Managing Your Credit Card

Check these credit card management tips.

Do:

• Ask yourself am I using this credit card for convenience or necessity? Consider using EFTPOS where possible (withdraw additional cash at the same time to save on ATM fees)
• Pay off your card balances each month
• Look for competitive credit card interest rates
• Keep a record of any telephone or Internet credit card transactions and keep receipts until the statement comes in
• Be aware of your credit limit, consider a personal loan if you are carrying a balance regularly

Don't:

• Be tempted to sign up for a card purely on the basis of the loyalty or rewards scheme
• Use your credit card if your balance is looking a bit overweight
• Be tempted to increase your credit limit and thus continue to build greater debts
• Make too many cash withdrawals from a credit card as charges may be higher for these direct transactions