Money Management

August 15, 2011

What Bank is Best for Balance Transfers?

best bank for balance transfers

In Australia we are fortunate enough to have a competitive banking market where there are many banks, big and small, vying to attract your business. When it comes to credit cards, there is one type that has proven itself as incredibly popular with consumers – the balance transfer credit card.

Not only do consumers love them, but the banks do too because they can attract new customers away from their competition. And how do they do that? By offering cheaper balance transfer interest rates and longer introductory periods than the other guys.

So if you’re in the market to transfer your balance to a different card with a new bank, where do you look first? Here’s our guide to what we think are the 10 best banks to switch to.
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August 8, 2011

What to do if Your Credit Limit is Reduced

surprised face

If you’re unfortunate enough to have had the credit limit on your credit card reduced without warning, you might be wondering how it will affect you and what on earth you can do about it. In these financially volatile times, a change like this can be worrisome. Perhaps the worst part of all is that a sudden credit limit drop can significantly affect your credit rating and thereby cause you all sorts of grief, both now and in the future.
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July 25, 2011

What Happens if you Stop Paying Your Credit Card Bill?

credit card payments

Ever tried not paying your credit card bill at the end of the month? Sometimes when you’re swamped with bills and not very organised you can let things slip, but this will have nasty consequences. So if you are in any doubt as to why you should keep paying, here’s some clarity for you!
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July 18, 2011

5 Things That Damage Your Credit Score

damage credit score

You credit score. Is it just a nominal number not worth worrying about, or is it a number you should take an active interest in? For many in Australia the credit rating system is something not to be taken seriously, but that little number can have a significant and direct bearing on your life. Would you like to buy a new car and use a loan to finance it? Your credit score will determine whether you can get it or not. Would you like to buy a new home or refinance your existing home loan? The bank will check your credit score to make sure you can pay it off. These are only two of the many scenarios when your credit score can affect your quality of life in a very real way. So it pays to acquaint yourself with how this score can be damaged!
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June 29, 2011

A Guide to Balance Transfer Limits

balance transfer limits

All the credit card mumbo-jumbo floating about can get very confusing sometimes so let’s take a simple look at some of the issues surrounding balance transfer limits in language we can all understand.

What is a Balance Transfer Limit?

A balance transfer limit is the limitation set on how much debt or ‘balance’ you can transfer from an old credit card (or cards) to a new one. When you apply for a new card there will usually be an introductory offer of some description where you’ll be offered a good interest rate for a set timeframe for balance transfers. So in other words, if you choose to transfer some debt from an old credit card to a new one, you might enjoy a much lower interest rate than what you’re currently paying for a time period of say 6 months on that debt/balance. It varies from card to card. There will, however, be a limit on how much balance you can transfer from old card/s and this is called the balance transfer limit.
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June 28, 2011

Spavers of the World, Chill Out

spaver

With the mornings getting colder, and my caffeine tolerance getting higher and higher, to get out of bed each morning I rely more and more heavily on the knowledge that there will be an inbox full of daily deal emails awaiting me.

Australian deal sites use a similar model to that developed by the US giant Groupon, which is one where buyers can take up deals on anything from hair treatments, restaurant meals and chiropractic appointments to cases of wine and consumer electronics. The deals only come into effect when a certain number of people have signed up to buy and it’s also only available for a limited time – usually a day.

These online discount shoppers have given given me a new lease on the portmanteau ‘spaving’, combination of ‘saving’ and ‘spending’.

But just as a ‘bromance’ is really a buddy movie, a ‘belieber’ is just a teenage girl with a celebrity crush, and ‘Brangelina’, ‘TomKat’ and ‘Bennifer’ are monsters in the caste of Cerberus, spaving is nothing new.
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June 20, 2011

Are Platinum Credit Cards Worth it?

platinum credit cards worth it

The platinum credit card. A world of rewards, privileges and benefits or an easy way to lose money? For many people, being the proud owner of a platinum card is proof, if any was needed, that they’ve made it in this world. But many others sitting on the fence may ask if the additional cost is really worth it. And, to be honest, it largely depends on you, your financial situation, and, of course, whether you want to pay extra to get the platinum prestige. If you’re thinking of applying for a platinum card and have been struggling to make up your mind one way or the other, this is for you!
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June 17, 2011

The Problem of Minimum Payments

minimum payment problems

Credit cards are a powerful purchasing tool that must be managed correctly to prevent undue financial hardship. Most cardholders open a credit card account with the intention of paying the balance in full each month, but then an unexpected event occurs. The first time a balance is carried over, the debtor realizes that the minimum payment is an option that will leave some slack in the budget. A dangerous road lies ahead if the balance remains outstanding and minimum payments are made. Some of the most obvious perils include:
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June 9, 2011

The Correct Attitudes to Eliminate Credit Card Debt

eliminate debt

No matter how you got into debt, if you’re in it and don’t want to be, there are certain attitudes that will help you on your way to the land of the debt free. This isn’t the ‘how-to’ practical blog for getting out of debt. If you’re looking for that, check out this post. Instead, this is the blog that looks at what’s going on in our heads and hearts in relation to debt because that is what’s going to determine how well we stick at any ‘how-tos’ anyway.
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May 27, 2011

The Most Prestigious Australian Credit Cards

exclusive credit cards

As the demand for elite credit cards grows, more and more banks are launching “invitation only” credit cards for their wealthier customers. They are a level above platinum cards, which in themselves tend to be a level above the standard reward cards on offer from most of the Australian banks.

Besides being a status symbol, such prestige cards offer account holders an extensive range of rewards beyond the usual frequent flyer points and discounts offered by less exclusive cards. The variety of currently available exclusive cards is limited, but increasing, with each specialised to fulfil the needs of the jet-set and business class. So if you’re looking to get rewarded like never before on your big spending, checkout out list of the most exclusive cards currently available in Australia!
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