top tips to effectively manage multiple credit cards
03 December 2010
Owning multiple credit cards can provide you with greater flexibility to manage your finances - for example, you might have a primary card for day to day purchases, and a secondary card as a back up for emergencies or for special expenses. Some people prefer to have several credit cards with lower spending limits, rather than one credit card with a high limit, in order to stop them from making large impulse purchases.
You should be aware that owning multiple credit cards may not be suitable for all people and you should have regard to your financial position, requirements and objectives in managing your credit situation. Here are some practical tips to help you manage your multiple credit cards effectively.
Balance transfer credit cards
One option may be to take out a balance transfer credit card. This card allows you to transfer any outstanding balances on your existing card to a new card. The new card will usually be offered at a low rate of interest for a special term such as the first 12 months.
Take advantage of Bankwest promotional balance transfer offers to reduce the unpaid balances on your credit card, and pay off your credit card debts sooner. Before arranging a balance transfer, be sure to check the terms of the offer including the interest rate and any restrictions.
If you need further information on our current balance transfer credit card promotions, please contact the Bankwest Contact Centre on Phone 13 17 18.
Credit card payments
Streamline your credit cards so that the payments on your credit cards are all made on the same day. This avoids the hassle of keeping track of many different due dates, and ensures that you make your payments on time.
Automatic direct debit request
Set up a direct debit request facility from your cheque or savings account so that your credit cards are automatically paid each month. Just make sure that you have enough funds in your cheque or savings account to meet the scheduled monthly payments.
You can easily set up a direct debit facility by completing our direct debit request form available online or by visiting your local branch.
Bankwest Online Banking (BOB)
The easiest way to manage and keep track of your credit cards is to view your eStatements by logging into Bankwest Online Banking. Your eStatements are accessible 24/7 within our secure environment.
Follow the above tips to help make sure that you choose the appropriate credit cards to suit your requirements.