Monday, 1 October 2007

Credit Cards

Good afternoon to you all. It's been ages since we've written some good articles and I'll be honest with all the public holidays and long weekends, well, we've just fallen behind. No excuse though and I plan on making it up this week with a post every day! We've decided that this week we're going to have some great debt saving tips and financial advice tips from some of the leading bank and mortgage originators...

A special thanks to the Debt Doctor who's provided us with some great expert debt saving tips and techniques.

With the amount of credit cards on offer right now, it's tough trying to choose the right one. It really pays to investigate and check which credit cards offer the benefits and rewards that suit your needs.

Don't be fooled by the colour of the credit card. It's called marketing and it's a great way to sell an expensive and costly item. Think about it, GOLD associated with wealth, so lets get a gold card why don't we... Don't be fooled. All they do, is show that you don't have enough cash in your account to spend. Stop living on credit.

Get the card with the lowest annual card fee, or why not get one with no fee at all. Bank charges need to be checked and we need to watch the interest rates charged. This is the most important cost other than the annual card fee. Try get the lowest rate possible. Argue with the banks. Fight for your rate. If you get a good rate on your mortgage and overdraft facility why should you not get the same discounted rate for your credit card.

Pay the balance owing at the end of the month. Avoid getting caught in the minimum monthly payments option. This will start to climb and before you know it, you'll be stuck with massive debts.

Another thing to watch out for is the loyalty and rewards programs. Valuable, MY ASS! They're a marketing and sales gimmick and although you may get something in return, it's not going to get you out of debt when you're in the DWANG!

So keep your eye out, and watch you credit spending.

After all, all we want is a DEBT FREE SOUTH AFRICA for ALL!


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Debt Relief said...

but why get a credit card at all right?

WizardMan said...

Debatable isn't it... Some like the access of easy money!

Personalluy I do, but I need to control. It's so easy to let this spiral into debt!