"When comparing credit cards, decide what's most important to you. Is it a low interest rate? Low annual fee? Bonus frequent flyer points? Maybe a balance transfer deal? For instance, I pay my balance in full each month, so I ignore the interest rates and don't look at balance transfer offers. Instead, I aim to find cards with a great points earning rate. Knowing exactly what you want, makes it easier to find the right card for you."
- Sarah Megginson, Finder's head of editorial
Hi, I am a pensioner, I pay an annual fee on my credit card but now the commbank wants an extra 8 dollars a month in fees, they obviously need it, is there a credit card that has low interest n no ongoing fees other than the yearly fee?
Regards
Trek Bakr
Hi Trek, Is your card the Commonwealth Bank Awards Card? The fee is $8 per month instead of an annual fee; it works out to be $96 a month.
If you’re not happy with that card, you can browse a few options for low-fee or no-fee credit cards here.
Hope this helps!
American Express have just rejected an increase in my credit limit. I am very surprised as I have a high income, small mortgage, large amount of equity in my house and superannuation. I have no other debt or loans. Have had the card for 6 years and pay the balance in full every month.
I am trying to get information on what income, assets, credit rating they used to assess my eligibility for a card increase. They won’t tell me anything and have been incredibly unhelpful.
How can I get information.
Which Ombudsman should I complain to – financial services?
Is a Freedom of Information request possible.
I accept that they don’t have to give me an increase but I am concerned that there is an error in the data that they are using to assess my application and want the opportunity to correct any errors. If I can’t get an increase to $12,000 on an income of $210,000 with a mortgage of $400 a week I can’t see how anyone can get a credit card.
Hi Kylie,
Most banks and lenders don’t publicly share the data and criteria they use to assess applicants, which is frustrating. If it helps, banks generally use a formula of 2-3% per month. So, if your limit is $12,000, they assess your ability to make a repayment based on $240 to $360 per month at a minimum.
In regards to your application, it could be a mistake, or there could be a valid reason why.
Some of the reasons that could contribute to this could be:
– an issue with your credit score. You can check your credit score for free in the Finder app.
– having other credit cards, especially ones with high limits. Each one is assessed as requiring a payment worth 2-3% of the credit limit each month. So, they may assess you as not being able to afford a higher limit.
– having other personal debts and loans that impact your serviceability.
– consistently late or missed payments, resulting in late payment fees; this could indicate difficult managing your current repayments, therefore they don’t want to extend you any further credit. You mentioned you pay the balance in full each month, so this is unlikely to be the reason.
It would be worth checking your credit file as a first step, and then contact Amex again and ask if they won’t approve $12,000, what limit would they approve? If you’re still not satisfied, it might be worth shopping around for a card that better suits your needs.
Hope this helps!
Looking for credit card with no exchange fees etc when used overseas, plus free travel insurance, plus perhaps pays bonus points . Happy to pay small annual fee. I always pay full balance off each Month. What would be your recommendations? Thank you
Hi Maureen,
Finder has a dedicated guide to credit cards with no foreign transaction fees, which includes a comparison table with filters for different features you’re interested in. I hope this helps.
What’s a good credit card for a poor credit rating?
Hi Rhiannon, this guide on credit cards for applicants with poor credit may be useful.
As an alternative, you may be eligible for a Good Shepherd no interest loan, of up to $3000 – these are usually available to help with urgent medical bills and housing costs, like rent.
Hope this helps!
If you’re cancelling an Amex business card and apply for a new personal Amex card, do you get bonus reward points?
Hi Jack, If the Amex was in your personal name, then you may not be eligible for the bonus offer. According to their official policy: American Express Card Members who currently hold or who have previously held any Consumer or Small Business Card product in the previous 18 month period are ineligible for Welcome offers.
If in doubt, contact them directly for confirmation just to be sure!