Apr
15

Use a Credit Card to Track Spending

A survey in May 2010 showed that the average Australian could not account for $59 per week in cash expenditures. They had no idea where the money went. This figure is almost double that of consumers in other countries. The survey showed that Australians spend an average of $176 in cash per week per person and they had no idea where almost 1/3 of the money was spent. The international average was $120 in cash per week with an average of $24 in unaccounted for spending. The best record... Read more...
Apr
15

Credit Cards May Be Necessary on Airlines

Many U.S. airlines have adopted a policy of cashless cabins meaning that travelers must have a credit card to pay for drinks, snacks, meals and in flight entertainment. It is likely that Australian airlines will follow the lead of American carriers and eliminate cash transactions on airline flights. One European Airline, Ryanair, is considering pay toilets which would require a credit card. Clearly, anyone considering international air travel must have a credit card. Airlines are even... Read more...
Apr
14

Travelling Overseas with a Credit Card

Most travelers prefer to use credit cards and travellers checks when leaving the country. Wrestling with international exchange rates and finding banks to make currency exchanges is time consuming and annoying when you would rather be enjoying your vacation or accomplishing your business. What many travelers don't realize is that most credit cards have extra fees when they are used in foreign countries. According to the Virtual Wayfarer, the best cards to travel with are Visa and Mastercard... Read more...
Apr
13

Are Rewards Credit Cards a Good Value?

Rewards programs are like a shiny bauble dangled to attract consumers to a particular credit card. Two thirds of the credit cards issued in Australia are rewards cards and consumers should examine their use of rewards cards to determine if they are really saving any money by using them. On average, the interest rates on rewards cards are 5% higher than those on no frills credit cards and for those who carry a monthly balance the additional interest charges can add up quickly. Rewards cards also... Read more...
Apr
12

Credit Cards Provide Security and Save Time and Money

With all the recent stories about credit card skimming and internet hacking, it's easy to forget that credit cards actually provide security to consumers. If a credit card is lost or stolen, the consumer can simply cancel the card and they may not be liable for any charges. If the consumer is liable for any fraudulent charges, it's usually limited to a minimal amount. If cash is lost or stolen it's gone for good and there is almost no chance the consumer will ever recover their money. Many... Read more...
Apr
11

Flexi-pin May Eliminate Credit Card Fraud

A new technology may reduce or eliminate credit card fraud and Australian banks are taking notice. The technology is called flexi-pin and it is a system which changes a card users pin number every time the card is used. The idea could reduce or even eliminate credit card fraud by making skimming impossible. The technology was developed by Gabby Molnar who was involved in developing ways to improve internet security on websites. He realized that the technology could easily be adapted... Read more...
Apr
11

Co-Signing For a Credit Card

Parents want their children to have the best start in life and that means establishing a good credit history early. Since young adults usually don't have a credit history, it may be difficult for them to obtain a credit card without a co signer. Before co-signing for a credit card, parents should consider that they may be placing their own credit standing at risk. There are alternative methods for building credit they may be more appropriate than a parent's co-signature. Even if your... Read more...
Apr
10

Things To Avoid Buying on a Credit Card

Credit cards are more secure than cash and allow consumers to cover emergency expenses that they may not be able to cover with cash. However there are some items or expenses that should not be paid for with a credit card since it can mean years of high interest debt! Credit cards should not be used to pay college tuition since there are other alternatives with no or low interest which offer better repayment terms. Instead of paying tuition with a credit card, students should seek out education... Read more...
Apr
9

Does Your Business Have Too Many Credit Cards?

Credit cards are a necessity for both large and small businesses, but having too many credit cards can actually cost your business money. How many is too many? Business experts advocate having two business credit cards, preferably with different issuers and three is OK. More than three credit cards can create a number of problems for your business. When a business with more than three credit cards seeks a business loan, the lender must consider the amount of unsecured debt that the business... Read more...
Apr
7

UBank Term Deposit

While the interest on savings accounts can fluctuate over time, the interest on a term deposit remains constant over the full term. Another primary difference between savings accounts and term deposits is that there are penalties for early withdrawal of term deposits while most savings accounts don't. This is the option investors are faced with, either fix the interest rate, or allow for flexibility of withdrawing funds. There is no minimum amount for UBank term deposits and savers can... Read more...
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