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Smart ways to get the most out of your credit card
Spending with your credit card gives you lots of flexibility and if you’re clever with how you manage your card, it makes a lot of sense to use it frequently as a method of payment.
Here are some tips on how your credit card works to your best advantage.
01
Understanding how your card works
You can get up to 55 days interest free on purchases
Good credit card management could involve paying off your balance each month. If you do that, you won’t pay interest on your purchases, and depending on when you purchase in your billing cycle, you could get up to 55 days interest free on purchases on personal credit cards.
Just note that you will start to incur interest from the day you make a cash advance, (e.g. getting cash out at an ATM,) if you transfer money from your card to an account in Internet banking, or on dishonoured payments.
02
Transferring your credit card balance from another card
A balance transfer to an ABC Bank credit card could be a great way to save interest and make your money management easier.
How a balance transfer works
A balance transfer involves transferring your credit card debt (a balance) from another bank credit card or selected store card, to an ABC Bank credit card.
The advantage to you is that the balance transfered to an ABC Bank credit card could be at a reduced interest rate for a set period of time; let’s say, for example, 8.95% p.a. for six months. After the initial six month period the standard purchase interest rate will be applied.
By doing this, you are effectively using funds available from your ABC Bank credit card to pay off what could be more expensive debt from another bank’s credit card, or selected store card. This may save you money if the interest rate applied to the amount transferred is lower than the purchase interest rate you would have paid on your other card. You can ‘balance transfer’ up to 90% of your available ABC Bank credit card limit.
How we apply payments can also save you money.
After doing a balance transfer from another credit card or selected store card, you may also want to use your credit card for purchases.
The interest rate on purchases is usually higher than the balance transfer interest rate (applied to a balance transfer amount during the initial term). So, to maximise your interest savings, we apply any payments you make to your credit card to paying off your purchases and cash advances before paying off your balance transfer amount. That means that you get maximum benefit of the reduced interest rate (e.g. 8.95% p.a.) for the full term of six months. After that initial six month term, interest will be charged at the standard purchase rate on the balance transfer amount.
03
Cash advances incur interest
ABC Bank charges interest on cash advances (taking money out of an ATM) from the date of the cash withdrawal, so it may be a better option to keep your credit card for purchases. If you do need cash on the day and use your credit card to withdraw it; pay off the outstanding amount on your card as soon as you can to reduce the interest you’re paying.
04
Smart shopping with your credit card
Use Card Control to help manage your spending
With ABC Bank Card Control, you can command your card from your mobile phone if you have the ABC Bank Mobile app or through Internet banking.
If you’re out shopping and want to manage your spending, consider using Card Control to set a per transaction spending limit on your card, and turn off ATM cash withdrawals too (you can turn them on again at any time).
You can turn online transactions on or off too as it suits you. So if you’re not sure where your card is, and you’re concerned it may fall into the wrong hands, you can temporarily lock it from your mobile phone, and unlock it again if it turns up in your jacket pocket.
Card Control commands happen instantly and take effect immediately, no waiting and no fuss, so you really are in charge of your credit card.
Going travelling? Pack your credit card
ABC Bank Visa credit and debit cards are great when you are travelling. You can access money and pay for goods or services at millions of locations around the world; especially handy for purchases if you are short of cash and accessing an ATM isn’t easy. Fees apply to these transactions.
You could also get access to overseas travel insurance
Travel insurance is important when you’re travelling overseas. The cost of unexpected events, such as lost luggage and medical emergencies, can be very high in some countries. If you have an ABC Bank Gold card or ABC Bank Visa Platinum card, you can get access to travel insurance for up to 40 days per overseas return trip on an ABC Bank Gold card or up to 120 days per overseas return trip on an ABC Bank Visa Platinum card. You need to activate the travel insurance by paying for at least 50% of your overseas return travel tickets using your ABC Bank Gold or ABC Bank Visa Platinum credit card. There are also other ways to activate this cover. Find out more about how to activate credit card travel insurance and further details about this cover.
05
Shopping online with an ABC Bank credit card
Your ABC Bank Visa credit or debit card are a great way to pay for your online shopping. You may never need to visit a store if you don’t want to. Visa credit and debit cards provide convenient ways to pay, particularly if you set up Visa Checkout and the merchant you are buying from has this available. It’s a secure way to pay online.
Check our guide on Security and cyber-fraud management and find out more about Visa Checkout.
Apply for an ABC Bank Credit Card
Visit a branch
Visit us at one of our many branches across United States
Other helpful guides
ABC Bank’s lending criteria, fees and Credit Card Conditions of Use apply. If you are aged over 79 years you are not eligible for cover under the policy. Other exclusions and limitations apply.
