Bank fees are hitting historic highs across Australia. Bank and credit card fees are at their highest levels with increases occurring every year. There are some easy to follow steps that will help you avoid unnecessary banking fees.
A low interest credit card offering a competitive interest rate on purchases, and balance transfers from your existing credit cards or store credit cards, combined with a low annual fee.
- 13.24% p.a. on purchases
- 0.99% p.a. for 12 months on balance transfers
- $55 annual fee
- 21.49% p.a. on cash advances
Paying Attention to Your Account
One of the easiest ways to help avoid unnecessary or even mistakenly applied charges is to review your monthly banking statement and review the bank fees. This allows you a history of how your credit card or debit card transactions occur and may potentially offer a spending pattern that is better suited by utilising a different account or plan from your financial institution. Perhaps your credit card or bank account has a lower interest rate or lower bank fee program that better fits your financial needs and habits.
Practice Financial Discipline
One of the easiest ways that a customer can avoid accumulating additional bank charges is to practice financial discipline by staying within your budget. At all costs you should avoid spending on a credit card that is nearing its limit. Overdraft fees are one of the biggest bank fees that Australians incur. Some overdraft fees can actually be more than the minimum monthly payment. This can quickly start a downward spiral of financial difficulties and cause the customer to lose card privileges.
Use Your Financial Institutions ATM
Every time that you utilise a foreign ATM, or one that is not endorsed by your bank, you are charged a service fee. This bank fee applies to every ATM transaction every time that you withdraw money unless you use your banks machines. If at all possible only use the ATM from your bank; this is one of the simplest ways of avoiding an unnecessary bank fee.
Utilise the Internet
Online banking has provided customers efficiency and convenience by allowing free monetary transactions such as bill paying services and moving money between accounts. Most bank branches in Australia are charging fees for these transactions now. If you have the means, complete these transaction over the Internet and save whatever fees your particular financial institution may be charging.
Keep Only Necessary Accounts
Reducing the amount of credit cards and bank accounts that you have open will also help save you money by reducing unnecessary bank fees. Almost all credit cards have annual fees and banks charge monthly maintenance fees for their various types of account services. If you eliminate accounts that are rarely used you will save the money that it costs each month or year just to keep the account open. Every business in every corner of Australia is trying to make the biggest profit possible and banks are no exception; if they can apply a bank fee then they are going to. Only pay for what you really need, and close all other accounts.
Related posts:
- Introducing Visa Credit Cards
- 7 Easy And Effective Ways to Cut Your Credit Card Spending
- Reasons To Do A St George Credit Card Balance Transfer
- Is There Such Thing As The Best Credit Card?
- Aussie MasterCard Credit Card
Posted on Sunday, June 27th, 2010 at 12:40 pm
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