FREE TRAVEL INSURANCE?
It's not worth paying another set of annual fees for, but before you buy travel insurance, check with your credit card provider. Some cards provide free travel insurance if you pay for some or all of your travel costs by card.
WATCH THOSE “T & C”s
Often direct debits from a credit card are linked to a contract for goods or services which you have purchased.
As such it may be a term of the contract that you pay by direct debit. You could therefore be in breach of your contract if you cancel the arrangement. Make sure you check the terms and conditions, and if necessary seek professional advice.
Note also that cancelling a payment arrangement may not relieve you of your obligations under your contract with your biller. Check the cancellation terms and again… if necessary seek professional advice.
JOIN THE TREND
Debit cards are now the most common payment option in Australia.
RBA statistics for 2013 show $3.22 billion in debit card transactions, around 15% more than the previous year and double the value of credit card transactions.
WORRIED ABOUT ONLINE SHOPPING?
Most credit cards offer protection against purchases made without your consent and have special clauses to include online purchases.
Many also offer additional pass or PIN code protections for online payments.
This is particularly valuable if you are purchasing from overseas sites.
KISS YOUR INTEREST FREE PURCHASE PERIOD GOODBYE
Your ‘up to 55 day interest free’ period (which is really a ’25 days from the statement date’ period) only operates when you pay off the full balance by the due date.
So if you only make minimum repayments you’ll never get any interest free period at all.
THINK YOU MAY HAVE BEEN SCAMMED?
• Report it to your bank.
• File a police report.
• Get a copy of your credit report - check that no-one is using your name to borrow money or run up debts.
• Warn your family and friends.