Credit cards (1 Viewer)

[Toodulu]

erm yeh, i think i want to apply for one but i'm not sure which bank/card etc. i also have no idea about the costs. i'm not even sure whether it's a good idea to get one.

so can anyone tell me who they're with and what rates etc?

p.s. i have a savings account with westpac right now

 

[waddle_828]

i don't have one yet(im still 17)
but when i turn 18 im gonna get a multi access card from st george
which pretty much lets you use your savings account as credit
and saves money on eftpos and stuff
and you can use it on the net and over the phone etc...

 

[waterfowl]

I ended up applying to my own bank for a credit card, because I thought I would not have any trouble obtaining one from them as I have been with them since Kindergarten.

I applied for a World Vision Visa Card from the Commonwealth Bank. Apparently whenever I spend money, the bank donates a certain portion to World Vision.

It costs me $30 a year. There is an interest free period of 55 days, so I always pay off my account before then.
In the four or more months I have had the card, and after the $2700 odd payments I have made with the card, I have only had to pay $0.07 interest, and that was because I withdrew cash from an ATM.
Interest rate is something like 5.99% introductory and 16.99% after that.

If you are capable in managing your finances, and won't be tempted to spend to your credit limit, any card with a high interest free period is good.
If you think you will be too tempted, go for a card that doesn't have a high interest rate (those new Aussie Credit Cards perhaps).

If you have a good banking record with your current financial institution, try applying with them. My income and other figures I applied with weren't very impressive, yet they accepted me and with a $5000 limit.

 

[OZGIRL86]

i don't have one yet(im still 17)
but when i turn 18 im gonna get a multi access card from st george
which pretty much lets you use your savings account as credit
and saves money on eftpos and stuff
and you can use it on the net and over the phone etc...

yeah I have that, its handy

 

[waddle_828]

yeah I have that, its handy

i can't wait, a month to go till i get it!

 

[iambored]

I applied for a World Vision Visa Card from the Commonwealth Bank. Apparently whenever I spend money, the bank donates a certain portion to World Vision.

that's a good idea

here's my thread with some good replies:
http://www.boredofstudies.org/community/showthread.php?t=61537

 

[breaking]

get a visa mini

also ask JoyDivision if you wanna know more, I PMd her asking about the visa mini and she was really helpful.

 

[soha]

i needed one for the beginning of uni to buy shit like clothes and books and pay fees etc
and i asked for a mesely $1000 and i got rejected from the commonwealth bank
maybe because in the thing i had to fill out
it asked me how much is your room worth
i said nothing..then the bank teller made me lie and make it up so i said $1000
the bank should know i have money etc
all they have to do is check my account
and i planned to snap the card straight after i used it for uni etc

so i have to try again later
but i dont need one anymore
my advice is dont get one

 

[iambored]

get a visa mini

also ask JoyDivision if you wanna know more, I PMd her asking about the visa mini and she was really helpful.

do they let students get cards?

soha, if you're a student ask the commonwealth bank about their student credit cards

 

[soha]

do they let students get cards?

soha, if you're a student ask the commonwealth bank about their student credit cards

thats what i applied for
i dont understand why i was rejected
and you cant ask them either
hm..the teller person practically filled the whole thing out for me and stuff..so i couldnt have made a huge stuff up
and i have over $1000 in the bank so i dunno

 

[breaking]

i needed one for the beginning of uni to buy shit like clothes and books and pay fees etc
and i asked for a mesely $1000 and i got rejected from the commonwealth bank
maybe because in the thing i had to fill out
it asked me how much is your room worth
i said nothing..then the bank teller made me lie and make it up so i said $1000
the bank should know i have money etc
all they have to do is check my account
and i planned to snap the card straight after i used it for uni etc

so i have to try again later
but i dont need one anymore
my advice is dont get one

i can see where the bank is coming from.
i mean $1000 is a hell of a lot of money for the bank to just hand over willy-nilly. It's almost impossible for a person our age to get a CC with a limit of >$500 unless they have a secure job. And you should have put a lot more than $1000 worth of possessions, i mean just say you racked up $1000 of credit and lost your job and couldn't pay the money, the bank would see this as having to repo your entire room.
I applied for a CC with a $500 limit, i earnt approx. $12k last financial year and i valued my assets at $9000, which includes my CD collection (main thing), computer, furniture, TV etc.

