Quick Easy Tips on Choosing Your First Credit CardYour | Personal ...

Posted on February 21, 2012 by Admin

If, in this economy, which is certainly not looking to bright, you are looking to open up a credit line with a card attached, you have either come into an unpredicted expense, or are simply financially stable enough to want to make use of this convenient manner of payment. Either way, you need to know that credit card granting conditions have become increasingly demanding and tough in recent years. If you feel that your credit score is sound and solid enough, though, there are ample benefits to be enjoyed from using plastic for your payments, purchases and bills. There are many types of credit cards Australia has to offer, as it is one of the leading markets internationally in this field. Read on below, for a quick outline of the types of credit cards currently available from banks and other types of lending institutions.

Business Credit Cards

You may have decided to open a small or medium-sized business, yet find yourself strapped for a modicum amount of liquid assets required by the investment you plan to make. Alternatively, perhaps your already established business, irrespective of its size, has recently incurred expenses which you cannot cover from your own earnings. Either way, business credit cards can be just the right solution for you. The best thing about such cards is that they are the easiest and most straightforward way of keeping track of your expenses. You can even take out several such cards and place them at the disposal of your employees for everyday company purchases?meals with clients, gas, technology and so on.

Reward Cards

Reward cards are probably the best alternative for people who make a point of constantly repaying their owed credit on a monthly and regular basis. By promoting good practice as a customer, you will also be encouraged by the bank to continue to do so. You stand to receive several perks, which include, but are not limited to, vouchers, dining certificates, various types of gifts and presents and free air travel mileage. You will want to find a credit card which does not charge for rewards. Another aspect to bear in mind is that some will involve comparatively high interest rates. While the rewards will still be available to you, the high interest rate might, in the long run, make this option not competitive enough to follow through on.

Balance Transfer Credit Cards

Balance transfer credit cards are a very good solution to those who want to transfer all their credit in one single location. The biggest perk of this type of card is that, for a span of at least a year, they will charge a zero interest introductory rate, which can, in the long run, help you repay at least a part of your debt. Make sure you carefully look into the aspect of zero interest, as not all institutions offer it. Perhaps you?d be better advised to go for a balance transfer credit card that offers a low fixed rate, instead of a zero interest rate.

Source: http://www.yourpersonalfinance101.com/blog/quick-easy-tips-on-choosing-your-first-credit-card.html

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