Prepare your credit cards now for the holidays

19 September 2008

Come the holiday season, there is a good chance your credit cards will get a bigger workout than normal. Presents, parties, food, New Year's Eve parties - it all adds up. You might not even realise how much you depend on your credit cards during Christmas until the bill arrives in January.

To avoid a heart attack when the credit card bill arrives, here are some tips to keep you from overspending on your credit cards:

Pay back current owing balances as soon as you can. You won't need to worry about maxing out your credit card limit if you have already paid a significant amount off.
Have a Christmas budget. This could include items like food, present cost limits, travel expenses, and accommodation costs.
Take advantage of any rewards programs on your credit card. Cash back offers and specific store offers may come in handy during the holiday season.

If you plan on using credit cards over the holiday period, you might like to consider how well they are currently working for you. By taking a good, hard look at your credit cards and work out which features you predominately use. If your current credit cards have features that you don't use frequently, it might be time to think about getting a credit card that you effectively benefit from.

Features that may benefit you include:

If you have multiple credit cards and are paying multiple annual fees, you might like to consider a credit card balance transfer to help save you money.
A low rate credit card could help you avoid paying excessive interest.
Rewards programs can be useful if you carefully choose the right one. The new Woolworths credit card, called the Woolworths Everyday Money card may offer you rewards that can you can continue to use after the holiday season ends.

Compare credit cards now to find credit card deals that suit your holiday needs.

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