Everyday Money Credit Card

Woolworths, one of the biggest supermarket chains here in Australia has now gone into the finance market but primarily focused on credit cards, for now. The Sunday Morning Herald (SMH) is now calling them by a new name: “Woolworths – The Credit Card People“. The new entity, “Everyday Money” will not only provide credit cards but home insurance, car insurance & various types of loans in the near future.

The Everyday Money Credit Card will help you earn valuable reward points, everywhere you shop. According to Woolworths but of course I’m unable to comment on that point as I haven’t gotten any feedback from people who have actually purchased the everyday money credit card. Here is a brief run down on what you will receive and obviously ‘expect’ from a credit card, says Woolworths:

• No annual fee for the first year

• Free additional card holder

• A competitive credit card interest rate

• Up to 55 days interest free on purchases

• 5.99% on card balance transfers for the first 6 months

• Worldwide acceptance

• Chip security

• MasterCard® PayPass™

• Access to Everyday Money Credit Card Repayment Insurance

• We’ll even let you choose your card colour – now that’s refreshing!

Now what really surprises me is all these quick 1 year don’t pay anything gimmicks really traps people. Automatically they assume that since it has a low rate, a great interest free period and doesn’t cost anything right now, it’s superior to all other credit cards. Unfortunately, they seem to find out the hard way later one because they ‘accidentally’ missed a payment and have to pay an astronomical fee.

If you are considering purchasing a credit card or simply would like more information, I would recommend visiting CreditCards.com.au. A great website with detailed information about all leading credit cards and a handy page to compare credit cards.

I personally wouldn’t buy a credit card at my age let alone the Woolworths Credit Card. Why do I need one? I don’t need to support a family, pay back my car repayments or pay the overdue electricity bill. I will only apply for a credit card online if my web hosting business became in need of further development and I wanted to grow and take it further.

If you feel like you never have any money, can’t afford to pay for things, then sit down with a cup of coffee and talk to your partner, a family member or your best friend about your current situation. We get targeted by credit card companies on our weaknesses. Sometimes it’s better someone else assessing your financial situation then your own emotions.