We all know that grocery shopping takes a big chunk from our weekly budget. It’s a necessity and, as your family grows, your food expenses grow as well. The good thing is, there are many simple ways that you can save money on food. You may think that they will not make much of a difference but as you go through your grocery shopping list and bills every week, you will see that each step towards saving money on groceries counts.
What is a Supermarket Credit Card?
It is designed to encourage customers to spend on the supermarket and get rewards in return.
One of the things that you can do to save money on food is to get a supermarket credit card. Its use is the same as any other credit card but, as the name implies, it is used primarily in supermarkets. It’s designed to encourage customers to spend in the supermarket and get rewards. Different supermarkets have their own credit cards, and each has its own features and rewards system.
In this article, let’s look at the things to consider when comparing supermarket credit cards being offered by major supermarkets today:
1. Interest rates
Compared to the rates for rewards credit cards, supermarket credit cards offer lower interest rates. Some, including Coles, also offer interest free days.
2. Annual fee
All supermarket credit cards that come with a rewards program have annual fees, though these are generally lower than fees of other rewards credit cards.
3. Credit limits
When you compare supermarket credit cards, make sure to consider the credit limit as well. It will be at least $500, and the maximum limit depends on the lender.
4. Currency conversion fees
Here’s another fee that should be taken into account. If you’re planning to travel overseas, make sure you know the currency conversion fee when you use your supermarket credit card.
5. Minimum repayments
Different cards come with different requirements when it comes to the minimum repayments per month. For instance, Woolworths requires card holders to pay more than the minimum per month, while Coles credit cards ask for repayments that are close to the minimum that rewards credit cards require.
These are some of the things to look into when comparing supermarket credit cards. Do your research and assess your options so you can get the best deal that can help you save money on food.
Do you have other ideas for comparing supermarket credit cards? Share your grocery shopping tips in the comments section.