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Managing your Credit Card

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Check these credit card management tips.


  • Ask yourself am I using this credit card for convenience or necessity? Consider using EFTPOS where possible (withdraw additional cash at the same time to save on ATM fees)
  • Pay off your card balances each month
  • Look for competitive credit card interest rates
  • Keep a record of any telephone or Internet credit card transactions and keep receipts until the statement comes in
  • Be aware of your credit limit, consider a personal loan if you are carrying a balance regularly


  • Be tempted to sign up for a card purely on the basis of the loyalty or rewards scheme
  • Use your credit card if your balance is looking a bit overweight
  • Be tempted to increase your credit limit and thus continue to build greater debts
  • Make too many cash withdrawals from a credit card as charges may be higher for these direct transactions

How do I reduce my credit card debt?

Credit card bills have a way of surprising us. Every month the dreaded white envelope arrives in the mail and every month we ask ourselves "how did I spend that much?" If you're in debt right now and ready to get out, then we're here to help with these fast tips.

  • Keep a financial diary - without knowledge of where your money is going, it's hard to wrest control of your finances back from debt danger.
  • Make larger repayments - by working out your budget and finding additional funds, the first priority is to make above mininum repayments. Even a small additional repayment can save you hundreds in the long run.
  • If you have multiple credit cards, which one do you pay off first? You have two options;
    • Pay off the cards with the higher interest rates;
    • Alternatively, you can prioritise paying off the debts with the lowest balance first. Despite paying more interest than the above strategy, this method provides positive reinforcement to encourage continued discipline.
  • It can be a headache juggling multiple repayments over multiple credit cards. To simplify, you may want to consider debt consolidation.

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