You must make it a rule that is never broken for any reason or you will once again be heading down the road of debt.

Featured Balance Transfer Card

The HSBC Credit Card has an excellent balance transfer of which means that you will save money on any balances you bring across to the card because you will not being paying interest on that amount

• $0 annual fee
• 17.99% p.a. on purchases
• 0% p.a. for 6 months with 2% handling fee on balance transfers
• Cash Advance Rate of 21.99% p.a.
• 55 days interest free

Read the HSBC Credit Card terms and conditions.

Avoiding cash transactions on 0% balance transfer cards

Below you will find the reasons why avoiding cash transactions on 0% balance transfer cards is a must. Don’t make the same mistake many others have made and end up in a pile of debt with your new balance transfer credit card.

1. High interest rate

Just about every Australian credit card available will charge an extremely high rate of interest every time a cash advance action is made using the card. These rates can be as high as 20% or more and can add up very quickly indeed. Even at the best of times cash advances should never be made on any credit card except in the case of an extreme emergency, and this emergency must be very extreme.

2. Repayments aren’t made towards the cash advance balance

When you get a balance transfer card with a 0% rate of interest you will have different balances on the card. You will have one balance for purchases, one for cash advances and one for the debt that has been transferred.

The way a credit card works is repayments are always made to the balance with the lowest rate of interest. No payments are made to the other balances with a higher interest rate until the low rate balance has been completely paid off.

If you make a cash advance on your balance transfer credit card, it will sit on the side accruing interest while you are paying off the debt you have transferred. This will add up very quickly since the cash advance has a very high interest rate.

Once you have paid off your balance transfer you will then have a new debt to handle from making cash advances on that card. This is why avoiding cash transactions on 0% balance transfer cards is so important.

Fees and charges

Making cash advances with a credit card will likely incur hefty charges and fees that you could certainly do without. This is on top of the high interest rate that you are being charged, and all of these fees, charges and interest will all turn into one enormous ball of debt before you even realize what is happening.

Avoiding cash transactions on 0% balance transfer cards is your best line of defense against building up another debt on your balance transfer credit card. You will avoid both a heavy debt and a lot of frustration by using your new card to clear up your debt only and using it for nothing else.

If you need a card for the occassional cash advance, check out our table of low cash advance credit cards.

As someone who qualifies for a Gold card it is probably important for you to have access to enough funds to meet the needs of your lifestyle. That is why the Gold card is a must for your wallet, it gives you the spending limit your need for the life you are accustomed to living.

In addition to increased spending limits you also gain access to the Q Rewards program. Whenever you spend on your Bank of Queensland Gold MasterCard you will earn 1.75 points. Those points are redeemable for a flights on any airline at anytime you choose. You never have to be frustrated by blackout dates or limited destinations when you use your points to book through the Take Flight program.

Bank Of Queensland Gold MasterCard Insurance

International Travel Insurance – Everyone wants to feel comforted when they travel. As long as you book with your Bank of Queensland Gold MasterCard you will feel comforted. You and, in most instances, your family are covered for unexpected cancellations, unlimited medical costs, and personal liability. On top of that you are covered from loss or damage to personal items.

Purchase Cover – Have you ever bought something only to be crushed when that item is lost, stolen or damaged? With Purchase Cover items bought with your Gold card are covered against these problems. Visa and the Bank of Queensland will take care of all the details of arranging for items to be replaced, repaired, or rebuilt anywhere in the world at no cost to you.

In addition to the rewards program and the complimentary coverages you also get excellent customer service. Bank of Queensland Gold Visa MasterCard owners can easily access a customer service representative at their dedicated line all day, every day. This line is set up only for Gold Visa card enquiries, so your questions can be answered by a knowledgeable professional with no waiting on your end.

A Gold credit card gives you prestige, but it should also give you benefits. The offering from Bank of Queensland does just that, lots of prestige and even more benefits. Plus, this card is backed by Visa so you can count on acceptance at more then 24 million worldwide locations.

A card with excellent travel benefits makes sense for Platinum cardholders, because your lifestyle tends to include lots of travel for both business and pleasure.

In addition to great benefits Bank of Queensland Platinum Visa Card owners also gain membership to the Q Rewards program. When you use this program you get two points for every dollar that you spend on your Platinum card. These points can then be used to book travel on the through Take Flight.

A frequent headache for rewards points users is the lack of available airlines, with this program you can book on any airline at any time. Cardholders even earn two more points for every dollar they spend with Q Rewards. More ways to earn and better ways to spend are key to this quality rewards scheme.

Bank Of Queensland Platinum Visa Card Insurances

International Travel Insurance – As long as you book with your Bank of Queensland Platinum Visa Card you get free coverage for yourself and usually your family. This insurance covers unexpected cancellations, medical costs, personal liability and loss or damage to your personal effects including luggage.

Purchase Cover – Another standard with this Gold card is purchase cover. Items bought with your card are covered against loss, theft, or damage for 90 days. The Bank of Queensland and Visa will arrange for any repairs or replacements at no costs no matter where you are in the world.

Extended Warranty – Any items purchased that have a manufacturers warranty of five years or less will be covered for an additional twelve months at no extra cost to you.

People who own the Queensland Platinum Visa Card also get another platinum standard benefit with the concierge service. This service offers you access to a personal assistant who can make travel arrangements, order flowers, even do personal shopping for you.

All with just a simple phone call to the 24 hour service line solely dedicated to Platinum card enquiries. If you want the best deal credit card rewards have to offer, a Platinum card is it. You deserve a premium card that matches your premium spending habits and lifestyle. Do not waste another minute with anything less in your wallet.