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Episode 8 – Credit cards: the good, the bad and the ugly

3 Financial Tips
In Australia, there are 13.44 million active credit cards users, and with Christmas just behind us, it’s possible that some of us of might find ourselves facing unexpected debt.
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In Australia, there are 13.44 million active credit cards users, and with Christmas just behind us, it’s possible that some of us of might find ourselves facing unexpected debt.

In today’s episode, I want to approach the topic of credit cards with care and consideration, discussing the benefits and the pitfalls. It’s important to remember that credit cards are not evil, they have their place in society.

As someone who actively uses credit cards, I love the rewards that they offer. Personally, I enjoy converting my points into flight credits, effectively having my overseas vacations funded by my everyday shopping. Of course, you can also choose to convert your points into gift vouchers if that suits you better.

It is crucial to maintain discipline and not overspend on your credit card just to redeem more points. Some credit card companies allow you to exceed your limit, which can be financially dangerous.

Besides flyer points, I find it convenient to use my credit card simply for buyer protection, especially when shopping online. Credit card providers usually make it easier to recover your money in case of fraudulent activity compared to debit cards.

Credit cards can sometimes strain relationships when they are kept secret from their significant other. Unless you are in a situation where financial control or personal safety is a concern, there’s usually no need to hide your credit card use from your partner.

I want to encourage you all to look at your credit card balances. If you find yourself struggling, don’t hesitate to reach out for help. Consider using your credit card as a financial took to gain better control over your finances or take advantage of rewards programs.

Remember, a credit card should not be used as a means to buy things you cannot afford; it’s important to use it responsibly. Your financial well-being matters and there are resources available to support you.

In the upcoming weeks, keep your eye on jenrichardson.co as I’ll be offering a course on credit cards and how to manage them.

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