No Credit Check :: Articles
SHARE

Share this article!

Five Worst Credit Card Mistakes

Five Worst Credit Card Mistakes

Credit cards can be an excellent way to manage your finances ...
they can even be an investment tool.
However your credit card can quickly become your enemy if not used correctly.
Here are five of the worst mistakes most credit card holders make.
If you can avoid these mistakes, you will benefit greatly.

Listed below are five worst mistakes most credit card holder make. If you can avoid these mistakes, you will benefit a lot.

1. Too many credit cards:

In most cases, a single credit card is sufficient to meet all the credit needs in a person's life.

More than one card leads to greater temptation resulting in inviting greater credit risk over a long run.

Multiple credit cards or credit accounts leave the lender with a question that the account holder must be spending all the money on the card.

2. Misunderstanding introductory rates:

Introductory rates on them are often low.

Debt Stressed?
If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!

Many people get enticed by these rates. However, they give least attention to the rates that are levied once the introductory period is over, which can be as high as 20 percent.

3. Not reading the fine print:

This is the most common credit card mistake committed by a majority of people.

This is one strategy that companies apply to escape from legal entangles and also attract customers.

Most of the terms and conditions, including the interest rates, at the end of the introductory period are written in a fine print at the bottom or at the end of the brochure.

It is important to read these conditions in order to have a better understanding about the benefits offered by a particular card.

4. Making minimum payments:

This is another common mistake committed by consumers.

Credit cards should be used only during emergencies.

People should understand that credit cards offer money on credit but are not a form of income.

It is important to pay off the credit at the end of every month. With minimum payments, the trouble is going to increase further.

This is because the interest rates on the balance amount will be higher making it difficult to pay off loans for a long time.

5. Paying bills late:

When one wants to pay the credit card bill, it is better to pay that well ahead of time.

Most of the companies charge late-payment fees.

Apart from this, late payment of bills gets reflected in the credit reports, thereby making it difficult to obtain loans at better terms when one goes for any loans in the future.

Published:Tuesday, 24th Aug 2021
Author: 85

Share this article:

Free Superannuation Advice
If you are thinking about rolling over or consolidating your super accounts, need investment advice, help setting up or administering a self-managed fund, we can help save you both time and money. Our national panel of Superannuation Specialists are standing by, ready for your questions!
Time for a 2nd opinion on your Home & Contents Insurance?
We now offer a nation-wide panel of specialist Household Insurance brokers ready to help you lock down the best value home and contents insurance solution - tailored to your individual needs and guaranteed to save you money!

Finance Articles

Budgeting Basics to Keep Your Credit Score Healthy While Seeking a Loan Budgeting Basics to Keep Your Credit Score Healthy While Seeking a Loan
Understanding the nuances of financial health is a crucial component in the journey of loan acquisition. It is the bedrock on which potential borrowers build their case for credibility and reliability. Among the myriad of factors influencing your fiscal stability, credit scores stand out as a beacon indicating your creditworthiness to lenders. A robust credit score simplifies the path to securing loans, garnering favorable interest rates, and negotiating better terms. - read more
Choosing the Right Loan for Your Personal Needs in Australia Choosing the Right Loan for Your Personal Needs in Australia
Choosing the right loan can be a pivotal decision in your personal financial journey. In Australia, where a diverse range of loan options is available, selecting the loan that aligns perfectly with your needs is more crucial than ever. A judicious choice can help you fulfill your dreams—be it buying a new home, investing in education, or consolidating debt—while ensuring that the repayments remain manageable and do not lead to financial strain. - read more
Understanding Your Credit File: How to Seek Loans without Negative Impacts Understanding Your Credit File: How to Seek Loans without Negative Impacts
Understanding financial health is paramount when venturing into the realm of loan acquisition. It's the backbone that supports not just your immediate monetary requirements but ensures longevity in your fiscal stability. At the heart of this understanding lies a critical aspect: the credit score. It's a numerical representation of your financial trustworthiness, influenced by past fiscal decisions and behaviors. - read more
How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious
When it comes to securing a loan, the terms you agree to can have a lasting impact on your financial wellness. It's crucial to strike a balance between finding a loan that fits your needs and maintaining a healthy credit score. This delicate equilibrium is where loan comparison tools come into play, serving as navigational aids in the vast sea of credit options. - read more
Understanding Your Credit Footprint: Borrowing Strategies to Keep Your Score Intact Understanding Your Credit Footprint: Borrowing Strategies to Keep Your Score Intact
Understanding the mechanics behind credit scores is pivotal for anyone navigating the intricate world of finance. A strong credit score does not only unlock the gates to a plethora of borrowing options but also secures favorable interest rates, which can save you a substantial amount of money over time. It acts as a financial passport, one that enables you to achieve milestones such as purchasing a home or car with ease. - read more
Good Debt Versus Bad Debt Good Debt Versus Bad Debt
Some people see debt as a curse. Others see it as a friend. Debt can make you miserable, or it can be used to make you wealthy beyond your wildest dreams. The trouble is, how do we know what is good and what is bad? - read more
The Four Golden Rules Of Personal Finance The Four Golden Rules Of Personal Finance
As long as you're alive, you are a player on the field of the 'money game'... and you'll need to know the basic rules before you get tagged by the more experienced players! - read more
Love and Money: 5 Costly Mistakes You Should Avoid During Financial Stress Love and Money: 5 Costly Mistakes You Should Avoid During Financial Stress
Love can make you do silly things, and when financial pressures bite, it can be tempting to make some desperate decisions. Recent research from Finder has revealed some of the most common romantic mistakes people make during a cost-of-living crisis. Here are five of the worst, along with some tips to help you avoid them. - read more
Co-Signing Loans - Risky Business Co-Signing Loans - Risky Business
There may come a time in your life when you are asked to co-sign for a loan or credit card. If this is the case, there are several things to consider before making a final decision. Technically, you are putting yourself at risk of damaging your own credit in the event that the loan goes unpaid. - read more
Credit Card Secret Guarantee Credit Card Secret Guarantee
Most people use credit cards in some form or another but few truly appreciate one of the special features of credit cards that make using their credit card to insure their purchases. - read more

