do not want any nasty surprises when you receive your credit card statement then you should read the fine print.

4. Look at the special offers.

Banks is Australia are currently fighting for your business. Every month there are many new credit card promotions that you can take advantage of. These special offers include balance transfers, interest free days, annual fee waivers and extra bonus points. Take a look a these promo offers and compare to find the best deal to suite your needs.

5. Balance transfer deals

If you are looking get a lower interest rate than your current credit card then a balance transfer offer may be advantageous to you. Balance transfers allow you to transfer the current credit card balance to a new lower rate with another provider. For example some banks are offering 6 months interest free on balance transfers. So if you think you can pay of your balance within this time frame a balance transfer deal can save you money. Be sure to check the interest rate after the interest free period that is available in the fine print (refer to point 3).

Well there you have it 5 quick tips when choosing a credit card that will save will one save you money and two get you the right credit card that fits your needs.