Can a credit card help build your credit file and credit score?

Building up your credit score from scratch can make a big difference to your financial future. While you may not need to borrow money to start your credit history, successfully applying for a credit card and managing its payments could potentially make a big difference to your credit score in a relatively short length of time.

How can young people start building their credit history?

Just as a journey of a thousand miles begins with a single step, an excellent credit score can begin when you’re young. Your track record of managing money can have long-lasting repercussions later in life, making it important for young Australians to start building positive credit habits as soon as they are able.

Should you start building your credit while in university?

University can be a time of when you start to fully realise your potential. This includes your financial future, which may involve establishing your credit history.

Which banks have hiked savings account and term deposit rates in June 2023?

At its June 2023 meeting, the Reserve Bank of Australia (RBA) board pushed the national cash rate up to 4.10%; the highest it’s been since April 2012. While these hikes are putting borrowers under increased pressure as their borrowing power shrinks, some savers may be able to benefit from rising savings rates that could make it easier to increase their wealth.

What you need to know about refinancing for debt consolidation

If you already have a home loan, and also owe money on credit cards, personal loans or car loans, you may be figuratively drowning in debt. Juggling the repayments on multiple loans can be challenging at the best of times, and if your financial circumstances were to suddenly change, such as if you lost your job or suffered a prolonged illness, you could be at real risk of defaulting on one or more debts.

What is a credit card revert rate?

When credit card debt starts accumulating, you could consider a balance transfer, where you roll your debt onto a card charging low or no interest during its introductory period so you can pay it off quicker. However, you’ll also need to consider the card’s revert interest rate in case you don’t pay off your debt during the introductory period.  

What are the rewards of a gold credit card?

Not quite ready for a platinum account but want more rewards than your standard credit card? A gold credit card could be what you’re looking for.

What doesn’t affect your credit score?

You may be surprised by the information in your credit history that goes towards calculating your credit score. You may be even more surprised by what personal information about you does not affect your credit rating whatsoever.

Can you get a home loan when you’re being paid commissions?

Many Aussie salespeople earn a commission on the products or services they sell, which is calculated as a percentage of the total value of the sales. Commissions can vary for several reasons, such as changing seasonal demand for products or difficulties hitting sales targets.

Cost of living hits Buy Now Pay Later spending this Mother’s Day

While Australians traditionally go all-out splurging on gifts for Mum each Mother’s Day, this year we’ve had to tighten our belts, according to data from one of Australia’s Buy Now Pay Later (BNPL) providers.