Finance News

Economic Indicators Suggest a Brighter Outlook: Analyst Insights Economic Indicators Suggest a Brighter Outlook: Analyst Insights
17 Apr 2024: .Paige Estritori

Recent data unfolds a more optimistic economic landscape, as tracked by ClearBridge Investments, revealing a period of robust activity amidst the recovery from pandemic-related disruptions. Transitioning from a heightened risk of recession to a more balanced, watchful stance, the firm's recession risk assessment has shifted from a stark red to a tentative yellow on their monitoring dashboard. - read more
Centuria Capital Expands Reach in Property Debt Sphere Centuria Capital Expands Reach in Property Debt Sphere
16 Apr 2024: .Paige Estritori

Amidst a turbulent market, Centuria Capital Group has strategically bolstered its presence in the property debt market, acquiring an additional 30% stake in Centuria Bass Credit Pty Ltd. This expansion reflects a value of $57 million, resulting in Centuria Capital Group's ownership rising from 50% to a commanding 80%. - read more
Strategic Navigation Vital for Central Banks Amid Economic Flux Strategic Navigation Vital for Central Banks Amid Economic Flux
16 Apr 2024: .Paige Estritori

The freshly released insights from Principal Asset Management for Q2 2024 suggest central banks, the US Federal Reserve in particular, face an increasingly complex policy-making environment. Their task is to smoothly navigate the economy through a deceleration in inflation without prematurely lowering interest rates, a move that could potentially undermine financial stability. - read more
Economic Outlook Bleak as Aussie Consumer Sentiment Falls Economic Outlook Bleak as Aussie Consumer Sentiment Falls
11 Apr 2024: .Paige Estritori

In the face of relentless inflation and the highest interest rates seen in over a decade, Australians are becoming increasingly downcast about the nation's financial future. A recent study showcased a decline in the overall confidence of consumers, sending worrying signals about economic health. - read more
Aussies Persevere in Housing Market Despite Economic Squeeze Aussies Persevere in Housing Market Despite Economic Squeeze
10 Apr 2024: .Paige Estritori

In the face of rising living costs and consecutive rate hikes by Australia's Reserve Bank, the country's housing market is displaying unexpected vitality. The latest data from the Australian Bureau of Statistics (ABS) showcases a surprising uptick in new home loan commitments during February. - read more
Australian Housing Market Displays Resilience Amid Economic Headwinds Australian Housing Market Displays Resilience Amid Economic Headwinds
09 Apr 2024: .Paige Estritori

In a striking display of tenacity, Australian homebuyers continued their pursuit of homeownership in February, countering the adverse impacts of escalated interest rates as revealed by the latest statistical numbers. Noteworthy, there was a moderate yet commendable upswing of 1.5 percent in new home loan commitments, totaling an impressive $26.4 billion, as recorded by the Australian Bureau of Statistics. Although this gain narrowly missed the forecasted 2 percent rise, it underscored a formidable year-over-year growth of 13.3 percent. - read more
Australia Faces Housing Shortfall Amid Construction Challenges Australia Faces Housing Shortfall Amid Construction Challenges
08 Apr 2024: .Paige Estritori

In a recent analysis of the Australian housing market, commentary from a leading bank's chief economist highlights the significant gap between the production of new homes and escalating demand. The tension is intensifying as Australia grapples with the challenges of an inadequate residential development pace, failing to reach the current administration's housing objectives. - read more
Financial Guidance Boosting Retirement Security Financial Guidance Boosting Retirement Security
08 Apr 2024: .Paige Estritori

In the realm of fiscal wellbeing, informed decisions often spell the difference between stress and security. A recent study conducted by Challenger Limited throws light on this notion, revealing how Australians lacking financial advice perceive a greater strain from the cost of living on their economic stability. - read more
IAG Settles Payroll Discrepancies with $37M Worker Reimbursement IAG Settles Payroll Discrepancies with $37M Worker Reimbursement
08 Apr 2024: .Paige Estritori

In a significant move to rectify payroll irregularities, Insurance Australia Group (IAG) has compensated its workforce to the tune of over $37 million. This restitution is in adherence to an enforceable undertaking with the Fair Work Ombudsman, prompted by IAG's acknowledgment of past underpayments resulting from process deficiencies. - read more
Work-Life Balance Empowered: Australia's New Disconnect Law Work-Life Balance Empowered: Australia's New Disconnect Law
05 Apr 2024: .Paige Estritori

A revolutionary entitlement poised to redefine work-life boundaries for Australians has sparked considerable discussions nationwide. This August, employees of larger corporations in Australia will wield a new legal power: the ability to ignore work-related communications—including calls, texts, and emails—after hours without repercussions, presuming requests are unreasonable. Smaller businesses will adopt this measure by August 2025, ensuring all working Australians can avail themselves of this pioneering right. - read more

Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
Loan Amount:
Postcode:
All finance quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Personal Loan:
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ


Quick Links: | Personal Loans | Car Loans | Bike Loans | Boat Loans | Truck Loans | Home Loans | Business Loans | Debt Consolidation