Criminal credit card mistakes

By Mozo ·

Customers considering turning to plastic money must compare credit cards to secure the best deal, it has been claimed.

One of the top priorities when seeking a new credit card is to shop around for the best deal and take note of the interest rate charged, particularly from unsolicited offers, according to money-au.com.

Meanwhile, borrowers who are struggling financially are unlikely to get the best rates available, but should not settle for anything the first rate they are offered when they could compare credit cards for a cheaper deal.

Other common mistakes made by those in the market for a new credit card include having too many credit cards, resulting in unnecessary temptation to flash plastic, and misunderstanding introductory offers, according to the site.

Failing to read the fine print of credit card contracts is also listed as an oft-repeated error, while paying attention to eye-catching bonus features over fees and interest charges is another top mistake.

Last year Australian banks charged Australian citizens over $1 billion in charges for overdrawn accounts and unpaid credit card fees, according to the Sydney Morning Herald.

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