Like an athlete at the top of their game, forming good spending habits and staying on track requires training. When it comes to having a credit card, being able to recognise potential pitfalls will make it easier to avoid issues and have you finishing a winner. Feeling secure and confident in your ability to be a credit card Olympian will help you make even better choices and achieve financial gold.
Track your expenses
Staying on top of your spending is a really important part of managing your credit card. Check your statement online or through your app a few times a month, avoid using the card for purchases you can’t afford, use a budget and be strict with the type of purchases you outlined for the card originally.
Pay your statement on time, every time. Setting up reminders is a great way to stay on top. With our Orange One card, you can set a pre-bill reminder to give you a heads up when your bill is due. Your repayments can also be automatic to help you never miss a repayment. It’ll come straight from your preassigned Orange Everyday, Saving Maximiser or other eligible ING accounts.
It’s also important to make sure you stick to your limit – you can get notifications when you’re close to your limit for the month with ING’s Orange One card.
When it comes to credit, knowing what it is and how to avoid forming overzealous spending habits is imperative. Treated right, credit can be your friend, as using it in the short term can help your money work for you elsewhere. Let’s say you’ve got a mortgage offset account. It might be better at the time to keep your funds in that account to receive the interest benefits, while using your credit card for immediate purchases. A key thing to keep on top of is interest. If you miss a payment, interest can build up which means it could cost you more. Stay on top of your payment dates and aim to pay in full.
Have a game plan
Setting clear financial goals each month is the best way to achieve success. Without a destination, it’s hard to stay motivated to reach the finish line. A credit card can be a key weapon in your financial team, so work out ahead of time what you will and won’t use it for. Your goals will evolve over time but stay on top by checking in often and staying dedicated to achieving your financial best!
By keeping these credit card best practices in mind, you’ll be the Usain Bolt of personal finance in no time flat.
Staying on top of your credit card use is easy when the card suits your lifestyle. To find out more about ING Orange One’s features, visit here.
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The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.