Here in this blog post, we will discuss the 06 things that you should know before you get a credit card. Before getting the credit card there are some ins and out that you know about.
01) You don’t have to pay interest on any credit card
The most important thing that you need to know about a credit card is absolutely no interest. If you do pay off your credit card balance in full on time each month.
02) Be Organised and stay on top of payments
Be organized don’t waste your balance on other things like traveling or parties. Saving money is very important for everybody.
03) Don’t just pay the minimum balance
Pay off the full credit card balance in full on time each month. You will get the payment option minimum card balance on your credit card but don’t do that Pay off the whole balance in full. Because if you pay the minimum balance you will have to pay the interest remaining balance. That’s why pay off the full balance.
04) Live within your means
If you can buy the BMW car then buy that but don’t try to buy the Rolls Royce car. You can buy a second-hand car or cheap a price. Spend money where you should have to.
05) Weigh up the card benefits and annual fees
A lot of cards have annual fees that you need to pay and that’s not fine. As long as the benefits that you getting from the using card you need to pay before getting the card. So it is very important to do the calculation of your fees.
06) How you can pick the right card
There are so many credit cards and also different types of people in Australia. One of the favorite tools to compare the credit card is Finder App.
You can compare best on
- Types Rewards
- Cashback
- Annual Fees
- Credit limit
How does credit score work in Australia?
You can get a home loan from the US, even if you never have a credit card in Australia. Even if you don’t have a good credit history.
Another important thing to keep in mind that do you have a credit card if you plan to buy a home loan. The banks actually looking at your credit limit which can impact your borrowing capacity.
So these are the 06 things that you should know about when you get the credit card.
It is noted that we are not financial advisors. ( Information is taken from the internet ).