How To Get The Most From Your Credit Cards

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I think it’s safe to say that most of us at one time or another have used a credit card, but for what purpose? Was it just because we were short of cash? Or did you use your credit card because you benefited from doing so? There are so many credit cards currently on the market that there should be one to suit everybody’s needs. (ed. Credit Card Compare currently has 55 credit cards ready to be compared.)

Let me detail the most popular types of rewards credit card and how you can use them to benefit you.

Rewards credit cards are there to reward you for your spending, so you should be trying to get the most out of them. Over the years, credit card providers have continued to get deals and to subsequently release new variations of these cards to suit everyone’s needs.

Cashback credit cards – probably the most popular reward card is the cashback credit card. Cashback credit cards normally reward you with a percentage of whatever you spend during a given time period, normally monthly. Some cashback credit card providers offer as high as 5%, a great return if you spend money regularly on your card.

Petrol credit cards – These are great if you’re fed up of spending your hard earned cash on fuel to commute to work. You can save money at the pumps and if you travel daily, this can equal a lot of money. Petrol credit cards normally also come with great discounts in the corresponding stations.

Travel insurance credit cards – Many credit cards on the market at the moment offer complimentary travel insurance, and if you’re a regular jetsetter then it could save you a lot of money, great for someone who is always on the move.

Frequent flyer credit cards – Build frequent flyer points whenever you travel by paying on a frequent flyer credit card. If you go on regular holidays or you often have to travel across the sea for work then why not build your air miles with one of these cards. You can build up your points and then later redeem them for use other flights, hotels or other discounts.

Bad-credit credit cards – You’ve got bad credit? No problem! Bad-credit credit cards are a great way to start repairing your personal credit rating. You can use one to show credit card providers that you able to meet regular payments and you have therefore become more dependable.

Balance transfer credit cards – If you have made a big purchase and you want to avoid paying any interest you can transfer your balance to one of these credit cards. They tend to come with 12/18 months interest free so you can have over a year to pay for the purchases without incurring any charges.

Low interest credit cards – These are brilliant if you want to make a small purchase here and there because the interest rate is normally set really low.

The options I have mentioned above are just a snippet of the amount of cards currently on the Australian market; the key is to check what the cards are offering to make sure that you choose the right card for you.

This blog post was written by Andreas Nicolaides, a personal finance and money writer for UK based Money Supermarket. During his time as a writer, Andreas has written about most financial topics, from reward credit cards all the way to unsecured loans.

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