Managing your Credit Card

Check these credit card management tips.

The Do's and Don'ts of Credit Card Management

Here are some tips on the best ways to manage your credit card debt.


  • Ask yourself am I using this credit card for convenience or necessity? Consider using EFTPOS where possible (withdraw additional cash at the same time to save on ATM fees)
  • Pay off your card balances each month
  • Look for competitive credit card interest rates
  • Keep a record of any telephone or Internet credit card transactions and keep receipts until the statement comes in
  • Be aware of your credit limit, consider a personal loan if you are carrying a balance regularly


  • Be tempted to sign up for a card purely on the basis of the loyalty or rewards scheme
  • Use your credit card if your balance is looking a bit overweight
  • Be tempted to increase your credit limit and thus continue to build greater debts
  • Make too many cash withdrawals from a credit card as charges may be higher for these direct transactions

How to reduce credit card debt

Credit card bills can sometimes have a way of surprising us.

Every month the dreaded white envelope arrives in the mail and every month we ask ourselves “how did I spend that much?” If you’re in debt right now and ready to get out, then we’re here to help with these fast tips.

Tips on reducing credit card debt:

  • Keep a financial diary – without knowledge of where your money is going, it’s hard to wrest control of your finances back from debt danger.
  • Make larger repayments – by working out your budget and finding additional funds, the first priority is to make above minimum repayments. Even a small additional repayment can save you hundreds in the long run.
  • If you have multiple credit cards, which one do you pay off first? You have two options;
    • Pay off the cards with higher interest rates;
    • Alternatively, you can prioritise paying off the debts with the lowest balance first. Despite paying more interest than the above strategy, this method provides positive reinforcement to encourage continued discipline.
  • It can be a headache juggling multiple repayments over multiple credit cards. To simplify, you may want to consider debt consolidation.

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