End of financial year credit card tips

Shop smarter, get your debt under control and start the new financial year right with these tips.

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This time of year brings some of the biggest sales as retailers around Australia get ready for the new financial year. While these deals can offer huge savings, they also make it tempting to spend up big – especially if you're expecting a nice refund when you've done your tax return. If you're struggling with existing credit card debt, it can also be a good time to consolidate and repay your balances with a 0% balance transfer credit card.

You can use this guide to pick up tips whether you're taking advantage of end of financial year (EOFY) sales or getting your current debt under control.

Tips for using a credit card in the EOFY sales

  • Be selective with your shopping. Going overboard on sale items is one thing, but going overboard on sale items when you don't need them and paying interest on them is another. So make sure the purchase is something that'll get you to your goals and is within your means so that you can pay it off in full before you're charged interest at the end of the statement period.
  • Take advantage of interest-free days. If you regularly pay your card's balance in full by the due date on your statements, you should have access to a set number interest-free days. The maximum number of interest-free days are available at the start of each statement period, so check when this is to find out how long you'll have to pay off EOFY purchases before interest is charged.
  • Consider a card with 0% p.a. on purchases. If you want longer to pay off your purchases or aren't eligible for interest-free days, you could shop around for a card with an interest-free promotion. At the end of the introductory period, the standard purchase interest rate will apply to any remaining balances and you should aim to repay your balance in full before then.
  • Earn rewards for your spending. If you have a reward or frequent flyer credit card, you could use it to earn points for most EOFY purchases you make. Just keep in mind that some purchases, such as gift cards or foreign cash, may not be eligible to earn points.

Compare credit cards with low interest rates

Rates last updated August 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
St.George Vertigo Classic - Exclusive Offer
0% for 14 months, reverts to 13.99% p.a.
0% p.a. for 6 months
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
Finder Exclusive:
Low rate card offering 0% p.a. interest on purchases for the first 14 months and on balance transfers for 6 months. Plus, a $0 first year annual fee.
Bendigo Bank Low Rate Mastercard
11.99% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$45 p.a.
Take advantage of 0% p.a. for 18 months on balance transfers, plus a low variable purchase interest rate of 11.99% p.a. on purchases.
St.George Vertigo Platinum
12.99% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Features a long-term 0% balance transfer offer, $49 first year annual fee and access to a 24/7 personal concierge service.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
With a low minimum credit limit of $1,000, this no frills card allows you to add up to 3 additional cardholders for $0.
St.George Vertigo Classic
13.99% p.a.
0% p.a. for 16 months
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
BOQ Low Rate Visa Credit Card
13.49% p.a.
0% p.a. for 14 months
$55 p.a.
A no-frills card offering 0% on balance transfers for the first 14 months with no balance transfer fee. Plus, a competitive purchase interest rate.
Virgin Money Low Rate Credit Card
11.99% p.a.
0% p.a. for 14 months
$49 p.a.
Get a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and a 14-month balance transfer.
Westpac Low Rate Card
13.74% p.a.
0% p.a. for 16 months
$59 p.a.
A no frills, low rate card offering 0% p.a. interest on balance transfers for the first 16 months, with no balance transfer fee.

Compare up to 4 providers

Hack: How using a credit card could make it easier to do your tax return

If the thought of organising your tax deductions is already frustrating you and you're disciplined enough with your spending, you could consider using a credit card for these transactions. Having a designated credit card you only use for tax-deductible expenses is one way to provide proof of these purchases when it comes to scoring some deductions. If you don't already have one you can compare them here.

Paying your tax bill with a credit card

If you're planning to use your credit card to pay the Australian Taxation Office (ATO), be aware that a card payment fee will apply. Check out this guide on paying the ATO with a credit card for more information. If you also want to earn reward or frequent flyer points for your payment, check that your credit card is one of the few that offers points for payments to the ATO.

Tips for using a credit card to manage your debt

  • Use a balance transfer card. If your credit card debt is collecting interest, you could move it to a card with 0% interest on balance transfers for a promotional period. The interest-free periods can last up to 26 months and at the end of the promotional period, you'll be charged a higher revert rate. If you pay your balance in full before you're charged interest, it can be a useful way to repay your debt quicker and save on interest costs.
  • Consolidate your debts. If you have more than one credit card, you can also consolidate your debt with a balance transfer card. Not only will your debts be easier to manage under one account, but you'll also save by paying no interest on your combined balance.
  • Avoid making purchases. Balance transfer cards usually charge high purchase interest rates. You also won't access interest-free days if you're paying off a debt from a balance transfer, so it's wise to avoid making purchases and to concentrate on clearing your current debt.

Picture: Getty

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    grahamJune 20, 2013

    can age pensioners get a credit card

    • Avatarfinder Customer Care
      MarcJune 20, 2013Staff

      Hello Graham,
      thanks for the question!

      Age pensioners are able to apply for most credit cards. The credit approval process will take into account your income, debts and liabilities, and your credit file to assess whether or not you’ll be able to make your minimum monthly repayments. One option is to consider a credit card with a lower income requirement, and these can be found here.

      I hope this helps,
      Marc.

Credit Cards Comparison

Rates last updated August 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Save with an ongoing $50 annual fee and 0% balance transfer offer. Plus, the ability to earn up to 30,000 bonus Velocity Points in the first 3 months.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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