Fraud Alert – Please be vigilant when using ATMs as skimming devices have been detected across Metropolitan Brisbane. For more info on how to protect yourself click here.
If you’re thinking about getting a credit card, here’s six simple questions to ask before you commit.
A credit card won’t pay itself off. Before you apply, think about why you want it, how you’ll use it and how you’ll pay for it.
Try and avoid applying for a credit card to pay off other debts – it may start a vicious circle of debt. A personal loan to consolidate your debt may be a better choice with a lower interest rate and less temptation to spend outside your means.
Interest rates differ depending on the type of card, features, benefits and annual fees.
If you pay off your credit card each month a card with an interest-free period may work for you. This means you can make a purchase and not pay any interest for a certain number of days The Bluey credit card offer up to 55 days interest-free.
QBANK tip: Get into a payday habit of clearing your credit card debt.
Some credit cards offer benefits like cash back, frequent flyer points or reward schemes.
These features may come at a cost. Check the options available to you, and weigh them up against annual fees, interest rates and any other charges.
The best reward? Cash you can spend however you choose.
A balance transfer lets you transfer an outstanding balance from one credit card to another – generally with a lower interest rate, a payment break or other benefit.
For example, a balance transfer to QBANK means you pay no interest on your balance for the first twelve months. It's a great way to buy some time to pay off your credit card balance without interest making you feel you’re getting nowhere.
Before you decide to use a balance transfer:
Check the fees when choosing the right credit card for you. These can add more to the cost of your card, and include:
No one likes paying extra money for things they don’t need. If you don’t need extras but want the convenience of a credit card, look for no or low annual fee credit cards.
QBANK tip: Businesses aren’t allowed to charge excessive payment surcharge fees on credit, debit and prepaid cards. They can’t charge you more than what it costs them to process a payment.
Canstar is Australia’s largest financial comparison site and lets you search for a suitable card based on your needs.
QBANK tip: We’re proud to say our Bluey credit card has a 5-star rating from Canstar.
Ready to keep your finances flexible with a credit card? Check out the Bluey or call QBANK on 13 77 28.
QBANK has recently been alerted to fraudulent activity. Queensland Police have today released a warning for members of the public as Automatic Teller Machine (ATM) card skimming devices have been detected on several ATMs across Metropolitan Brisbane.
As these devastating fires continue to engulf our nation, our thoughts are with our emergency services, those helping evacuate and assist on the frontline, and the communities & families that are suffering during this unprecedented disaster.
QBANK is looking forward to helping even more of our members get into the property market for the first time, after being selected as a panel lender under the Australian Government’s new First Home Loan Deposit Scheme (FHLDS).