Most money lenders and credit card providers have a range of
products to cater for the wide range of needs and wants that
their clients have, so finding the right credit card to suit
your needs is a hard task. There are so many factors to consider
- interest rates, fees, perks, etc.

But which instant cash credit card is right for you?

Here’s a few things to look out for when you are looking for a
credit card to give you some quick cash.

ANNUAL FEE

A lot of banks offer one type of credit card at differing
levels, for example Platinum, Gold, Silver, and of course,
Standard. As a general rule, you’ll find that the more features
a card has, the bigger the annual fee that you’ll have to pay.
With the differing levels of the credit cards, as one would
expect, the perks and bonuses increase as the value of the card
increases (as well as the criteria that they require in order to
be eligible).

CREDIT LIMITS

The credit limit imposed on credit cards will vary from bank to
bank. Usually the higher the card’s value, the higher the
minimum and maximum limits that are available. When choosing the
card that is right for you, make sure that you take the credit
limit into consideration because people are often tricked into
taking cards that have a higher limit than they require and will
often end up in more debt than is necessary.

Again this varies between banks and the different cards they
offer. Cards such as Silver, Gold and Platinum will most often
have higher minimum and maximum credit limits than standard
cards. It is important that this is taken into consideration
when deciding which card to get, as often people will get more
credit than they intended and land themselves in financial
strife when they go a little overboard with their spending.

Some banks also impose a daily limit on how much you can get out
in cash advances. This is not especially important, but could
become an issue if a substantial amount of cash is needed
immediately.

INTEREST RATE

Last but not least we come to the interest rate – one of the
most important deciding factors when applying for a credit card.
Some impose a flat interest rate, while others use a variable
rate (which changes with the state of the economy).

You may even find that you are offered a lower interest rate for
a certain time period, for example 5% for 6 – 12 months. Then
after this time period it will return to the normal interest
rate.

However, if this interest rate is too much for you to afford and
you only need a small amount of cash (say $100 – $600), then
payday cash advances could be the way to go for you. These
companies offer bad credit loans.

Because they consider that a small glitch can have a large
effect on a consumer’s credit history, companies that offer
these loans are more lenient when it comes to client credit
history eligibility.

About the author:

Author: Greer Lean

Greg Ellis co-founder of Payday Online, Australia’s preferred short term lender, shares his insights on money matters.

Founded in 2005 Payday Online has helped thousands of Australians with their fast cash loans but that’s just the short term solution.

Payday Online also help people in the long run by providing budgeting tools, e-books and individually researched articles on money matters and financial tips.

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