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In the first two weeks of the Financial Fitness challenge, you've tracked your spending and learned about your credit score. (If you're catching up, head back to Week 1 and Week 2).
For Week 3, let's look at how to get the most out of a credit card, including how to save on interest charges and earn rewards.
THIS WEEK'S GOAL: If you're looking for a credit card, learn how to choose one that works for you. Plus easy ways to increase your chance of approval.
Not everyone will want or need a credit card. So if you're on the fence about getting one, weigh up the pros and cons first.
If you've already got a credit card, the Finder app will show you a breakdown of your spending, the card's costs and what you could save by switching to other options on the market.
(Don't have a credit card? Skip to this section on how to find one that works for you).
If you haven't got the Finder app yet, you can get it here, then add any credit cards you have by following these simple steps:
If you have credit card debt on one or more cards, moving it to a new card with a low or 0% interest rate offer will help you save on interest as you pay it off. This is known as a balance transfer, and the introductory rate typically lasts between 6 and 26 months (or sometimes longer).
You can usually balance transfer debt from between one and three credit cards or store cards. Some balance transfer cards also accept debt from personal loans.
This gives you a way to move a few debts onto one account (known as debt consolidation), which helps cut down on different account fees and interest charges. It also means you
If you've never done a balance transfer before, the process is easy: you apply for your credit card and request the balance transfer as part of the application (including details of the accounts and amount of debt you want to transfer). If the application is approved, your new credit card provider will move the balance to your new card.
A couple of key details to note with balance transfers:
Bottom line? If you have debt that you can pay off during the introductory period, a balance transfer card could help you pay it off and save money on interest in the process.
If you think your debt will take longer to pay off, take a look at how balance transfer offers compare to other debt consolidation options.
The first step is to take a look at the different types of credit cards that are around, then think about if any of them would help you with your money goals.
As a snapshot, some of the most popular types of credit cards include:
The Finder app has a quick quiz that helps you find cards with the features you want. What's really cool about it is that the app also uses data to give you an idea of how likely you are to get approved.
Planning to apply for a personal loan in the future? You can check out your chance of approval for those in the Finder app as well. We'll also be adding more types of loans in the future, so watch this space.
When you know what credit card you want, it's easy to apply online and usually takes around 15–20 minutes.
While there's no guarantee you'll get the credit card you want until you're notified of approval, there are a few steps you can take to help improve your chances of success. These include:
Keep in mind that every application you make for a credit card will leave an enquiry on your credit report (even if you're not approved). This could impact your credit score, which is why it's important to think about how likely you are to get approved for any card.
You've made it to the end of Week 3. By now, you know about keeping track of your money, the value of your credit score and – as of this week – how to get a credit card that works for you. You also have a way to make sure your credit card doesn't cost you more than it should, thanks to the Finder app.
The next step is about flexing your new skills to save more money, and learning about different ways to invest all the cash you've freed up over the past few weeks.
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Enjoy 10,000 bonus points and 12 months interest-free on balance transfers and purchases. Plus, an ongoing $0 annual fee.
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This card offers 0% interest on balance transfers for 36 months, a discounted $29 first year annual fee and platinum benefits including airport lounge passes and complimentary insurance covers.