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Strategic credit card selection

Strategic credit card selection to satisfy your needs, at least cost – and then using it wisely – is an important, albeit challenging task. It means making some decisions, responding to the following questions: Debt management – or Rewards: What is best for you?

  • Is it clearing your credit card debt?
  • Or is it getting the best Rewards package on your credit card?

We recently posted a website Library article – ‘Tighten Credit Card Spending‘ – suggesting ways to manage the household budget to deal with the cash flows required to clear up the credit card debts run up over Summer for ‘festive season events’ and ‘back to school’.  About the same time, we noted an article in The Sunday Mail (Brisbane) suggesting that attention be paid to the rewards and other benefits attaching to credit cards. (We have saved that article within our website Library archive so as to provide convenient access to our readers.)

We suggest that sorting out the clearance of debt should take a higher priority with most  of us – and when it comes to credit cards, remember who issues them; and why! That of course would be the banking industry issuing them, seeking to profit from them – at your expense: so be wary and diligent in choosing the card for your needs.

This isn’t an area where a financial planner will be able to assist you on a professional basis; but a read of the above-referenced Sunday Mail article will alert you to some of the variables to watch out for. There are research articles available that suggest that a fee-free credit card with NO Rewards program attached, but with a reasonable interest-free payment period allowed after the end of the monthly cycle, will actually be cheaper than the best of the Rewards options. (A subsequently published survey of cards by the Reserve Bank tells of the high cost, low return on credit card Rewards programs.)

We searched for a way to actually make the comparison in a structured and easily-understood way – and came up with a website called Credit Card Finder: and they have published an article embracing both of these topics: managing your budget; and getting the best credit card for your needs. The credit card features and management article is a worthwhile read.  (Whilst we are not recommending any product found at this site, nor are we endorsing the article itself, it does provide another perspective to this timely topic.)

Continuum Financial Planners Pty Ltd has a team of experienced advisers who provide wealth management services through a range of strategies including debt reduction, regular savings plans, geared portfolios, retirement planning, superannuation, estate planning and insurance services: to arrange an appointment with one of our team, call our office on 07 3421 3456; or use our online Contact Us facility any time.

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