Cash advance fees
If you withdraw money from your credit card, you’ll be charged a cash advance fee, plus cash advance interest on the amount you withdrew.
You’ll also be charged a cash advance fee to withdraw money or make ‘cash equivalent’ transactions like using your card for gambling or buying lottery tickets or foreign money.
Avoid the fee by only using a debit card, not your credit card, to withdraw money.
Late payment fees
You’ll often be charged a late payment fee if you don’t pay at least the minimum payment on your credit card by the due date.
Avoid the fee by paying on time. Set yourself a reminder before the due date to make sure you don’t forget.
If you’re unable to pay your credit card balance in full, try to pay more than the minimum to avoid interest from building up.
International transaction fees
If you make a payment on your credit card that needs to be converted from foreign currency to Australian dollars, you may be charged an international transaction fee.
If you pay for something when you’re in Australia but the person or company you’re paying is based overseas, you’ll also be charged this fee.
To avoid this fee, look for a credit card with low or no foreign transaction fees. If you’re travelling overseas, you might want to consider using a prepaid travel money card that you can load with foreign currencies.
Your bank may charge you if you go over your limit.
To avoid this fee, check with your bank about their overlimit fees and find out if you’re able to prevent your account from spending over your limit. It might also be possible to put a cap on your spending to avoid this situation.