Basic Information That New Credit Card Users Need to Know

Information verified correct on October 27th, 2016

Basic Info for Novice Credit Card Users

Getting your first credit card can be an exciting but daunting experience. The proposition of temporary free purchasing can become too much for cardholders, resulting in a downward spiral of debt. To help you control your shopping impulses, here are a few tips for using your new credit card.

Rates & features

  • Avoid cash advances at all costs

    Cash advance interest rates are incredibly high, ranging from 18-23% p.a. Use this option sparingly and save it for emergencies.

Special offers

  • Balance transfer offers don’t give interest-free days on purchases

    If you’ve decided to take up a balance transfer offer, you won’t receive any interest-free days on purchases until you’ve repaid your full outstanding account balance.

Account maintenance

  • Pay back your credit card on time – Use direct debit

    The temptation of ‘free’ spending and not having to pay until later can lead to late payments. Set up a direct debit from your bank account so your payments are never late.

  • Monitor how much you are spending

    Regularly check how much your outstanding balance is to ensure your next pay check can cover the amount. Download your bank’s mobile application and save their website to your browser bookmarks.

  • Note down your provider’s emergency contact details

    Having your bank’s important contact numbers will provide you with peace of mind in the case that your card is lost, stolen or you need to make an urgent inquiry.

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2 Responses to Basic Information That New Credit Card Users Need to Know

  1. Default Gravatar
    felicia | August 30, 2012

    i was just approved and purchased my first credit card how do i find my costumer number

    • Staff
      Jacob | August 30, 2012

      Hi Felicia. Your bank will generally identify you by your account number, which is located on the front of your card. Thanks for your question.

Credit Cards Comparison

Rates last updated October 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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