Browsing Victoria » Credit Cards » Gold Credit Cards
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When it comes to getting a credit card Australians prefer those that offer low interest rates, a good credit line and flexibility in terms of making monthly payments. For those who have good to excellent credit rating, there is the possibility of stepping up to a gold card.
Gold and platinum cards have been around for the past few decades, but what exactly is a gold card Australians can get and is it right for your needs?
Essentially, a gold card is pretty much an improved version of a standard credit card. It was designed as a reward for those who have demonstrated excellent skills with managing their current credit cards as well as their overall credit rating.
Gold cards offer many advantages over standard credit cards and for many offer a greater convenience in making purchases and keeping track of their finances. As with standard credit cards, they offer certain advantages and disadvantages based on their use.
Higher Credit Limits: Many gold cards offer credit limits that may be twice as high as limits on standard cards or even higher. This is arguably the main advantage of having a gold credit card, especially if you find yourself in a financial crunch or need to make a big purchase quickly.
Lower Interest Rates: Another great advantage of having this type of card is that the interest rates are generally lower than standard credit cards which means that you pay less money per month with the same balance.
Greater Purchase Protection: This may vary between gold credit cards Australians use on a daily basis, but essentially the purchase protections of this type of card are superior than the standard version.
In addition, you may get extended warranties on items you purchase as well as more reward points depending on the program that you have chosen. Overall, there are a considerable number of advantages when using a gold credit card.
The disadvantages are all tied to the usage of the gold card itself. Essentially, you have more money at your disposal so the chances of overextending your actual credit amount is greater. This means that you will need to resist the temptation to pay more than what your budget allows so that you can keep your credit amount under control.
Overall, getting a gold credit card Australians have used for many years will depend in large part on your own personal finances and whether you want to take the extra responsibility for having this particular type of card. For most people, having a gold card is definitely worth the extra responsibility as it offers a lower interest rate which can save you money.
Plus, having a higher credit limit can be advantageous if you ever need to make a big purchase as the lower interest rate may help you save money. This is especially true in emergency situations that may present themselves as well. Basically, if you can keep your spending under the same limits as before you received the gold card, then it should work for your needs.
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