Tips on how to minimise your credit card charges

It is possible for you to avoid some of the credit card charges and still have the convenience of using a credit card. Here are some tips on how that is possible:
  • Shop around for the best deal. Some credit card issuers do not charge any annual fees and joining fees, at least for the first year

  • Use your ATM card to make cash withdrawals. Taking cash advances using your credit card should be done only as a last resort. Cash advance fees and charges can be expensive

  • Avoid unnecessary credit card costs. Make your payment before the due date stated in your credit card statement. Be sure to update your contact address to ensure that you receive the statement on time

  • Paying only the minimum monthly payment will extend your repayment period and the interest you have to pay. Settle your outstanding balance in full to avoid paying interest

  • Limit the number of credit cards based on your needs and payment capability

  • Be alert of the changes in policies and rates. For example, your credit card issuer may raise its fees and charges or vary some of its T&C

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Reprinted with permission from BankingInfo (A Consumer Education Programme)

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Knowledge Base ID :   1225
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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