Credit Card Management Guide

Take charge of your credit card once and for all with our credit card management guide.

The sooner you are in control, the better it will be for your overall credit score or credit rating. Since your debt and credit are always related it pays to be vigilant about finances. Manage your cards well and they can in fact work in your favour as opposed the other way round.

Credit card management tip #1

The first tip is obvious for some and not so for others. Drum-roll please...
OK, here it goes... don't say you weren't warned. Always pay your credit card debt on time! Doing this will keep your credit rating intact and if you ever wanted to apply for a loan, your chances are pretty good provided you actually have the financial means to pay it back.

Credit card management tip #2

If you can, pay more than the minimum required each month. Even better, pay the thing off each month and then start afresh. Your primary goal should be not to get into debt in the first place and by paying off your credit card in full each month you won't.
But if on the other hand you already struggle to make repayments then every little bit helps to reduce those hefty interest rate penalties. Even if this means you have to forgo your weekly gossip magazine and coffee in town, then do.
Paying off debt is as much time sensitive as it is financially. If you are paying off several cards at once you should consider consolidation or else pay off one card first (the one with the highest interest rate), and then work your way through them, one by one.

Credit card management tip #3

If you fall off the bandwagon and acquire too much debt you will be in a serious financial tight ship because you won't get any loans or further credit cards approved. Plus, more debt always attracts higher interest rates which makes it even harder to pay off your primary debt because all you end up doing is paying off interest only.

Credit card management tip #4

Beware of store cards. These are little suckers! They come across as being great to make purchases in your favourite store but beware if you fail to pay your bill - you will get hit with ridiculous amounts of interest.
Also, those offers of pay nothing until 2012 etc. are traps to suck you into financial oblivion. Do not succumb to them. If you can't afford it, don't buy it!

Credit card management tip #5

Focus on your debt to income ratio. Your loan or credit should be in direct relation to what you actually earn in income. If the ratio is too high you are asking for trouble should you ever lose your job or worse.

Credit card management tip #6

Don't get into debt! If you want to break the evil cycle of debt and credit, the best present you can give yourself is a scissors. Cut up ALL your credit cards, store cards, etc, and live frugally until you paid off all your outstanding debts. There are loads of ways to better manage your credit card and here are some links to articles with tips and tricks you might have not heard of:

---

• What To Do If You Can’t Afford To Make A Credit Card Repayment
  

  If you are struggling to make your monthly credit card repayments each month, you should strongly consider switching credit cards to a lower interest credit card that fits within your budget.



• 7 Reasons You Hate Credit Cards
  

  If you hate credit cards then there may be a good reason why you have this feeling. Take a look at this article to find out more about credit cards and why we tend to hate them.

  If you have found that you hate credit cards lately, and don’t understand why this could be happening, then [...]



• How To Safely Use Your Credit Card As Cashflow Between Pay Cheques
  

  Many people use their credit card to help them with cashflow between paychecks, but if you do not use proper credit card management then you can end up in trouble. Take a look at this article to find out how you can use your credit card as a backup, and not have to worry about [...]



• How To Never Pay Credit Card Interest Or Fees
  

  Find out how you can avoid paying credit card fees. Discover no annual fee credit cards that allow you to carry a cost-free credit card provided you pay your bill in full each month.

  They say there are two things in life that are unavoidable: death and taxes. Happily, there is no mention of credit card [...]



• Can I survive without a credit card?
  

  There are so many credit card benefits that it simply does not make any sense to not have one nowadays. Take a look at this article to find out if you can really survive without a credit card.

  While you may be able to survive without a credit card, why would you want to? There are [...]



• Tips For Paying Your Bills With Your Credit Card
  

  Paying credit card bills online is easy to set up. It allows people to have more control over their bill paying, and do it in a shorter time each month. As this article notes, however, different types of bills will need to be managed in different ways.

  It can be much easier and more reliable to [...]



• Coles Source Credit Card: Managing Your Credit Card Repayments
  

  This article shows you the best methods and strategies for managing your Coles Source credit card repayments so never fall behind in interest repayments. You will also learn how to use the online service centre, how to avoid late fees and overall how to manage your account wisely.



• Understanding Your Coles Source Credit Card Statement
  

  This article will help you fully understand your Coles Source credit card statement so you can avoid those late fees and charges. You will learn about the timing of BPAY payments, how to request a paper copy of your Cole’s Source credit card statement, what numbers you’ll need to identify your account and more. Master your Coles Source credit card statement today.



• Important Credit Card Tips I Wish I Knew Before
  

  This article highlights some of the best credit card tips. These include tips on reward points, how many cards to use, credit limits, negotiating with your bank and much much more. These tips will ultimately help you save on your monthly credit card statements.



