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Can you do anything about unfair credit card rate increases?
While unfair credit card rate increases can be very hard to take, there is little you can do about them. Even if you have a fixed rate credit card, changes to the rate can be made by the issuer by simply advising the consumer of the change and when it will take effect. As a consumer, you can contact the issuer and protest such changes, especially in the case of penalty rate increases.
Alternatively, you can stop using credit cards that make unfair rate increases and look for a new credit card from issuers who have a good track record of treating customers fairly.
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Credit card companies often entice new customers with amazing introductory offers of low to no APR for a period. H
Different Kinds Of Premium Cards
Having a credit card is one thing, but the premium options out there can take paying with plastic to a whole new level.
The first premium credit cards were designed to reward big spenders with complimentary extras and other benefits. As a result, they typically required a better credit history and higher income level.
These days’ premium cards are a lot easier to get and almost every issuer has gold, platinum or other select options for people to choose from.
To give you an idea of what each kind of card offers, here we look at what is offered with gold, platinum and other premium cards.
Gold Credit Cards
These cards are now the first step up from standard offerings, usually featuring a slightly higher annual fee but more value through extras like complimentary insurance.
The Bankwest Breeze Gold card, for example, has an annual fee that is $40 more than the classic card, at $89.
It offers international travel insurance, transit accident insurance, purchase protection, price protection and extended warranties.
A similar range of benefits is offered with the gold card from NAB, and the St George Low Rate Gold card.
Platinum Credit Cards
Platinum cards build on the extras offered with gold cards but also have many other features.
The most common after complimentary insurance options is personalised service through a concierge. M
3 months payday loans can save you in emergency case
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Credit Card Rates vs. Traditional Loans
When you look at credit card rates versus traditional loans, you will be shocked at the difference. On average, there is a significant difference with credit card rates being much higher than traditional loans. This difference is enough to cause wise consumers to choose traditional loans over credit cards for many types of purchases.
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The length of time you need to pay off a purchase is a huge factor in whether a credit card or a traditional loan is what you should consider. Many traditional loans charge higher interest rates for shorter periods.
Credit Card FAQ: How Old Do You Have To Be To Have A Credit Card In Australia?
Getting a credit card can be one of the first steps people want to take towards financial independence but unfortunately there is an age limit for this kind of card.
One of the criteria for credit card applications in Australia is that people have to be at least 18 years of age.
While debit cards can be issued to anyone old enough to open a bank account, because credit cards are a kind of loan service they require a certain amount of financial responsibility that would be difficult to prove if you were under the legal voting and drinking age.
There are also other conditions that will be assessed when someone is applying for a credit card, including:
- Residency or citizenship status
- Employment circumstances and income
- Any other assets
- Any debts; and
- Credit history
If any of these conditions are not met, an application is less likely to be approved and, while someone under 18 might meet a few of the requirements, it is unlikely they would meet all of them.
But this age limit does not mean young people cannot use a credit card.
How to Follow Up With a Seller After the First Call and Better The Chance of a Deal
When my phone rings from a seller, my assistant Lisa is the one who takes the call, and she thoroughly screens the seller to see whether they are motivated or not. If the seller is motivated enough she passes their information along to me.
Once I get the information sheet, I evaluate the deal and then prepare multiple offers to the seller; I also try and call them back the same day or the next day. If all goes well on the phone call, I try and schedule an appointment as soon as possible, but there are times it ends up being a few days even a week.
When this happens there are several important things I do to make sure that I don’t let this deal slip through my hands.
First, I send the seller a thank you note for giving me the chance to talk with them and the chance to set up a visit with them. N