How to Apply a Credit Memo to an Invoice in Quickbooks Online

December 05, 2021

{"userFilters":[{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Providers","order":100},{"config":{"MULTISELECT":true,"VALUES":"Airpoints, Low rate, Balance transfer, Rewards, Business"},"dataSelector":{"recordType":"product","fieldCode":"FEATURES.CARD_TYPE"},"dataType":"TEXT","label":"Card Type","order":null}],"niche":{"filterBoundsMap":{"product.GENERAL.PROVIDER_ID":null,"product.FEATURES.CARD_TYPE":null},"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":","}}

{"menuItems":[{"label":"How credit cards work","anchorName":"#type"},{"label":"What types of cards are available?","anchorName":"#cardtypes"},{"label":"So how do I pick a credit card?","anchorName":"#so-how-do-i-pick-a-credit-card"},{"label":"Credit card application tips","anchorName":"#apply"},{"label":"Finder Credit Card Awards 2021","anchorName":"#finder-credit-card-awards-2021"},{"label":"Visa, Mastercard and American Express - what's the difference?","anchorName":"#visa-mastercard-and-american-express---what-s-the-difference"},{"label":"Do I meet the eligibility criteria?","anchorName":"#do-i-meet-the-eligibility-criteria"},{"label":"Points to consider before applying for a credit card","anchorName":"#points-to-consider-before-applying-for-a-credit-card"},{"label":"Rates and fees explained","anchorName":"#costs"}]}

A credit card is an unsecured revolving line of credit that you can use to make purchases and pay bills. The three major credit card networks used in New Zealand are Visa, Mastercard and American Express. Visa and Mastercard are issued by banks and financial institutions, and American Express issues its own cards.

Based on your perceived ability to make repayments, you are assigned a credit limit, which is the maximum amount of money you can use on your credit card. Some cards have higher limits than others, but also require a higher income.

Unlike a debit card that uses your own money to make purchases, when you use a credit card, it is the lender who pays the retailer. At the end of your billing cycle (once a month), you receive a statement that tells you the total amount you owe for that period. You can either pay the balance off in full or pay an amount that is equal to or greater than the minimum payment due. The bank or financial institution makes money on fees and the interest that accrues on your revolving credit.

Credit card issuers have been offering increasingly shiny rewards, signup bonuses, and travel perks to lure new customers. This can be very helpful if you pay your bills on time and in full. If you don't you might offset any rewards gained by paying more in fees and interest.

Each type of has specific features and benefits designed to suit a variety of needs. When you know what you want from a credit card, you can narrow down your comparison to a few options. To help you compare credit cards, we have outlined the most common types below:

Balance transfer
Move your high interest debts to a low or 0% interest balance transfer credit card and pay off your debts faster.

Airpoints
Earn Airpoints on your credit card spend and save on flights, get upgrades, or even purchase products.

Person holding phone and card over cityscape

No annual fee
Save on yearly credit card costs with a $0 annual fee credit card, including promotional offers and cards with no annual fee for life.

Low interest rate
Credit cards with a low interest rate on purchases, either promotional or ongoing.

Rewards
Get club points, cashback and exclusive retail offers with a rewards credit card.

Business
Credit cards with features designed to make financial management easier across a company, such as additional credit cards for employees, individual pre-set spending limits and accounting tools.

Getting a bit overwhelmed with all the options out there? We totally get it. But picking a credit card that's right for you is easy once you narrow down your choices. Follow these easy steps if you find yourself getting lost or overwhelmed.

Figure out what you want your credit card to do for you. Do you want to pay off your existing debt faster? Then you'll want to keep an eye out for a a low of 0% interest balance transfer credit card. Looking to get extra perks in your life? Start investigating rewards credit cards. Once you figure out your number one goal, it'll make it a lot easier to filter out the cards that aren't serving that purpose.
Decide how much you're willing to pay. Are you willing to spend a bit on your credit card to reap the rewards or do you want to keep things as cheap as chips? If you don't want to spend much, keep a close eye on annual fees and interest rates.
Figure out which, if any, rewards you want to earn. If this is important to you, consider what rewards in particular you want to be accruing. Credit cards that earn Airpoints are very popular, and there are a number of providers who offer them. There are also cashback cards, cards that let you collect hotpoint, and cards with fuel discounts. Check out all rewards credit cards
Be honest with yourself on how likely you are to pay in full. Be as realistic as possible. If you find yourself sometimes paying bills a little late or you know you may be strapped for cash down the line, be wary of cards with high interest rates. If possible, look for cards with a longer interest-free period.
Draw a hard line on your dealbreakers. Need a card with Airpoints? Maybe you're not willing to budge on paying annual fees. Whatever it is, figure out what your dealbreakers are and make sure to consider them in your comparison. Our handy table above can help you filter what's important to you so you can find a card that suits you faster.

