Tips & Ideas for Saving Your Money, Time and Resources – Top Money Saving Ideas for Australians

Borrow from family and friends to pay off credit card debt. Credit card interest rates are a burden and accumulate quickly. Make sure you pay it off each month even if it means making sacrifices in other areas. If you are unable to draw on your savings to repay the debt, consider borrowing money from friends and family. Propose to pay them a rate that is slightly better than current market term deposit rates. You will benefit from not having to pay exorbitant interests to your bank, and your friend benefits from receiving higher interest income, and not having to pay tax as it was a private arrangement.
Only apply for interest free period credit cards. Always pay off your card balance within the interest free period, to avoid expensive interest repayments.

Take up card deals with no annual fee and free interest periods. Some card issuers, offer new customers cards where they waive the annual fee and comes with free rewards program. This is a good deal.
Don’t upgrade cards or increase credit limits. Banks often send existing customers pre-approved application forms in an attempt to up sell them to a Gold or Platinum Card, which has much higher fees. Don’t feel compelled to upgrade. Evaluate whether you require the additional features, and if they justify the increased fees. Similarly, banks often automatically increase the credit limit of their existing customers to encourage more spending. Higher facility limits reduce your ability to borrow in the future, so contact your bank and request for a lower limit.
Capitalise on zero or low rate balance transfers. If you have amassed a substantial card debt, take advantage of cards which offer new customers zero or very low interest rate charges, for a certain number of months, if they transfer their card balance over from another bank. Utilise this low interest period to pay off your debt.

Evaluate your needs, shop around for the right card, and keep your number of cards to a minimum. Utilise sites like www.ratedetective.com.au. or http://live.moneymanager.com.au/credit-cards to help you find the most appropriate card. Assess whether you need reward programs, gold cards, free travel insurance, additional holder cards, and other features, as these enhanced cards come with much higher fees. Keep number of credit cards to a minimum as they impact on your borrowing ability in the future and minimises the paperwork you have to manage.
Don’t ever takeout cash advance from your credit card. You will be charged interest at exorbitant card rates as soon as you withdraw.
Shop around and switch banks. Many card issuers offer lower rates and waive fees for the life of the card, to customers that they want to retain or win.

Utilise discounts and offers from Card Issuers. Some card issuers offer benefit programs for its card holders. These include free discounts for dining, shopping, car rental, accommodation, tours and other attractions all around the world. Examples of such programs include, Citibank World Privileges www.citiworldprivileges.com which provides discounts, benefits and preferential treatment for various services all around the world as well locally. Citibank card holders are also eligible for benefits under The Presidential Card, Australia's Largest Lifestyle Benefits Program, see their website for more information. Similar benefits are offered through AMEX’s American Express Selects.