Finding a first credit card

Lsd4f on 06/02/2017 - 15:11
Last edited 08/02/2017 - 14:48

I've managed to go through quite a while without a credit card, but a few things have changed and now it's starting to look more useful, and just easier. My problem is, whenever I look through my available options, I get bogged down in detail and tend to just stop researching it.

Probably important to note, I don't need a CC because I'm short of cash, I want the CC because I now get paid monthly, and I try to save money in an interest bearing account, so the CC will be useful in buffering the long time between pay periods. Also, online shopping.

Ideally what I'd like is to get a CC with no fees and a visa/mastercard (no amex). The points and stuff hasn't really interested me, because I don't really see what direct benefits I can get. Some of them have minimum spends to get no fees, I should be able to easily manage that by just buying all my petrol on the card. I would prefer against a debit card. Limit doesn't need to be high at all, $1,000 per month should see me through quite nicely.

Can anyone recommend which ones to research or look into? Also any suggestions of what to look out for and what not to do, or other resources to use?

Edit

Ok so, I think I've narrowed it down to two. Either a 28 degrees card, or just a commonwealth bank low fee card. Only difference I can see between the two is the 28 degrees card has no foreign transaction fee, but not sure about exchange rate fees. Commbank one is ~3%. Any reason to not pick the Commbank one?

Financial Credit Card

Comments

  • ausdday on 06/02/2017 - 15:20

    I am using CBA low fees credit card. $0 annual fees if I hit $1000 per year. If you are hitting $1000 per month, you can go for Low Fee Gold, which is $0 annual fees if you spend $10,000 a year.

    However, you need to make sure all debts are cleared before the interest free period, as the cards attract 19.74% pa interest rate.

  • TakaHas on 06/02/2017 - 15:24

    go with $0 fee cc with your bank that u hold your savings account. keeps things easy with one financial institute and dont have to remember another login :)

  • bluesky on 06/02/2017 - 17:04
    +1

    The Coles No Annual Fee Card seems to fit your bill. It is a no-fee Mastercard, and you still get some benefit, i.e. 1 flybuys point for $2 spend. Which equates to 0.25% reward rate.

    When you reach 2000 points, you can redeem $10 off your Coles shop. New customers approved before 28 February 2017 can even receive a $100 off a single Coles Supermarket shop - subject to some conditions.

    Hope this helps.

    • MeesusEff on 06/02/2017 - 18:07
      +1

      they also have a flybuys 20000 bonus points promo, which is $100 equivalent off to Coles anyway but a bit more useful as I never shop above $50 in 1 go.

      Another pro for Coles Mastercard is if you activate Shoppers Protection and pay it off fully before your statement date. Really easy claims process, I have even claimed for quite unattainable 'out of stock' prices (ie. The recent Officworks 3TB Portable HD drop from $115 to $97) :)

  • Donaldhump on 06/02/2017 - 18:17

    Behind the couch?

  • Donaldhump on 06/02/2017 - 18:25

    What's the best Qantas for card at the moment

    • bluesky on 06/02/2017 - 19:25

      Best in what sense? No fees, like OP's requirement?
      If so, Amex Qantas Discovery generally earns 1 Qantas Point/$. Points are often valued at 1c/pt or more, if redeeming flights; so reward rate of 1% or more. If redeeming cash-equivalent rewards (supermarket giftcards), the reward rate is 0.667% (using Qantas AutoRewards).

      There is a bonus of 12,500 Points if applied via referral link. But require spend of $750 in first 3 months. (And additional 2,500pts for selected Qantas spend). Card also provides refund and purchase protection. The referral wiki is here

  • Cheeper on 06/02/2017 - 19:08

    Do not fall into the trap of using credit card finance to fill in the gap between pay days. Dangerous, be warned!!!
    Learn to make your pay last the whole month instead of being a drunken sailor for the first week… LOL

    CC's are a good thing but only if you have self control and can manage it sensibly. Never use it as a finance source for anything, ever!!
    For a fee free mastercard try the commonwealth bank. It has a 28 day period for payment from statement issue date so you can delay payment for something up to almost 2 months depending on when you purchase.
    To keep it fee free you only need to spend $1000 on it per year which is very easy to do.
    No other tricks are involved.
    Get one of those small covers for your CC so it cannot be scanned whilst you are walking around, they're cheap and worth it.

    • serpserpserp on 06/02/2017 - 21:18

      Dunno why people care about protecting their credit cards from being scanned. Highly unlikely in Australia and if it does happen to you, you ring up the bank and tell 'em and they give you a full refund for all the dodgy charges.

    • sd4f on 07/02/2017 - 11:22
      +2

      Yea it's my intention to not use it as a finance source, rather a buffer. I can always pull money out of savings, but I just would prefer not to. This way I should be able to keep more money in interest bearing accounts rather than sitting idly, on the offchance that I may need it for something. As it is, I usually delay spending until payday, and keep some money in my transaction accounts.

  • Findo on 06/02/2017 - 20:50

    BankWest zero platinum looks good for your needs

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