For students who go to Australia to study, they may feel overwhelmed by how to apply for an Australian credit card. Here I will briefly introduce how international students apply for a credit card in Australia, hoping to provide some help to the students. . Welcome to read!
It is difficult to get along without a credit card in Australia. A small credit card can not only prove that a person has sufficient financial ability, but also prove that you have good credit and save a lot of unnecessary trouble when handling various procedures. Therefore, international students in Australia can apply for a credit card of their own after settling down.
In Australia, to apply for an Australian credit card, you usually need to meet hard conditions such as permanent resident status (ie: green card) or holding a visit visa, being over 18 years old and having a stable salary income.
In addition, what is the annual income after tax, whether you own real estate and cars, how much deposits are in your account, whether you have debts and bank arrears, how active your economic activities are, and your personal credit record are also all factors considered by the bank. Review factors that are considered when issuing a credit card.
Banks are not the only institutions that issue credit cards. Major department stores, airlines, etc. also independently issue co-branded credit cards to consumers through bank assistance, providing services such as interest-free installment shopping, multiple points, and special discounts for shopping.
The designs of these co-branded cards are usually very modern, which is very attractive to young people or consumers who like to accumulate credit cards. If the mall has chain stores in various states across the country, it can also be used in all stores. The consumption amount of the co-branded card can accumulate mall points and credit card points at the same time. The mall provides additional free packaging services to customers who use the card to make purchases.
Australian credit card types are roughly divided into two types: high annual fees and high rewards, and low or zero annual fees and no rewards. The advantage of the former is that the money spent can accumulate credit card points or be converted into airline mileage points. Or, cardholders can get a considerate travel accident insurance when purchasing international air tickets, saving money on insurance. This kind of card is suitable for people who have certain financial strength, travel frequently, and are good at financial management. The service is good and the annual fee charged is relatively high. Taking Commonwealth Bank as an example, the annual fee ranges from AUD 59 to AUD 200 depending on the level of ordinary card, gold card and platinum card.
The annual fee for Australian credit cards without rewards is generally less than A$48. Australia has a high degree of internet access. Hotel reservations and flight bookings are usually done online. Cards can also be used for refueling, supermarket shopping and taxis. Choosing to apply for this kind of card not only makes life more convenient, but also does not cost too much. There is also an Australian credit card issued to students, which does not charge any annual fee, but has a relatively low credit limit.
No matter which of the above Australian credit cards you choose, you can get an interest-free period of 44 days, 55 days or up to 62 days.
Generally speaking, a credit card is a credit mechanism based on borrowing now and paying later. Moreover, in Australia, your creditworthiness is closely related to your whole life. For example, buying a car, buying a house, and even renting a videotape will all depend on your creditworthiness. In other words, if a person does not have credit, it will be relatively difficult to live in Australia.
The following summarizes the advantages and disadvantages of several Australian credit card companies:
COMMBANK (Commonwealth Bank)--MasterCard Gold Card
Advantages: IMIT is relatively high, The interest-free period is long, online banking is more convenient, and shopping is insured.
Disadvantages: high annual fee, slow points accumulation, and few PROMOTIONs.
Recommendation: four stars
CITI BANK (Citibank) -- VISA Gold Card
Advantages: Points are accumulated relatively quickly, insurance is good, Citibank’s With branches all over the world, it’s convenient. There are many PROMOTIONs, such as BALANCE TRANSFER from another bank, you may enjoy a lifetime repayment INTEREST of 4.9.
Disadvantages: The calculation of compound interest means that while you enjoy low repayment interest, if you continue to use the card to make purchases, compound interest will be calculated, which is not cost-effective. Smart people should stop using the card after BALANCE TRANSFER, and just make the payment on a monthly basis. The annual fee is relatively high.
Recommendation: six stars
HSBC BANK (HSBC Bank)-VISA ordinary card
Advantages: high IMIT, easy application, especially many PROMOTIONs, Often the half-year TRASFER is 3.9 for the repayment INTEREST, sometimes even 0. Low annual fee
Disadvantages: No insurance, points are relatively slow.
Recommendation: five stars
AMEX (American Express)--Express points gold card
Advantages: Points are accumulated very quickly. You can get 1.5 points for one dollar. POINTS, and REWARDS PROGRAM can be exchanged for points from many airlines, such as Singapore Airlines, Malaysia Airlines, Thai Airways, Cathay Pacific and Australia's QANTAS AIR, etc.
Disadvantages: Difficult to apply, extremely high annual fee, no insurance as a gold card, low LIMIT.
Recommendation: four stars
ANZ BANK (Australian and New Zealand Bank) - VISA ordinary card
Advantages: low annual fee.
Disadvantages: Less IMIT, only 1.5 Australian dollars can be exchanged for 1POINT.
Recommendation: two stars
Recommendation for studying in Australia: