Hold the upperhand by knowing the options that are available to you with our credit card hacks. Unless you work in the credit card industry, know a credit card guru or do your research you could find yourself holding the short end of the stick.
Our employees at Kredmo have a wide amount of experience in the credit card industry. We've decided to share our most useful credit card hacks from our own experiences.
Our top credit card hacks are related to saving on fees, earning more points, getting refunds from persistent retailers and more.
Do also remember it’s still important for us to continue exercising good credit card practice. Such as don’t build up high credit card debt, pay more than the minimum payment each month if you can, and use the right credit card for you.
Use a chargeback on a refund dispute
In the event a retailer should refuse a valid refund request, your credit card provider can back you up.
A provider initiate a chargeback whereby they debit back the amount from the retailer's bank accout.
Here are some valid examples for requesting a chargeback:
Didn't authorize the transaction: When a transaction is made without your approval, it's considered an unauthorized transaction. This is typically happens in the form of fraud.
Charged multiple times: If you purchased one item but was charged double, and the seller ignores your request or refuses to refund you.
Didn’t get what you paid for: Receiving a totally different item to one you ordered, a fake or damage version.
A no show: Paying for an item or service, but it was not delivered or nor did it arrive.
Canceled subscription was still charged: After cancelling a subscription you were still charged. Typically a company would correct this charge if you call them. In case they don’t, you can request a chargeback via your bank.
Waive bye to annual fees
There are three main possible ways to avoid annual fees.
No annual fee credit card: The first and most obvious way is to find a no annual fee credit card.
Annual fee waivers: The second way is having your annual fee waived. Credit card providers can offer promotions or set conditions for an annual fee waiver. Common waivers are those like $0 annual fee in the first year or if you spend is above a minimum set amount per year.
Call and ask: The third way that can sometimes work is calling to ask for the annual fee to be waived. Suitable reasons for a waiver are being a loyal customer or matching another waived annual fee offer in the market.
Credit Card
- Annual Fee
- Purchase Rate (p.a.)
- Annual Fee $0
- Purchase Rate (p.a.) 10.99%
- Purchase Protection
- Refund Protection
- Apple Pay, Samsung Pay, Google Pay
- Annual Fee $0
- Purchase Rate (p.a.) 12.99%
- Apple Pay, Google Pay
Keep your credit card usage to a maximum of 35%
As a rule of thumb credit cardholders should be keep there balance no more than 35% of their card's limit. Keeping it low contributes positively to your credit score as long as you make the monthly repayments before the due date.
Both banks and credit reporting companies take into consideration how much of your available credit you are using. Using just one third of your available credit shows that you’re responsible and not experiecing signs of financial stress, but a high usage like 90% on the other hand signals that you're borrowing up to your capacity and possibly an early warning sign.
To keep your usage at a maxium of 35%, either pay down your credit card balance or you could also increase your credit limit if you have enough self-control to not spend more.
Teamwork accumulates more reward points
Using a teamwork approach by having additional card holders is a better winning strategy.
Some credit cards will offer an additional card holder at no cost while others charge a fee.
Typically additional card holders must be at least 16 years of age. Households should at least have the big spenders like mum or dad or a partner set up as additional cardholders to really ramp up the group's point earnings.
Be aware that the account holder is ultimately be responsible for the additional card holder's spending.
Auto pilot your repayments
This obvious credit card hack is included because many people still do not use auto repayments. Some prefer to see their credit card balance before they pay and that’s fine too as long as you don’t miss a beat.
Having repayments on auto pilot means no longer having to worry or remind ourselves about missing a payment.
A late payment fee can cost the account holder up to $35.
Pay the squad or group's booking on your credit card
Stepping up to pay the group bill and having them pay you back later should come with bonus points. Lucky that you can reward yourself by using your credit card to pay the group bill and earn extra points.
Typically group bookings can be a restaurant, travel flights, hotels, bottle services for those clubbers and more.
Just make sure it's a bill with friends or family and that you trust that they'll pay you back asap.
Double up your reward programs
Combine retailer reward programs: Many retailers these days have their own loyalty reward programs. Retailers like petrol stations, Booking.com, supermarkets like Coles Flybuys and more. Use a rewards credit card with the retailer's loyalty program to double up your points.
Have different types of credit cards: Having multiple credit cards to use for different purposes is another hack. It could be one for groceries or everyday purchases, another for frequent flyer points and a no annual fee credit card as a back-up.
This way you maximise the benefits of each credit card based on its features' strengths.
Credit Card
- Bonus Points Offer
- Points Per $1 Spend
- Annual Fee
- Bonus Points Offer 225,000 Membership Rewards Points
- Points Per $1 Spend 1 - 2.25
- Annual Fee $1,450
- Domestic & International Travel Insurance
- Purchase Protection
- $450 Travel Credit Per Year
- Refund Protection
- CashbackFrequent Flyer PointsInternational Airline Program for savings of up to 20% on First and Business Class fares with leading airlines like Qantas Airways, Virgin Australia, Emirates and more.Unlimited access for you and a guest to 1,800+ airport lounges including Centurion Lounge, Priority Pass and moreConcierge Service$400 Global Dining Credit per yearFine Hotels & Resorts Program, Accor Plus membership valued at $349 p.a., Hotel Elite Status Program & International Airline ProgramApple Pay, Samsung Pay, Google PayAmex Experiences and Digital news access with the Australian Premium Subscription
- Bonus Points Offer 200,000 Amplify Points
- Points Per $1 Spend 0.5 - 3
- Annual Fee $295
- Domestic & International Travel Insurance
- Purchase Protection
- Frequent Flyer Points2 Priority Pass airport lounge visits each year to over 1,900+ lounges worldwideConcierge ServiceVisa Luxury Hotel CollectionApple Pay, Samsung Pay, Google PayVisa Entertainment
Ask for your declined application to be reassessed
When you apply for a credit card, the decline or approval decision is system generated. If your credit card application has unfortunately been declined, there is always still hope, you have the option to call the bank and ask to have your application manually re-assessed. Doing this can sometimes change the outcome of your application, especially if you've been a long-term customer of the bank.
Feel like your're in credit card struggle town?
Piling up credit card debt: If feeling overwhelmed and struggling to vanish your credit card debt, then call your bank for assistance. A bank can explore ways to relieve some of the pressuer by offering lower rate products, waiving fees, freezing interest and more.
Can't meet or missing repayments: If you can't meet your monthly repayments then proactively communicate this to your bank. Do not ignore the bank's calls or sideline the situation. Instead speak with you bank and explain your financial situation and request for assistance.
Ignoring a bank's calls when missing consecutive repayments eventually lands the account in collections. Longer periods of no communication or repayments will likely end up with a debt collector, which is a stage to strongly avoid.
Check out other similar articles:
5 Cool Credit Card Benefits You Likely Don't Know Exist
Do These When Taking Your Credit Card on Holiday
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