Monthly Archives: May 2009

The Best Gold Cards on the Market For Australians

The Best Gold Card on the Market in Australia

The Best Gold Card on the Market for Australians

Even in the midst of a recession, there are those who have and those who have not. Those who have money generally know how they got it. Those who ‘have not’, excellently referred to as the “Not So Well To Do’s” on Free From Broke, by contrast generally have no idea why the have no money! Anyway, I digress.

For those who have, there are a number of ….’options’ when it comes to the golden variety of plastic. I thought I would take the time to do a post on the gold cards on the market in Australia and here’s what I’ve come up with.

If you’re is looking for high credit limits, then check out the CitiBusiness Gold Card or American Express Gold Choice credit cards. The CitiBusiness Gold Card has a whopping $60,000 credit limit while the American Express Gold Choice Card has a maximum $50,000 credit limit … for those who qualify. Both cards feature aggressive reward point systems and 55 day interest free days, but the CitiBusiness Gold Card also offers 7.99% p.a. for 6 months on balance transfers.

Those ‘who have’ and are looking for gold credit cards with a comparatively low APR might be surprised to find the ANZ’s Gold Visa Card or the Citibank Gold Card. The ANZ Gold Card has 17.49% per annum interest rate which is much less than the 19.99% of the Citibank Gold Card.

  • The ANZ card offers 44 days of interest free days on purchases as well as 24/7 travel assistance wheras the Citibank gold offers 55 days interest free, travel insurance plus access to Citibank World Privileges.
  • Both the ANZ Gold Visa Card and the Citibank card come with international travel insurance.
  • The ANZ Gold Visa Card comes with a credit limit up to $25,000 and a 7.99% balance transfer period of 6 months.
  • The Citibank Gold Card comes with a credit limit up to $25,000 and a 2.9% balance transfer period of 6 months.
  • For those who travel internationally it is worth noting that Citibank has branches in many countries which might just sway you….if you are a ‘have’.

Don’t overlook the NAB, which offers the NAB Qantas Gold Card allowing cardholders to earn Frequent Flyer points on everyday purchases. The NAB Qantas gold cards feature slightly higher APRs than their non-Qantas counterparts at 17.99%.

If you’re looking to transfer large balances at low interest rates then they ought to look at the Citibank Gold Card or the CBA Gold Card. The Citibank Gold Card offers an incredibly low 2.99% per annum rate on balance transfers for a full year while the CBA card offers a very reasonable 5.99% per annum rate on all balance transfers for a 5 month period.

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Top 5 Money Saving Tips For Recession Survival

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In our current struggling global economy, every penny counts. Families and individuals right across Australia are increasingly interested in discovering new ways to save money. Here are my five top ways to save money, which will go a long way in keeping you solvent while still allowing you to enjoy the good things in life.

#1 – Set Yourself a Personal Spending Budget and Goals

The number one way to save money is to have a good understanding of where your money is being spent and to set budgeting goals to meet every month. Many people overspend in certain areas at the beginning of every month and then find themselves short when it comes time to pay bills or other expenses toward the end of the month. They then find themselves overextended, paying for things on credit and living outside of their means. When you set yourself a personal spending budget and set savings goals, you gain a realistic awareness of the money flowing in and out of your bank account, which can help to curb spontaneous emotional purchases and ensure that you are able to fulfill all of your financial responsibilities every month.

#2 – Save Money Regularly

Individuals living outside of their means rarely set aside money in savings for emergencies or large purchases, which can leave them in the lurch when large sums of money are required with little advance notice. A savings goal can help you to live within your means, while still acquiring large sums of money over time that can allow you to enjoy the large luxury purchases that can elevate your standard of living. Setting aside even a small sum every month is better than saving nothing at all. You may be wise to schedule a direct debit to your savings account every month, to ensure that saving is a kept a top priority in your budget.

#3 – Choose a Bank Account that Rewards Savings with High Interest and Low/Zero Bank Fees

Many accounts exist that will pay top dollar for the privilege of your holding your savings. Search out banks that offer a high interest introductory offer, which includes low or non-existent monthly bank fees. You can automatically transfer money from your checking account into saving every month and enjoy watching as your savings steadily increases through interest payments over the months and years.

#4 – Pay Off Higher Interest Debts First

The higher the rate is on your credit card, the more you pay every month in interest on your principle amount borrowed. It stands to reason, therefore, to pay off your highest interest rate debts first. This will allow you to minimize the interest payments you will make on your debt and save money with which to pay off your lower interest cards.

#5 – Save Securely

Deposits of up to A$1 million at all eligible Australian Authorised Deposit-taking Institutions (ADIs) are guaranteed by the Government at no cost. This means that even during tumultuous global economic times, your money will be safe against market fluctuation or the closing of a major financial institution.

What are your top money tips? Leave a comment with your top money saving tip below.

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