Managing Your Credit Card During A Recession

Recession credit card management is essential to overcome the hard times. There are ways to prevent financial problems as the economy worsens.

Many countries have yet to fully recover from the 2008 financial crash, and Australia is no exception. Those of us who are still using plastic money even through the recession are concerned about managing our credit cards to ensure that they won’t lead to financial ruin.

Here are some suggestions for you to use your credit card wisely, especially during recession:

1. Choose a low interest rate credit card. Don’t just pick any credit card company to help you extend your income. You have to scrutinize the interest rate to ensure that you are getting the best deal for your money. If you are paying more than 15% pa with your current credit card, perhaps it’s time for you to move to low interest credit card that offers as low as 11.99% to 13.99% pa only.
2. Avoid paying the minimum only. If you experience a sudden financial windfall, try to pay for more than just the minimum amount due on your credit card purchases. Doing so allows you to pay off the principal sum rather than just pay for the interest.  There are also instances when the credit card company offers interest-free periods, so take advantage of this opportunity to lessen your debt significantly.
3. Get a balance transfer credit card. If you still have leftover balance on your current credit card but you already want to switch to a different one, find out if the card company offers a balance transfer option. This allows you to pay off your existing credit card balance over a set period at a much lower rate or even at 0% interest.
4. Take advantage of credit card rewards programs.  If you have a rewards programs credit card, then you should take advantage of it and use it wisely. Frequent shoppers who usually use their credit cards to pay for their purchases will definitely benefit from the rewards point they can get from every transaction. Once you have accumulated enough points, you can claim your prize.

Recession credit card management is doable with your willingness to make it work. What are you waiting for?

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%