Hi!
I applied for my first credit card ever - the Citibank platianum through this deal https://www.ozbargain.com.au/node/123330
I just started using it but as a newbie to this I just need some advice to find out what I have to look out for.
My understanding is that as long as I pay the money back before the due date on the e-statement I am fine??
dont ever spend over your available limit. you will be hit with a fee.
Don't ever do a cash advance
dont ever use your credit card to buy lottery ticket. its treated as a cash advance.
I buy the occasional lottery tickets on my cards Amex/V/M and it has never been treated as a cash advance.
edit. I should add in-conjuction with fuel at the BP service stations.
unless you have a positive/credit balance and there's no cash advance fee :)
A few tips:
- if possible, get a direct debit setup of the closing balance so you never pay any interest
- if possible, ask the bank to adjust the due date to a few days after you get paid (assuming it's monthly?)
- set your credit limit low enough so you can always afford to pay it off in your pay
You can get a direct debit setup to be the closing balance?!
I'm assuming this would only be possible if you're using a credit card and transaction account from the same bank/financial institution?
no, can be from different providers :)
pay the full closing balance and not just the minimum payment due to avoid any interest charges (assuming no interest-free balance transfer) :)