While applying for a credit card doesn't have to be complicated, it is not guaranteed that you will be approved even if you meet the basic lending criteria. Before moving forward, work through our list of application tips to have the best chance of being accepted.

Assess your needs. Before you begin your search, spend some time considering what you want, need and can afford with your next credit card.
Compare your options. Once you've decided what type of card you want, it's time to compare credit cards to find one that suits your needs.
Are you eligible? Know the requirements for the card application – do you need a minimum income, and do you meet the age limit?
Know your credit history. It can be a good idea to request a free copy of your credit report before applying, so you can correct any possible errors on it and see what the bank will be seeing when they assess your application.
Lower your credit utilisation ratio. If you already have a credit card balance, it's wise to pay off your existing balances before submitting a new credit card application. Or, if you can't pay the balance in full, lower it as much as possible before you apply.
Don't apply for multiple cards at once or within a short period. You may be tempted to apply for a second card just in case your first one doesn't get approved. Don't. Each credit enquiry that a lender makes about your credit history leaves a new mark on your credit file for five years.

★★★★★

Finder Award - credit cards winner

We asked more than 1,100 Kiwis to assess their credit card provider against a number of factors to discover which brand has the most satisfied customers.

Find out which credit cards brands came out on top in the Finder Credit Card Awards 2021.

Results of the Finder Credit Card Awards 2021

Visa, Mastercard and American Express – what's the difference?

In New Zealand, Visa, Mastercard and American Express are the major credit card networks used. So what is the difference?

Visa and Mastercard credit cards are issued by banks. In the past, some banks offered both options, but now stick with one or the other. Westpac is currently the only bank to issue Mastercard, with the other major banks sticking to Visa.

For the average user, Visa and Mastercard are both widely accepted around the world and get the job done. There are some subtle differences which we explored in our guide to Visa vs Mastercard.

On the other hand, American Express hasn't been as widely accepted, but this is improving. Cards are issued by American Express itself, so there are no physical branches to visit.

Each credit card network offers its own benefits to cardholders, but the majority of perks tend to be reserved for those with a platinum, black and gold card.

Like with personal loans and mortgages, banks have certain criteria that you must meet to be eligible for a credit card.

At a minimum, you should:

Be at least 18 years of age
Be a New Zealand citizen or permanent resident (you may also be eligible on a work visa)
Have a good to excellent credit rating.
Have a regular income with the ability to meet repayments

The amount of income that you need to be earning differs between financial institutions and also depends on which card you are applying for. Cards with higher credit limits and more benefits tend to have a higher income requirement. For example, the American Express Platinum Edge requires a minimum income of $50,000, compared to the BNZ Lite Visa which only requires an annual income of at least $15,000.

If you are temporarily in New Zealand for work or study, or you've just moved here, you may be eligible for a credit card. Banks like ANZ and ASB have dedicated migrant banking teams that can help get you set up with the financial products you need.

If you have bad credit, there are still credit card options to consider.

If you have more than one credit card, you can not use one to pay off another.
Paying only the minimum amount due on your statement will mean that your credit card debt takes a lot longer to pay off.
While perks and rewards definitely sound appealing at first, higher annual fees and interest rates may outweigh the benefits.
You don't have to keep the credit card until its expiry date. You can cancel your card at any time or move the balance over to another card with a low or 0% interest rate for balance transfers.
Even if you are offered a higher credit limit than you asked for, you don't need to keep it. You can reduce your limit to remove the temptation to spend more.

When you compare credit cards, the rates and fees will help you work out the overall cost of each option. Here are the key features to look at when you start to compare credit cards:

Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. She's also one half of the Pocket Money podcast. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. Sally has a first-class Honours degree in Communications and Media Studies (majoring in Journalism and Professional Writing) from the University of Wollongong.

Herington Dayinceds

How to Apply a Credit Memo to an Invoice in Quickbooks Online

Visa, Mastercard and American Express – what's the difference?

Read more on this topic

Menu Halaman Statis