Christmas 2009 Credit Card Tips
Posted December 21st, 2009
Consumers are getting ready for Christmas 2009 and ready to start spending.
As you get set to pull out that credit card for another purchase, here are some credit card tips you can use to avoid too much agony over your January statement.
As Christmas 2009 approaches, consumers are ready to pull out their credit cards for a spending frenzy. Last year we spent over 37 billion dollars at Christmas. The Westpac – Melbourne Institute Survey of Consumer Sentiment index has risen by 32.8 this year, with 58% of consumers giving the opinion that now would be a good time to purchase a major item for the home. In order to avoid a massive statement in January, follow the tips below to save money as you spend.
Christmas 2009 credit card tips:
If you are thinking about taking out a cash advance then you should think again. You will start paying interest on that money as soon as you withdraw it, in most cases. Also, if you have an interest free introductory rate, it does not apply to any cash advances. If you have not paid your bill by the due date, interest will be charged on any purchases you make in the current month and in the previous month.
There are various credit cards you can use to help keep down the cost of spending for Christmas 2009. There is a wide range of interest rates available on credit cards, from below 10% all the way up to above 20%, so get the card with the lowest interest rate that you can qualify for. You should also check that the card you use fits into your spending habits. If you’re not able to pay off your balance fully every month that you should be looking at a card that offers a lower interest rate. This would be best in the long run, because if you have one with an introductory rate, when the time expires you will be hit with a sky high interest rate to deal with.
The advertised rate for the credit card usually refers to the purchase rate, and not the interest rate for any cash transactions such as cash withdrawals. Even though you may be paying a low interest rate on your purchases, you may be charged up to 20% on cash transactions. Keep this in mind as you do your shopping.
This Christmas 2009 try to pay off as much as you possibly can when your statement arrives in the post. This will help stop a heavy debt from building up too quickly. In recent years minimum payments has been lowered to as little as 1.5% from 3.4% in the past. This can cause a major problem for consumers when they notice the compounded interest adding to their statement every month. If you are already in trouble with credit card debt, you may want to consider debt consolidation or some kind of loan that you can get at a much lower interest rate.
Related posts:
- 24 Tips On How To Manage Your Christmas Credit Card Debt
- Christmas Money-Saving Tips
- Reducing your Christmas Credit Card debt
- 20 Tips To Save Money On Your Credit Card This Christmas
- Top Credit Card Tips for 2009
Show Comment Form
Editor's Choice: Our Top Credit Cards
Bankwest Lite MasterCard
Cheapest Credit Card
The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.
St George Vertigo
Best Bank
Low 2.99% for 6 months (reverts to 11.99%) p.a. interest rate and balance transfer rate, from one of Australia's most respected banks.
Coles Group Source MasterCard
Citi Clear Platinum Visa
Low Interest
An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .
Bankwest Zero Platinum MasterCard
No Annual Fee
Excellent introductory offer with a $0 annual fee for the life of the credit card and a 1.99% p.a. for 12 months on balance transfers