With over 35 credit card issuers in
Australia it is no surprise that there are many choices to make when
you are looking to apply for a credit card these days.
Of course, with personal finance sites
aggregating the best deals for you, it’s made it easier for you to
compare and choose credit cards and then apply online, but you still
have to make a number of key choices. Here are 5 of the most
1. Transfer a Balance
If you have existing debt(s) on other
credit cards at high interest rates, it can be highly beneficial to
consolidate those debts onto a single card at a lower rate of
interest. If you are looking to apply for a credit card online that
is offering this feature you may find a low or even 0% balance
transfer available for between 6 months and 15 months, after which
time the interest rate may be charged at the cash advance rate. With
these cards it’s very important to pay back the full balance within
the introductory period.
2. Frequent Use Card or
How often you intend to use your new
card will help determine if you apply
for a credit card with rewards, a low annual fee and other
features. For example, if you only intend to use your card
infrequently for online purchases then a great rewards scheme for
shopping at major high street stores doesn’t help you much. Also if
you are only using the card a few times per year you will probably
want to avoid paying a high annual fee, whereas if you are using it
daily the annual fee wont be so much of an issue.
3. Overseas Use or Not?
If you intend to use your card overseas
frequently you will want to apply for a credit card that is light on
charges for using overseas ATMs and for paying for goods and services
overseas. There should be a full list of fees available on the card
issuer’s web site.
4. Are You
When you apply
for credit card online you want to make sure that you are
approve-able first! That relates to your credit history and possibly
your income and age. There are stipulations that a credit card make
as guidelines for approval. Once you have read these then choose a
card that you are likely to be approved for as denied applications
will show up on your credit report and are not helpful for your
5. Can You Pay the Debt
If you are confident you can clear the
debt each month in full, by a given date, then choose a card with a
good interest-free period that allows you to pay no interest for,
say, 44 or 55 days. This way the APR doesn’t even matter as you will
never pay any interest.
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