Females, Feminism and Credit Cards?
Posted on: 27 April 2020 by Emma Parsons
When you think of women and credit cards there are a couple of stereotypical images that tend to spring to mind.
A shopping spree perhaps, maybe even the image of Isla Fisher freezing her credit cards in ice in Confessions of a Shopaholic comes to mind (as a side note - even though that movie is cliched it did still teach us a thing or two about spending habits). However, as we all know, women are much more multifaceted and complex than Hollywood often gives them credit for.
So as much as we love shopping (and we won’t lie a good shopping spree has its place), we also love running our own businesses, being entrepreneurs, giving back to the community, running thoughtful and practical charitable organisations and just making our mark in general.
The fact of the matter is that until relatively recently women in the United State had a hard time even getting a credit card of their own. Until 1974 when the Equal Credit Opportunity Act was passed, single women were often outright refused credit cards unless they had a man co-sign their application. This little bit of history, highlighted in this article, illustrates how far we have come as a gender and, even though we have overcome many of the roadblocks that stood in the path of true equality, we still have a ways to go.
Let’s celebrate the women who lobbied for change in the 60s and 70s and managed to create the reality in which 21st Century women are seen as equal to their male counterparts when it comes to applying for credit cards. So, in our own little tribute, we’re teaching you all about the different types of credit cards on the market so you can make the right choice for yourself and your financial needs.
Rewards and Frequent Flyer Cards
If you’re looking to the most value out of every dollar spent then a rewards credit card might be right for you. There’s a saying that goes, ‘you can either work for your money or have your money working for you’ and, with a rewards or frequent flyer card, you’re getting the best of both worlds by being rewarded for how much you spend. The main factor that attracts customers to these sorts of cards is the ability to enjoy exclusive rewards and save on flights, accommodation and so much more while travelling.
These cards offer low-rates and great standard credit. Low-rate cards make a great ‘starter’ credit card and would make the perfect transitional step for someone looking to move on from a debit card or EFTPOS card to something with a little more purchasing power. These cards are great as they provide you with a low cost and relatively low-risk way of experimenting with managing your own credit card and repayment schedules.
Balance Transfer Cards
Balance transfer cards help you get a handle on your debt and reduce the overall fees you pay on your various credit cards. So what is a balance transfer? At the most basic level, a balance transfer is the process of transferring a balance from one credit card onto another card so that you can benefit from an introductory period of much lower interest rates. The benefit of such a card is that, in theory, it allows you to consolidate your debt and reduce the amount you pay in interest rates which, in turn, allows you to pay off debt faster. If that sounds like a good thing to you then you might want to consider choosing a balance transfer card!
Low Annual Fee Cards
Low annual fee cards or no annual fee card give you just what it says on the box - low annual fees! As always, when choosing a credit card you should consider your spending habits and potentially consult a professional but, if you spend an average or slightly above average amount per month a low annual fee card might be the perfect solution for you. Many of these cards will waive the annual fee entirely for the first year and then keep the fee as low as is sustainably possible from that point on. The only catch? You have to spend a specified minimum amount every month to be eligible for the special low fee.
After a brief rundown of the main credit card options available, you might want to head here for some further reading about credit cards, or you could just get cracking with that credit card application. So, whatever it is you need a credit card for, whether it’s to help grow your business, to earn rewards points, to run your family’s finances or even if it’s so you can go on a killer shopping spree (we’d never begrudge you a shopping spree), keep on going and keep kicking-ass like the financially independent woman you are.