Simplify Credit Card Use by Avoiding These Six Mistakes
) Each month and maintain low credit utilization. In order to avoid wasting money, you must find the right credit card for your lifestyle and steer clear of the myriad fees and usage trappings that trip many consumers up. As a result, it's no wonder that 25% of Americans have "bad" credit, according to FICO, the largest credit scoring institution in the U.S.Still, if you know what mistakes to avoid and how to avoid them, you'll be ahead of the curve and far more likely to both garner a great credit score and save money on your credit card spending. To this end, we've compiled a list of six of the most significant credit card mistakes people make and how to avoid them. Enjoy!
Overpaying while traveling abroad
Overseas travel is often expensive, what with flights, hotels and unfavorable exchange rates. However, some of the costs associated with traveling abroad can be avoided. Many consumers use credit cards to make overseas purchases in order to protect themselves from pickpockets and avoid the hassle of exchanging money. While this is indeed a good strategy, it often leads to surprise costs because most credit cards charge foreign transaction fees amounting to 3-5% of any purchase made outside the United States. Therefore, prior to departing, make sure yours is one of the various credit cards with no foreign transaction fees and avoid wasting money.
Additionally, merchants often scam many of us by charging inflated exchange rates to convert credit card purchase amounts into dollars. To avoid these costs, simply refuse to pay for any item not listed in the home currency of the country that you're in.
Ignoring balance transfer fees
Many of us become so enamored with long-term low-rate offers ( especially since the advent of 24 month 0% balance transfers ) that we forget that these transactions have costs aside from their interest rates. This is a glaring mistake because, following the passage of the new credit card law, it’s rare to find no balance transfer fee credit cards . And if you do find such a card, it will likely have a much shorter 0% introductory period than a normal balance transfer credit card.
Review & Apply: NAB Gold Credit Card | Compare Credit Cards ...
NAB Gold Card
0% on balance transfers until the 1st of January 2012
Do you want a gold card which offers great premium benefits with the ability to earn FlyBuys points?
The NAB Gold Card offers you the choice of a Visa or a MasterCard, both offering an enhanced range of gold card services. You can benefit from the peace of mind of overseas travel insurance, purchase protection insurance and extended warranty cover, all for a competitive annual fee.
You will also benefit from up to 44 days interest free and you can add an additional cardholder to your gold card at no extra cost. If this wasn’t enough, you can also link your gold card to your FlyBuys membership and earn FlyBuys points on all your eligible purchases.
Top Five Benefits :
A low $90 annual fee Complimentary insurance including extended warranty cover and overseas travel insurance Link your card to your FlyBuys membership scheme Emergency travel assistance 24 hours a day, 7 days a week Add an additional cardholder at no extra costCard Details
Annual Fee $90
Interest Rate 0% p.a. on purchases (reverts to 19.74% after special offer)
Interest Free Period Up to 44 days
Application Criteria N/A
Credit Card Type Visa or MasterCard
Cash Advance Rate 19.49% p.a.
Rewards Program FlyBuys
Balance Transfer Rate 0% p.a. on balance transfers until the 1st of January 2012 (reverts to 19.74% after special offer)
Other Stuff & Words From Our Guru
You can link your NAB Gold Card to your FlyBuys membership at no additional cost and earn one point for every $5 that you spend on purchases. You can then redeem these points for a wide range of credit card rewards.
Cardholders also benefit from 12 months complimentary VIP Lost Card Cover. VIP Lost Card Cover is a registration service offered by Card Alert which keeps a confidential list of your registered credit cards, or any other cards you would keep in your wallet, that you would want to cancel and replace urgently if they are lost or stolen.
NAB Gold Card holders can also benefit from NAB Cellar Selections for great offers on a wide range of wine as well as being eligible for either the Visa Entertainment or MasterCard applause schemes.
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