How To Manage Your Commonwealth Bank Credit Card
Posted November 27th, 2009 and last modified May 16th, 2011
Make the most out of your credit card by using all the features of your card, such as interest-free days, a rewards offer, and secure internet banking, among others.
Featured Commonwealth Bank Credit Card
The Commonwealth Bank Gold Awards Credit Card features an extensive awards program where you can earn rewards points on everyday purchases you make with your card and redeem for a massive range of travel, shopping and cashback rewards. You get 2 credit cards on the one account and can earn 2 Award points for every $1 you spend on the Commonwealth Bank Gold Awards American Express Card.
- $144 ($114 for qualifying customers) annual fee
- 20.74% p.a. on purchases
- 5.99% p.a. for 5 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Complimentary international travel insurance
Read the Commonwealth Bank Gold Awards Credit Card terms and conditions.
Understand how to manage a cba credit card for a trouble-free credit card account. It starts with designing a budget and using the right type of card to make the most of credit.
It is not too difficult to manage a cba credit card, but it is important to bear a few key points in mind if you are to enjoy a happy relationship with it. The first point is that you must make sure you do not overspend and create an unmanageable debt for yourself. To guard against this you must …
Draw up a budget:
A budget is crucial if you are to manage a cba credit card, or any credit card, effectively. This involves making a list of your income and outgoings and calculating how much leeway you have each month to add purchases to your credit card. Some months will inevitably be better or worse than others, but you can certainly give yourself a general idea of your limits. You must bear in mind that your true spending limit is not the one cba has given you as a credit limit; spending up to your credit limit could cause untold problems if your circumstances suddenly change and your income drops.
Use your interest-free days:
You have a maximum 55 days interest-free on your purchases, so you can make a purchase early on in your statement period and not pay any interest until the due date. Remember, however, that to manage a cba credit card’s interest-free days feature it must still be applicable, and it won’t be if you have any balance left unpaid from the previous month. Interest-free days only apply if you completely clear your previous month’s balance.
Build your points, use your rewards
Make sure if you are making regular purchases to put them on your cba credit card, therefore taking advantage of the Commonwealth Awards program whereby you earn points from your purchases. The smart customer will manage a cba credit card by accruing points that can be exchanged for cashback on their account. In this way, they are subsidising their spending by spending. Just be careful you do not spend for the sake of it, as the interest that will be charged on any unpaid debt will negate the value of your points.
Keep your card safe:
You may be covered by a zero-liability guarantee thanks to Visa, MasterCard or American Express, but allowing your credit card to go astray is inconvenient to you and may be costly to the provider, especially if the loss or theft is not noticed or reported straight away.
Internet safety:
Making purchases over the Internet is made safer through your observance of two rules: make sure there is a locked padlock symbol bottom right when your are making a transaction, and; make sure the web address begins with “https” rather than just “http”.
Meet your minimum payments – at least:
Not making your minimum payment is an utter failure to manage a cba credit card. You may be charged a fee, you may lose any special interest rates, and you will be considered in default on your loan which may be reflected in your credit history.
Image source: Commonwealth Bank
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