Posts Tagged :

credit cards

People standing on stacks of money
Personal loans vs credit cards. What you need to know.

A personal loan is about as straightforward as it gets when it comes to borrowing money. It can help you pay for something special like a car, holiday or home renovations, or to consolidate debt. With a personal loan, you borrow a specific amount and you make regular payments until it’s paid (along with the interest), usually one to five years. And for a long time personal loans have been in the shadow of credit cards. That’s because credit cards…

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Credit cards: What is a Low-interest or balance transfer credit card

How credit card balance transfers work If you find yourself in credit card debt, paying a huge amount of interest every month and never making any reduction in the balance because it’s all going in interest, a balance transfer could be your way out. In a way you would be paying off your credit cards with another credit card, but the crucial difference is that the new credit card may come with an interest rate holiday. (After a basic card?…

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Colourful cards on pale backdrop
What you need to know about balance transfer credit cards

A friend called me the other day in a panic because he suddenly realised he owed more than $2,000 on his credit card and had no way of paying it off in a reasonable fashion. “You work in finance,” he said, “what am I supposed to do now?” First I made him do the calculations to see how much interest he would pay on that $2,000. He’d blown it on dinners, drinks, and a new smartphone he didn’t need, and…

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How to: be more disciplined with credit cards

If you’re considering opening a new credit card, you may worry you’ll overspend and get yourself into trouble. And understandably so – the Australian Bureau of Statistics reported that the average household debt in Australia is $168,600, and the most common form of debt is credit card debt. So how can you use a credit card responsibly? Let’s look at the best ways to stay disciplined. Think of your credit card as a debit card A great way to stay…

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Four saving strategies for spring and summer

As the winter months come to an end in Australia, you’re probably antsy to get out in the warmer weather. But getting out more could also mean increased spending. If you’re trying to figure out how to save this spring and summer, easy ways to get a boost include sticking to a budget, using credit card rewards, having social functions at home and saving on energy costs. 1. Stick to a budget Sticking to a budget is easier said than…

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Life hack: How to beat credit card interest

If you’ve got a credit card but you’re sick of being stung with interest costs, you might be wondering how you can avoid paying interest but still use the card for the maximum benefits. We’ve broken it down. Credit card interest – the good, the bad and the ugly Each month, your card will tell you the total amount you owe on your account, and it will also tell you the ‘Minimum Payment Due’. You might choose to pay just…

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Credit cards: Why a low-interest or balance transfer credit card could work for you

How credit card balance transfers work If you find yourself in credit card debt, paying a huge amount of interest every month and never making any reduction in the balance because it’s all going in interest, a balance transfer could be your way out. In a way you would be paying off your credit cards with another credit card, but the crucial difference is that the new credit card may come with an interest rate holiday. (After a basic card?…

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Credit cards: Are rewards credit cards, travel cards and cash-back cards a good idea?

Rewards, travel and cash-back cards There’s no such thing as a free lunch. Basically, no-one’s going to be putting rewards and inducements your way unless you’re spending enough to make it worth their while to look after you. If you’re not spending at least $1,000 on your card each month, you’re probably not going to be earning enough to make it worth your while, especially once you factor in the annual fee, which can be quite a lot for a…

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Putting everything on your credit card? There are other ways to pay

Don’t believe you have to have a credit card. Paying interest sucks and there are other ways to pay. It sucks the lifeblood out of your finances. That’s because unless you clear your entire bill within the interest free days, you pay interest. That interest means you’re paying as much as 20% more than your mates for the same things, which may have a detrimental effect on your finances over time. Other (sometimes better) ways to pay Thankfully there are…

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Why good credit can help you buy a house

Are you thinking about taking the next big step in your life and applying for a home loan? Buying your own property is a major part of becoming financially stable in the future, because you have a huge investment as a part of your portfolio. However, if you don’t have a clean credit report, you could find it difficult to get favourable terms on your mortgage. When a lender looks at your application for a home loan, they’ll consider more…

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