The Best Credit Card in Australia for Someone Who Never Reads Their Statements

Like it or not (and the credit card companies DO like it, make no mistake) there are people who just never read their financial or bank statements, beyond the boxed dollar figure stating what the balance is or the repayment amount is. If this is you then you need to look at yourself in the mirror before choosing a credit card in Australia.

The first question for the likes of you who don't have the inclination to spend a few minutes reading your monthly statements and checking outgoings line by line, is not "what's the best credit card in Australia for me?" but "do I need a credit card?" or " am I to be trusted with owning a credit card in Australia?". Answer the question honestly as it could save you a lot of money and heartache.

The truth is that unless you are going to put the time into managing your finances then a credit card anywhere can get you into trouble. But if you can’t see yourself changing your financial habits this side of the next blue moon and you simply must have a credit card then how do you go about finding one that will get you into the least trouble?

As you browse the personal finance web sites and compare credit cards you will see the key features of each card listed – that will be the annual fee, the purchase rate (Interest rate), the balance transfer rate, the Interest-free period and the cash advance rate. There may also be details about cash back programs, rewards or frequent flyer programs. You can make very detailed comparisons on these financial sites and choose to arrange the cards by a certain feature, which makes the job quite easy.

If you are the type of person described above then in all likelihood you are not going to make repayments within an interest-free period so it is not really worth going for a long-interest free period, after which the interest rate will be high, as you will be caught out by this. The penalty interest rates can be quite high. Unless you are sure you can pay off the debt inside the interest-free period then it would be better to opt for credit card that has a lower purchase rate and maybe no annual fee.

You will never get everything you want from a credit card in Australia as the banks always make their money somehow – you have to choose the couple of factors that are most important to your spending and repayment habits and your lifestyle. If you know, for example, that you will never take out cash on your credit card it is pointless looking for one with a low cash advance rate; if you never fly then what use is a frequent flyer program?

However, a credit card in Australia that has a 0% balance transfer rate for 6 months could be a great asset if you are already in debt trouble and want to transfer a high-interest debt over to your new card to pay off. See what I mean? Find the features that fit in with you!

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