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Five tips for credit card first timers

Thinking of getting your first credit card? Check out our five top tips for credit card first timers.

There are many advantages to having a credit card. It can be used worldwide, helps build up your credit rating and can be a valuable source of funds in an emergency. A credit card also offers additional benefits depending on which account you choose.

So, to make sure you get the most from your new card, we’ve put together five top tips for first-timers.

Use a budget planner to see how much you can afford to spend. A repayment calculator works out what you will need to pay back. Stick to your budget by setting up credit limits on your account.

Every credit card offers different benefits depending on how you will use it and how much you can afford to pay each month. Use our selector tool to help find a suitable one for you.

How you use the card and when you pay off your balance both affect how much interest you accrue. To get the most from your card, pay off your balance in full every month and take advantage of CommBank’s up to 55 days interest free period.

Don’t get surprised by unforeseen charges on your account. Minimise – or even avoid – fees and charges by setting up SMS or email payment reminders so you never forget when your credit card bill is due, set up automatic payments (AutoPay) to avoid late fees, staying within your credit limit, pay the full amount on your statement on time every month, and avoid using your credit card to withdraw cash as fees will apply.

Depending on the terms of your account, you will be charged different rates for different services - including balance transfer rates (for a specified period of time only), purchase rates and cash advance rates (withdrawing cash with your credit card).

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