Shop around for Credit Cards

Over time we all get comfortable with our credit cards thinking that it’s not worth changing providers – well it is.

By shopping around you can pick up some great deals from Credit Card providers desperate for your business.

Incentives include:

• Low introductory interest rates
• Low interest for balance transfers
• Interest free days
• No annual fee for the first year
• No annual fees ever
• Rewards – Points, Cash Back etc.

The first 3 are great for normal credit card users who have a balance left over at the end of each month and who do not pay off their card in full.

No annual fees – benefits everyone.

Now, if you are credit card savvy and pay the entire balance off at the end of each month, firstly – well done! Secondly, consider rewards programs as a way to make something more out of your credit card.

Let’s look at some of the rewards on offer:

• Frequent Flyer points
• Velocity Rewards points
• Fly Buys points
• On-going fuel discount vouchers
• Cash back

There are also other ‘ad hoc’ and ‘one off’ rewards like:

• Entertainment rewards - tickets to a show or the cinema
• Food and beverage rewards - restaurant voucher
• Merchandise - a free stereo or camera

Ultimately it’s the on-going longer term rewards that you really want as over time these will give you the best return.

Make sure you get the card that suits your rewards program and your sending habits. For example if you are already a Frequent Flyer member consider boosting your FF points.

If you always shop at Coles, think about the Cole Source card, which give you Fly Buys and monthly fuel discounts.

If you are a regular Virgin Blue flyer – think about a Credit Card linked to the Velocity program.

BUT….watch out for annual fees and weigh up the overall cost -v- reward.

Shop around and do your homework and you could be richly rewarded.