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Thread: Searching for a credit card...

  1. #1
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    Default Searching for a credit card...

    I'm after a credit card to use "in case of an emergency" not for any other purpose....
    hence I'm wondering if there exists one that doesn't have an annual fee and won't penalise me for not spending a dime on it in say a period of 6 months or more. I just want one in case I'm ever in a situation where I don't have the cash on me and need to use credit... hence I need one that won't cost me the earth to keep it around (even if I don't spend in a period of 6 months).

    ??? Does this type of credit card exist? ???

    Also, do credit cards generally penalise you for cancelling your card after 6 months without spending a dime on it? I want one however if I find that I also am in a position where I don't really need it I want to be able to cancel it even if I havn't used it in 6 months or so.

    Thanks !!



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  2. #2
    God/dess montythegeek's Avatar
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    Default Re:Searching for a credit card...

    Vee,
    I do not know how fees are structured down there but for someone with good credit, an annual fee for a credit card in the US is $20 bucks or so and many are available with no annual fee. I never heard on any bank penalizing you for not using a card.

    For the very limited use you have for the card, you may want to investigate a debit card tied to your checking account. Try the information available under finance for Yahoo Australia.

    And for most Americans, it is a good idea to have two cards, one you never use. I put my main credit card in the dryer when I was ordering plane tickets and needed one in order to rent a car

  3. #3
    God/dess montythegeek's Avatar
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    Default Re:Searching for a credit card...

    I looked on yahoo and the fee structure in OZ is a bit different than US:
    Top Credit Card Rates


    Bank Card Var. Rate Ann. Fee Rewards Apply
    Members Equity Members Equity MasterCard 9.95 $30 No Apply
    BankWest Lite MasterCard 9.99 $36 No Apply
    Credit Union Home Loans Home Owners Visa 10.20 - Yes
    Australian National Credit Union Visa Debit 10.50 $36 No Apply

    The Aus Natl Credit Union card at $36/year is a national offering As far as I suspect these are all in AUS dollars so $35 would be like $20 or so in US. Debit cards appear to be less prevalent in Queensland than the US.
    Worth looking at http://au.pfinance.yahoo.com/creditcards/

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    Default Re:Searching for a credit card...

    Hey Monty. Just a thought. She may be in the "high risk" category. Example if dancing is not a "recoginzed job" by the financial system... (no relationshikp to whatever the government says), she may not be able to get a card. Also here money tends toi be money and credit socres and past credit history tend to override everything else. That may not be true down there. I just don't know... further information and comment is necessary.

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    Default Re:Searching for a credit card...

    Credit card companies in the US will cancel you for not using the card.

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    Default Re:Searching for a credit card...

    I have a Visa Debit Card. I just want a Credit Card that I can "stash away" and use only in emergencies.

    The Virgin Credit Card so far looks appealing enough to me. I'm not a big spender generally and only want it so I have a "safety net" as such if anything happens and I don't have the money in the bank.

    If I have a Visa Debit Card... does that mean I might find it easier to get approval for a credit card?

    Whatever my occupation (I'm listed as a dancer with the ATO - Australian Tax Office)... I'm classed as self-employed and who works in the "personal services and other" industry.



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  7. #7
    God/dess montythegeek's Avatar
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    Default Re:Searching for a credit card...

    A debit card is treated as if you wrote a "safe"{ check, so it would probably not be treated any different than having a checking account. Still it is a history they can see you used responsibly and you do have an account history.

    One way to build a history is to have a credit card you use repsonsibly, Say put one bill on it each month and pay off each month. one example is if you have a dial up account that goes on the card, and you pay the bill like a good bill paying person does You an also build a nice history by putting stuff like an outfit on the card and pay it off the next day. Then the transaction goes on the card and you look good because you paid the bill. You won't get extra credit for paying it so soon, but you look like a good risk this way.

    I am not sure how common they are for Oz, but one way to do it is a secured card where your credit limit is what you have in an account tied direct to a savings account. You can make yourself look good by paying the bills promptly. Your name is on a "credit card" and you paid.

    Banks like people who pay when they are supposed to.
    As long as you have income and always pay bills they will love you, as long as you do not have too much other debt.

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    Default Re:Searching for a credit card...

    Thanks monty... I might do that. I will get a credit card that has interest free days so that I can pay whatever bill I am paying each month on it off pretty quickly (as I would do if it was a debit card).

    I do want to build a credit history as it will make alot of things in my future easier....

    I might go try and apply for the Virgin Credit Card.
    http://www.virgincredit.com.au

    One more question.. if my application in re: the Virgin Credit Card is denied/not accepted... does that mean my chances with other credit cards (ie Visa) is also the same? ???


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    Default Re:Searching for a credit card...

    Possibly. You have to be careful about making too many aplications for credit. Every time a company checks your credit, a notation of that inquiry goes on your credit file. Those are seen as negative values to other creditors. If you apply for one and don't get approved, I'd go for the secured card option. The secured card company will still check your credit, and that will make 2 inquiries in your recent history, but that's not as bad as 3 or 4, and you'll be guaranteed to get the secured card for a limit up to your savings account deposit.

    A secured card company will have you open a savings account with their bank, so you just deposit the amount you want to have as a credit limit and there you go. The savings account will earn interest for as long as you have it, and will be used to repay the cc debt if you fail to repay. Some banks have different policies regarding when/if you can withdraw from that savings account after a certain amount of time paying every bill on time. They can't keep your money forever, but keep in mind that money won't be something you can use for a while. Do a search for Austrailian secured credit cards and research the info.

    And Monty is right, a good way to ensure your new card, whether secured or unsecured, isn't cancelled and makes a good credit reference for you every month, is to put a bill on it so it's automatically billed to the card every month, then just pay the cc account on time every month.

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

  10. #10
    God/dess montythegeek's Avatar
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    Default Re:Searching for a credit card...

    The fact that you had applied for card A will be a small negative if turned down when you go to apply for card B. So in a sense it IS kind of like asking the girl who is a 10 for a date and getting turned down, then the 9's and 8's have second thoughts about you wondering what they thought was wrong with you.

    So I would not recommend making the first application for the AMEX platinum card. When I started out, my first credit card was a gas station credit card and I built a track record of paying the bills on time. Unless Australia is different you can get your credit report cheaply and see if there is anything which would not look good on it. Even a store credit card like Sear's looks good if you pay the bill on time.

    Whatever you do DO NOT apply for 6 cards at once in a shotgun approach hoping one will accept you.

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    Default Re:Searching for a credit card...

    What you can also do to prevent too many credit inquiries is apply at a bank that offers both secure and non-secure credit cards. They will run your credit check once, see where you fit in, and give you the card they see appripriate.

  12. #12
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    Default Re:Searching for a credit card...

    I'm just awaiting the results of my application for the Virgin Credit Card first before making my next move.

    :-)


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