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Which Credit Card is Right for You?

What Kind Of Payer Are You?

The most crucial question is whether you are a person who clears the credit card every month or whether you always leave a balance on the credit card.

If you pay off your balance at the end of every month, you may wish to look more closely at cards that offer incentives If not, then you may need to look at the annual percentage rate (APR) on the card.

If you know what your typical credit card balance is, look at the illustrations given by card issuers to give a guide to how much you might have to repay over time.

Taking An Interest

Even with interest rates, you need to be careful.

Although your new credit card may come with a 0% balance transfer rate, this is not the only rate to think about.

Look at the rate on purchases or other transactions to see what you might be paying. And remember that repayment allocation and interest treatment can vary, so it is important to check the card terms carefully.

Hand in hand with the interest rate goes the interest-free period. This is the delay between spending money on the credit card and being charged interest.

This can vary considerably depending on the card you choose. Some cards may offer an interest-free period of up to 56 days. How you use the card also matters

If you put major spending on the credit card after the statement date, you have a month till the next statement, and then a few weeks to make the payment. Which may help some people manage cash flow more effectively.

Look At The Fees

There are three types of fees that count with credit cards. The first is the cash withdrawal fee. Many credit card issuers charge you for withdrawing cash at an ATM.

These fees may be charged as a percentage of the transaction and can be higher for overseas cash withdrawals.

If you are considering a cash withdrawal, it is important to check the fees and terms carefully before proceeding

Getting Some Cash Back

Some credit cards offer annual cashback deals, which may be more attractive to people who clear their balance every month than to those who carry a balance.

If you don't clear your balance, the interest charged will wipe out any cashback gains. There are also certain cards that offer reward points schemes that allow cardholders to earn points or rewards from their spending, which may then be redeemed with participating retailers or providers.

Paying attention to these items, and deciding on your needs/ factoring in your spending habits, helps you to choose a credit card that will match your financial situation. Always remember to read the terms and conditions and seek clarification when you are unsure. 

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy.

You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.

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