“0% p.a. on balance transfers...”
These deals effectively offer an interest free loan. Free money? Maybe, but not if you end up paying fees.
Of course, if... Read More...
Here's three good reasons you should check it, and why you shouldn't wait until you need to apply for credit.
According to the Australian Information Commissio... Read More...
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.
PROTECT YOURSELF
A few things to remember when researching government grants and assistance…
- all official government websites have .gov.au at the end (so if you see a .com or a .org it’s not a government site)
- none of the programs charge a fee to apply for a grant
- all decisions about grants are based on merit – you can't pay for special access.
PAY $73,000 MORE
In 2014 alone 332,000 investors borrowed an average of $430,000 in interest only loans to buy Australian real estate.
Over a typical 25 year loan* those investors can expect to pay an extra $72,953 dollars each in interest on average.
[* assuming 5%p.a., a 10 year interest free period and $10 per month fees.]
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.
EITHER WAY
Regardless of whether you deal with brokers or direct with lenders, check they’re licensed. Search on ASIC Connect's Professional Registers or phone ASIC's Infoline on 1300 300 630.
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.
