Whether you're planning to get your very first credit card, or are feeling like your current card is a bit out of control, it's important to know your stuff. Product disclosure statements, account statements and the brochures you get from your card provider don't always include everything you might want to know. Here are a few quick tips to save you money and help you get your card bill under control.

Tip #1 - Halve the credit limit that your bank offers 

Banks and stores seem to always be offering to 'up' your credit limit, but can you meet the repayments if you happen to take your card up to its limit? If the bank offers you a $10,000 limit - call them and tell them you only want $5,000 - it will force you to stay within the limit and not be tempted into buying big ticket items that you can't afford.

Tip #2 - Don't transfer your balance from card to card

It's tempting to take up offers of new cards that have interest - free periods on debt transferred from another card. Try calling your bank instead of swapping cards, most of them will match the interest - free period or other promotional offering, because they want to keep you as a customer. It's worth a try!

Tip #3 - Look carefully into credit card promotions

Banks use tempting tactics to entice new customers - interest free periods, no annual fee for the first year etc - but before taking up a promotional offer, look carefully into what happens once the promotional period ends. You could take up a very low or no interest credit card only to find that after 3 months, the interest rate is much higher than the card you currently carry, or the annual fee is twice what you currently pay, so, do your homework before switching cards.

Tip #4 - Rewards points aren't always as good as you think

We like to think that rewards points will give us something for free, but generally most people are better off with a lower interest credit card than one that attracts rewards, but has a much higher interest rate. And most reward schemes require you to spend a huge amount of money before you have enough points to receive a gift. Unless you are diligent about your credit card repayments, paying in full every month, you would be much better off saving hundreds in interest rather than saving points to obtain an item worth $50 at best.

Tip #5 - A debit card might suit you just as well

Debit cards can be used in exactly the same way as a credit card, but you can only spend money you already have - so you can't go into debt. You might only need a credit card for online or over the phone purchases, but a debit card can do the job! If you don't have a credit card, try a debit card and you may find you will never need a credit card!