5 purchase rate credit cards worthy of your wallet

Right now it is possible to pay no interest on your credit card debt for over three years.

Not content with a silver medal in last year’s Mozo Experts Choice Awards, Credit Union SA’s Visa Credit Card has upped the ante in this year’s awards by taking home gold in the “Best Low Rate Credit Card” category. A good way of ensuring you never miss a credit card payment is by setting up an automatic payment that sends a direct debit to the lender before the due date each month.

If your credit card debt is too big, consolidate it into one loan with a much lower interest rate.

Similarly, if you get into any trouble some cards will have someone on-call to help 24/7 – be it medical or legal assistance.

By learning how and when to read the fine print, you can enjoy all of the features and benefits of your credit card, and be fully aware of its costs. But you would be wrong.

Similarly, an estimated 15% of cards offer trip cancellation coverage, meaning that you could be reimbursed for nonrefundable flights should you have to cancel them. Most cards that charge an annual fee will also offer priority boarding. But you usually pay a one off fee for moving the debt.

NerdWallet.com: Want to know how much your cash or rewards could be worth on an annual basis? Look at the best buy tables and cards are listed in order of the longest deal, regardless of the balance transfer fee. Discover cards will reimburse you up to $US2,500, American Express will give you up to $US250 to cover your meals and hotel if a trip is delayed, and the Chase Sapphire Preferred Visa will reimburse you up to $US10,000 per trip for pre-paid, non-refundable travel expenses.

If instead you went for Santander’s 23-month deal you wouldn’t pay a penny as it has a 0% balance transfer fee, saving you that charge. That does not mean cards are intrinsically bad, but only spending what you can afford to pay, paying your bills on time and understanding the terms and conditions are all vital to your financial health.

Retailers are required to use the new machines. Balance transfer cards don’t charge interest on debt you move across from another credit card, but obviously they do charge for new debt you accrue on the card.

The way fraudulent transactions are handled now, the bank or financial institution that issued the card has to cover the loss. Your MasterCard provider will agree to cover the difference. This simply pays off the interest on the debt but doesn’t reduce the capital.

Starting next week, stores that accept credit cards for payment are supposed to have new chip-embedded card readers in place, or face some serious consequences. Or, if you are ready to start spending again, shop around for the best rate on purchases or the best cashback credit card.