The best thing to do is evaluate how you will be using your credit card
and choose your credit card accordingly.
Consider the below questions:
Will you pay off your balance each month or are you likely to carry
over your balance?
If you are likely to carry over your balance and hence pay interest,
look for those cards with a low interest rate. Also, consider the
number of interest free days that are offered by the card you are
considering.
Is there an annual card fee? Some cards waive the fee in the first
year.
There may also be an extra fee if you would like to collect Frequent
Flyer Points on your spend. Fees can vary greatly between lenders.
Do you have an existing credit card with an outstanding balance?
Some cards offer a low rate on balance transfers. Offers are currently
available such as 0% interest on balance transfers for up to 6 months
and 2.9% interest on balance transfers for up to 18 months.
Would you like to collect Qantas Frequent Flyer points? Some cards
offer Frequent Flyer points for your credit card spend.
Make sure you look into the point structure as the number of frequent
flyer points you can earn for each dollar spend can vary between lenders.
Other cards may have alternative reward schemes which you may find
to be a good alternative.
Would you like free international travel insurance?
Some cards offer free insurance when your flights are purchased using
your card.
Keep in mind that cards with this facility often charge a higher annual
fee.
Would you like to have additional card holders? Some cards charge
a fee whilst others do not.
Would you like to have an extended warranty available on your purchases?
Some cards offer this facility.
Hopefully, the above questions will assist you to decide on the card
that best fits your requirements.
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