• How to Sack Your Credit Card
  

  Imagine what life would be like without your credit card and living 100% debt free. If living credit free is something you want then this article will help you think about ways to stop using your credit cards completely. The good news is that a credit card is something you can gradually phase out of your life over time but you need to learn how to do this properly.



• How To Tell If Your Credit Card Is A Problem For You
  

  Are you in control of your credit card or is it beginning to take control of you? This article will help you find out if your credit card is becoming a problem for you. The easiest way to tell if you have a credit card problem is to take a look at your last monthly statement. If you get a bit of a shock and you break out in a cold sweat, you can be fairly certain you have a credit card problem.



• Always Read Credit Card Terms And Conditions
  

  We often like to ignore our credit card’s terms and conditions not knowing that it is important we do read the fine print so we know how to avoid extra fees and interest rate fluctuations. Some of the important information contained in the terms and conditions include: penalty charges, interest rates and allocation of payments.



• Credit Card Tips for Dummies
  

  We call this article Credit Card Tips for Dummies because it contains some common sense methods for staying out of credit card trouble which a lot of people unfortunately do not follow. By following these simple guidelines you will be able to establish a good credit history and avoid ever falling into credit card debt. In other words you will avoid becoming another credit card statistic.



• Pay Your Bills Online With Your Credit Card With PostBillPay.com.au
  

  With most payment methods going online now there is no need to be standing in long lines or even having to visit the physical location of the store you are paying your bill to. Now thanks to PostBillPay.com.au it’s even easier and faster to pay for bills online. In this article we check out PostBillPay.com in more detail and investigate why you should choose this payment system, how it works and most importantly it’s security and privacy.



• How To Guide To Organising Your Credit Card Bills
  

  Being organised is very important when it comes to paying off your credit card bills. By knowing exactly how much is due and the due date for your credit card bills you can plan well ahead of time and never be charged for overdue fees. Here are some easy tips for organising your credit card bills so you can maintain full control of your debts.



• How to Reduce Your Monthly Credit Card Bill Using a Balance Transfer
  

  If you are struggling with cash flow then using a balance transfer to reduce your credit card bills can be an effective way to free up some income each month. In order to do this effectively you first need to understand how your credit card bill is charged. You can then reduce your monthly credit card bill using a balance transfer.



• International Fees For Credit Cards
  

  One of the costs of servicing a credit card are the fees involved. These credit card fees can be very expensive especially if you plan on using your credit card overseas while on holiday or on a business trip. It is important to be aware of some common overseas credit card fees before you travel overseas so you don’t get a shocking surprise when your next monthly credit card statement comes around.



• When Is The Best Time To Pay Your Credit Card Bill?
  

  A large percentage of credit card owners struggle with their credit card bill and are not able to pay it off in full each month. If you are amongst this group of credit card owners then here we provide the reasons why it is important not to carry a credit card debt so you can save on interest and improve your credit score over time.



• How To Pay Your Credit Card Bill On Time
  

  Here are some practical tips on how to pay your credit card bill on time. Some of these tips include: making note of due dates using sticky notes, using your mobile phone as a reminder tool, using automatic direct debit etc. Find out more practical tips on how to pay off your credit card bill on time in this article.



• Helping You Pay Fewer Fees On Your Credit Card
  

  The convenience that a credit card provides comes at a cost through both interest charges and fees. Although you cannot do much to avoid the interest charged you can take control of your account to minimise credit card fees. Find out how to reduce your credit card fees here.





• Page 1 of 4
• 1
• 2
• 3
• 4
• >

Best Balance Transfer Credit Card Offer

The Bankwest Lite MasterCard is Australia's cheapest credit card offer, giving you the lowest MasterCard purchase rate of just 9.99% p.a. as well as a long balance transfer offer on your existing credit card balance at 1.99% p.a. for 12 months!






Click here to access the Bankwest Lite MasterCard terms & conditions.

Editor's Choice: Our Top Credit Cards




Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
Bankwest Lite MasterCard	Editor's Choice: Cheapest Credit Card The lowest stress mastercard, with Australia's lowest MasterCard purchase rate of just 9.99% p.a.	9.99%	20.99%	1.99% for 12 months	$59	55
St George Vertigo	Editor's Choice: 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.	2.99% for 6 months (reverts to 11.99%)	20.74%	2.99% for 6 months	$55	55
Coles Group Source MasterCard	The Coles Group Source MasterCard has no annual fee, a 0% p.a. balance transfer offer for 6 months, with a rewards program including savings on fuel and FlyBuys Points	19.74%	21.99%	0% for 6 months	$0	62
Citi Clear Platinum Visa	Editor's Choice: Low Interest An excellent low interest credit card offer with 11.49%interest on purchases and 0.99% for 6 months on balance transfers .	11.49%	20.99%	0.99% for 6 months	$49 (First Year, Save $50)	55
Bankwest Zero Platinum MasterCard	Editor's Choice: 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	15.99%	15.99%	1.99% for 12 months	$0	55