Prevent your chances of getting stung by a credit card scam; if you follow these simple tips shown on the Australian government’s Scamwatch website you will reduce the risk of a credit card scam happening to you but you should always be vigilant.

• NEVER send money, or give credit card or online account details to anyone you do not know and trust.
• Check your bank account and credit card statements when you get them. If you see a transaction you cannot explain, report it to your credit union or bank.
• Keep your credit card and ATM cards safe. Do not share your personal identity number (PIN) with anyone. Do not keep any written copy of your PIN with the card.
• Choose passwords that would be difficult for anyone else to guess.
• Try to avoid using public computers (at libraries or internet cafes) to do your internet banking.
• Do not use software on your computer that auto-completes online forms. This can give internet scammers easy access to your personal and credit card details.
• Do not give out your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source.
• Never send your personal, credit card or online account details through an email.

These tip were from Scamwatch

http://www.scamwatch.gov.au/content/index.phtml/tag/CreditCardScams

Choosing your credit card wisely can mean the difference between not getting what you want to paying too much. There are a few different types of credit cards aimed at people with different expectation and financial situations. So the credit card you choose or the credit card which is best for your purpose will be based on the amount your comfortable paying for in return for features and benefits.

The types of credit cards

• Low interest credit cards
• Rewards credit cards
• Frequent Flyers credit cards
• Gold or Platinum credit cards

Higher income earners can afford to pay for the top benefits credit cards offer because the interest rate and annual fees tend to be higher, high income earnings can opt for a gold or platinum credit card with the benefits of insurance, rewards and frequent flyer points, better support in exchange for higher annual fees and higher interest rates.

Budget wise people who can manage their money well enough to repay the credit cards debt in full every month would not be subject to interest rates so can opt for rewards or frequent flyer type credit cards. You would only have to cover the annual fees components of the card but can take advantage of the benefits they provide.

If you leave a debt on your credit card from month to month then a lower interest rate would suit your needs better because of the reduced interest charges and fees and no benefits like rewards. Although you will have to repay your credit card debt, many people operate their credit cards with a revolving debt and the lower interests charges help reduce the cost of having a credit card.

Low income earners and even the unemployed on benefits will not be accepted for a credit card but can still use credit cards payment facilities if they open up a debit card bank account. A debt card is not a credit application so you won’t need to prove your capable of making credit card repayments, a debt card is used just like an eftpos card, using your own money in the bank account when making purchases.

If you have not applied for a credit card before and you do not have a credit history with any loan companies, you will need to provide satisfactory information that you’re capable of meeting the repayments for a card. If you can supply employment and asset information in the application process and your situation is deemed an acceptable risk to the credit card lender, you will have a better chance for approval. So if this sounds like you then you might want to start off with a basic credit card with a lower interest rate and low annual fee.

If you are looking for a new credit card for your personal use to go shopping with, you should compare some great credit cards offers from many different lenders. Getting a new credit card can be exciting, you may already have one which doesn’t suit your needs and want to change for one with better features. Or you could be looking for your first credit card and not really be sure what you need. All credit cards spending needs to handled responsibility so to help you find a new credit card, you should consider what sort of credit card you might need?

Lower interest rates save you money

If you choosing a new credit card, select one with interest charges can afford. Use a credit card interest calculator to see the difference between what interest charges really cost you each month or year. Its the best way to know what a credit card is likely to cost you.

Using a balance transfer

If you want to switch credit cards and get a break on interest fees, balance transfers offer low to no interest charges on your loan for a period of months. But to benefit from balance transfers you need to use this time to get ahead on your repayments. You should not use your credit card until the debt is repaid otherwise the interest rates will be applied to your balance when the time is up.

Pay more than the minimum repayments

Just paying the minimum amount off your credit card each month will not reduce your debt at all, you will be just paying off interest if you are not careful and never get ahead. You could transfer the debt to a low interest rate personal loan if you’re having trouble meeting you financial obligations. It’s best to repay your credit card balance in full every month if at all possible.

Choose credit cards that suit you’re repayment habits

Knowing what your spending and repayment habit is, you can compare credit card features and calculate how much it will cost you. If you don’t repay your credit card debt in full every month p then low interest rate credit cards are probably right for you. If you do repay the full amount off your credit card every month, you can benefit from rewards, frequent flyer or premium service credit card features which have higher interest rates.

Avoid late payments penalties

If you don’t meet the minimum credit card repayments you could be charged a dishonesty fee for the lateness of payment. If you having trouble meeting credit card repayments, you should consider stop using your credit card until you can meet repayment or seek financial advice and find some bad debt solutions.

Non banks offer great credit card deals too

Smaller banks, building societies and credit unions offer some great credit card deals that are just as good as the major Australian banks. They increased competition in the Australian credit card market brings downward pressure on credit card fees, charges and interest rates. You could benefit more from a smaller institution on a new credit card.