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Top five credit card mistakes

Although credit cards can be a great option by providing money when you need it, you need to understand how the card works to avoid having trouble making repayments. We list the five most common credit card mistakes – and show you how to avoid them.

  • Make sure you’re not choosing a credit card for the wrong reasons
  • Know what fits within your means and lifestyle
  • Understand your spending habits and work out a monthly spend you can manage
  • If you intend to pay off your balance in full every month, an Awards card could be better for you
  • If you prefer to pay for purchases over time, a Low Rate card may suit you better
  • Use our four-step selector tool to help find the right credit card 

  • Spend time reading the contract to understand important information about the benefits and penalties that go with your credit card
  • Knowing about balance transfers, interest rates after the honeymoon period and the interest-free period will help you understand how to use and pay off your card
  • A question of interest is a useful guide to using your credit card wisely

  • Understand what each card offers and the conditions that go along with the features
  • For example, there are cards that offer international travel insurance included with the card or points redemption at Myer and Flight Centre as part of their value. These include the CommBank Gold, Platinum and Diamond Awards card
  • With CommBank credit cards you can redeem any seat, anytime, anywhere at Flight Centre
  • Credit cards from other banks may offer Qantas Frequent Flyer points that can have flight blackout periods, a detail often overlooked by customers  

  • Avoid fees and charges, including interest and late-payment penalties, by paying on time
  • Use Autopay to avoid late fees
  • Consider making regular instalments from an everyday account
  • Set up SMS or email reminders five days before your payment is due to make sure you never forget

  • Don’t put off reporting your card as lost or stolen in the hope you’ll find it again
  • The danger is that you’re still liable for all charges on the card
  • If it has been stolen, someone could be profiting at your expense
  • We can place a temporary stop on your card so if you find it again you won’t need to apply for a replacement card 

woman shopping

 Stay in control of your finances with our Low Rate Gold credit card, featuring handy extras like international travel insurance included with your credit card. 

 Need help deciding? Try our credit card selector

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