They typically charge higher interest rates than other forms of credit, such as personal loans, and you could also damage your credit score if you don’t make your repayments on time. You may also be charged fees, including annual or monthly fees, late payment fees, cash advance fees and international transaction fees.Ĭredit cards can be risky. If you only repay your balance in part, you will typically be charged interest. If you pay off your balance in full by the due date each month, you typically won’t pay interest on your purchases. You will then need to repay any money you access, along with any interest, fees and other charges. That means you can access money as needed up to a specified limit, called your ‘credit limit’. A credit card gives you access to a ‘revolving line of credit’. What is a credit card?Ī credit card allows you to borrow money from a bank or financial institution to make purchases and other kinds of payments. Our Star Ratings methodology considers a range of characteristics, such as:Ĭredit cards are given a rating from one to five stars in each category, with 5-Star Ratings given to products in the top 10% of eligible products on our database. We compare a wide range of credit card products in Australia in the following categories: low cost, rewards and frequent flyer cards. Canstar uses a sophisticated and unique Star Ratings methodology to compare credit cards.
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