First ever credit card! Recommendations?

• 

  Settero on 18/07/2017 - 21:41

  +1

  with this , you should mention who your mortgage is going to be with , it MAY impact what card is best as if the people you are going for your mortgage with have a good card you probably wont be paying the annual fee for the card with them making it BETTER.

• 

  endgame on 18/07/2017 - 22:40

  First, make sure you're capable of handling a CC account. You need to have some confidence that you're not going to blow through your credit and shackle yourself to the wheel, paying minimum payments for the rest of your life. Never put more on your CC than you can pay off, and always pay the balance before it accrues interest. Since you mentioned buying a house, a good way to do this is to keep all your money in the offset account and only draw on it when it's time to pay the card.

  If you've been through finder, it would be kind of you to bring your research to the table. It shows that you've done your homework and give us some idea of what you want to get out of your cards.

  The amount you're planning to spend should get you through at least two signup bonuses for different premium cards. In addition to Settero's comment about the mortgage impacting your card (by giving you a discounted or waived fee), it would help if you told us what you want to do with the points. Turn them into gift cards? Economy travel? Business class (or higher) travel? Are you loyal to a particular airline?

  Now is actually a pretty good time, because all three premium Amex cards (Amex Qantas Ultimate, Amex Explorer, Amex Velocity Platinum) are running 100k signup bonuses, but the one that's best for you will depend on your preferences. Then I'd look at getting a decent Visa or MasterCard for where Amex isn't accepted.

• 

  luffyex2010 on 18/07/2017 - 23:10

  +7

  credit cards…..hmmm its something of convenience to me.

  Simple rules of owning a credit card.
  Rule 1: Make sure you have a zero annual fee credit card unless its tied with your home loan then you have to pay the so called package fees.

  Rule 2: Its a good tool to monitor your expenses (utility, petrol, grocery,etc)

  Rule 3: Discipline …. only spend what you need and not the total credit provided…..(a lot of youth…adults too are glue to the min. payment of CC which is the bank's trap and that is the start of the I O U issue as the compounding interest will catch up with your credit limit in no time) Think of the bank as legal loan sharks :)

  Rule 4: Avoid using credit card at dodgy online areas and always pay at the counter to prevent credit card copy/fraud, with new technology like paypass …..credit card information can be stolen much easier than ever.

  Rule 5: Play the CC "balance transfer" game when you have more experience/or having more than ahem one credit card (always op for the highest credit provided with maximum term for zero interest) It can be of great use to you depending how you are going to use it.

  Rule 6: Always pay full amount of the credit outstanding every month and do not carry forward any outstanding balance.

  Rule 7: Do not have too many credit cards with high credit limits as this will affect your credit rating.

  Rule 8: Never withdraw cash advancement from a credit card as its charge daily interest.

  Rule 9: Getting points to redeem for giftcards (better value) and not cashback

  Rule 10: Time to cancel the credit card if its making you poorer, the convenience can sometimes be an illusion.

  Good Luck!

  • 

    ely on 05/11/2017 - 07:53

    Very good points, but some modifications

    Rule 1: This or make sure the perks you get are worth it to you (e.g. if the sign up bonus is more valuable than a one year annual fee, then feel free to get the card… for that one year). Even after a year the perks on some cards may be worth it to you, but do actually figure out whether that's the case.

    Rule 7: It's not the total amount of credit available (which generally isn't even available on your credit record, most credit information providers don't provide the amount of credit applied for, just the fact that it was applied for), it's the pattern of applications (frequency, type, total number) that will impact your credit score.

    Rule 5: check the T&Cs on the balance transfer though, often you'll get stung a balance transfer fee in the 1 - 3% range, which may make it non-viable.

    Generic rule addition: If you ever pay any interest, you're almost certainly doing it wrong (although a small amount may sometimes be required if you're playing the balance transfer game).

• 

  edwardsajl on 19/07/2017 - 04:30

  -1

  if you cant chose yourself you shouldn't have a credit card.

• 

  dissin on 19/07/2017 - 04:53

  +1

  If you survived without one to date - great job

  Dont get one

• 

  tank17 on 22/07/2017 - 13:47

  DO NOT DO IT!
  That is the best recommendation! All the good intentions u might have, or " i won't use it it is just for emergency…"
  Just do not do it!