 

[iambored]

thats what i applied for
i dont understand why i was rejected
and you cant ask them either
hm..the teller person practically filled the whole thing out for me and stuff..so i couldnt have made a huge stuff up
and i have over $1000 in the bank so i dunno

that is definitely very odd

in response to the previous 2 posts:
does anyone know how it works? i had less than 800 and they sent me an invitation for a card with a 1000 limit

 

[breaking]

do they let students get cards?

soha, if you're a student ask the commonwealth bank about their student credit cards

Yes. In particular because I only have a $500 limit on the one i'm getting.

 

[iambored]

Yes. In particular because I only have a $500 limit on the one i'm getting.

but by the sounds of it you have a lot of possessions as well. i doubt they would let me get one. i just want one for the novelty factor

 

[soha]

i can see where the bank is coming from.
i mean $1000 is a hell of a lot of money for the bank to just hand over willy-nilly. It's almost impossible for a person our age to get a CC with a limit of >$500 unless they have a secure job. And you should have put a lot more than $1000 worth of possessions, i mean just say you racked up $1000 of credit and lost your job and couldn't pay the money, the bank would see this as having to repo your entire room.
I applied for a CC with a $500 limit, i earnt approx. $12k last financial year and i valued my assets at $9000, which includes my CD collection (main thing), computer, furniture, TV etc.

ist weird coz as soon as i turned 18 other credit card suppliers sent me applications saying all i needed to do was fill it out and i was guaranteed a credit card with them
and commonwealth bank sent my sister one as soon as she turned 18 and she got it straight away
i make 12 k a year..and i dont have anthing in my room worth anything
no t.v computer.c.ds..stereo etc
i think i will just try again when i get desporate for it again..

 

[soha]

that is definitely very odd

in response to the previous 2 posts:
does anyone know how it works? i had less than 800 and they sent me an invitation for a card with a 1000 limit

i dunno..they asses something..maybe ur spending habits
who knows
coz they have a record of every transaction u make and how much money u make
maybe they notice something wrong with it

or it could be random selection
they might sign up a certain amount
and u eitehr make it or u dont
beats me

 

[breaking]

ist weird coz as soon as i turned 18 other credit card suppliers sent me applications saying all i needed to do was fill it out and i was guaranteed a credit card with them
and commonwealth bank sent my sister one as soon as she turned 18 and she got it straight away
i make 12 k a year..and i dont have anthing in my room worth anything
no t.v computer.c.ds..stereo etc
i think i will just try again when i get desporate for it again..

maybe try another bank?
and try getting a limit of $500. they will offer you a higher limit in no time anyways.

 

[breaking]

that is definitely very odd

in response to the previous 2 posts:
does anyone know how it works? i had less than 800 and they sent me an invitation for a card with a 1000 limit

banks send those to everyone, i got one from Amex when I was 17.
Of course you're never guaranteed to get a CC until they have approved it, and then checked up on your details. (This usually includes such things as contacting an employer)

 

[soha]

maybe try another bank?
and try getting a limit of $500. they will offer you a higher limit in no time anyways.

yeah the guy said just accept $500 and later ask for a higher limit and they will give it to you
but im not bothered nemore because i dont really need it
although i wouldnt mind one..i will try in a few months..

 

[iambored]

banks send those to everyone, i got one from Amex when I was 17.
Of course you're never guaranteed to get a CC until they have approved it, and then checked up on your details. (This usually includes such things as contacting an employer)

they just sent me a form with a space to sign, there's no place to fill in employers, assets, income or anything

i didn't get one from anyone else, i feel left out now

soha may be right, maybe they assess your spending. i am and always have been careful with my spending so maybe that's why.