Hi guys, I'm looking to start building up my credit score, so looking at the best way to do this - I don't drive, and am not interested in frequent flyer points…
What's the best non-annual fee credit card out there?
No-Annual Fee Credit Card
phobaphobic on 02/01/2012 - 16:05
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Thanks!
I tried applying online with 28 degrees, but got stuck when they asked for two numbers, one of which has to be a fixed line. They seem to be a bit out of touch with reality, so I'm going for the next two you suggested.
Edit: Tried with Bank West, rejected. Apparently you're supposed to automatically and magically have a credit rating in place from birth.
Which credit card would suit someone who travels a lot?
28degrees
Or any of the no fee gold/platinum cards if you are able to get one because they offer free travel insurance if you buy your flights with the card.
Both!
BankWest Zero Platinum & 28 Degrees
It'd be great if you could get both really since they both have no fees, but it depends if credit card suppliers will approve you for 2 credit cards (because you are asking to borrow more and more money).
I have both. As long as you don't apply for them immediately after each other and you have a reasonable income it should be fine.
you might be surprised in how little "building up a credit score" is important.
Was this something that friends/family told you at a BBQ?
If you some day want to borrow money for a house and car, you will understand the importance of building up a credit score, especially these days with the banks so cautious with lending.
When you apply for that kind of loan they are interested in your income, and they will want to see pay slips or other proof. Credit accounts at best are meaningless, and at worst, are counted as liabilities if you are owing money on them.
Banks count your limits as debts regardless of whether or not you owe. Having high limit credit cards significantly decreases the amount you can borrow for a house.
For convenience… Commonwealth Bank Mastercard… no annual fee & 55 days free if you spend a total of $1000 on it each year. Not hard to spend $1000 just paying bills etc.
http://www.commbank.com.au/personal/credit-cards/low-fee/def…
I have one of these CBA gold cards and it is 10,000 $ minimum spend to waive off the fees on the fold versions.
I have the bankwest platinum, and am happy so far.
This trick often works. When they charge you your annual fee call up and cancel. When they ask you why explain you don't want to pay annual fees and are changing to <insert zero fee card>. They'll reimburse you the fee and then you can repeat next year =D
in australia you cannot "build up" your "credit score".
You can only effect it negatively.
e.g. your credit rating starts as 100.
you can only "do things" to bring the score down. you cannot have a credit rating above 100.when u apply for a home loan, the bank will look at your credit card limits and deduct them from your income. regardless of, if you have always paid the credit card on time. your credit limits are a liability to the bank.
The US has a different system, where you can build up your credit score.
Your credit rating actually starts at zero (you have none). You need to start it to register a score. You think a home lender looks for new immigrants to throw money at them because they haven't been around enough to hurt their score?
Building a credit score is not necessary. If a financial institution cannot match you with Veda or Dunn & Bradstreet they will simply ask for proof of income and proof of address.
The best one will depend on your individual circumstances.
Based on what you've said, the ones I could suggest are:
All of the cards I have mentioned have no annual fee and 55 days interest free.