This article has been edited to tell you how to get the right credit card to meet your personal needs. There are hundreds of types of cards. It is necessary to choose the right card. Choosing the right card can save you hundreds of dollars in the long run or offer rewards like free travel, gadgets and other benefits.
What is a credit card?
It is a plastic card with a magnetic stripe, issued by a bank or financial institution to a customer to purchase goods or services on credit. Also called a charge card. Credit is money given to a customer to borrow over a long period of time. Banks and financial institutions raise money by charging interest on money borrowed from the customer. Credit cards generally charge a high interest rate because a credit card is designed for small purchases for short periods of time.
What are Australia’s main banks?
Australia has four large triple A (AAA) credit rating banks. This is the highest level of credit rating that any bank or financial institution can achieve. Australia’s top 4 banks are:
Community Bank
Banco de San Jorge
Westpac Bank
Bank ANZ
Which credit card is best for me?
Currently, there are many types of best credit cards in Australia on the market. The reduced number of credit cards can make choosing your credit card difficult, which is why we have divided all credit cards on the market into 6 categories.
Balanced transmission
A balanced credit card is great for when you have a debt on another credit card (usually over $ 5,000) and want to exchange it on your new credit card for a new bank or financial institution for a lower interest rate. low. You will receive the option depending on your credit card for 6 months, 12 months or daily interest rate. The less time you spend, the better the savings. Basically, you can switch from card to card with the lowest interest rate in 6 months.
Debit card (prepaid)
A debit card is basically a prepaid credit card. This type of card is great for customers who wish not to have access to credit. Most customers who use this card usually purchase items online because that card works just like a credit card, because you must put money on the card before you can buy your good or service.
These banks always recommend loans, as they are more secure and regulated. However, they do not always provide the cheapest line of credit available. Sometimes smaller banks and financial institutions offer cheaper credit and better treatment with better customer service. Remember to research all small banks and financial institutions, read the good impressions on the contacts.
