There has been plenty of discussion around the credit crisis, the credit crunch, a possible recession. Perth companies have tightened their belts, enforced budget restrictions and sadly, redundancies have become a reality for many.

I honestly don’t know whether we will go into recession but there are certain things you can do to shore-up your personal financial position to help soften the blow should a WA recession ever become a reality. And if the recession never hits? Then you are that much more ahead financially, and that can’t be a bad thing!

Heavy debt and low savings are just one of the things that can cause you money problems during a recession so why not start by ensuring you have the best credit card deal possible?

Choosing a credit card can be a difficult task and there are some important questions to consider when conducting your research. Remember that the ‘best’ credit card deals for you are not necessarily the same deal that your colleague or friend have found as their financial position is probably completely different to yours.

If you already have a credit card, make sure you know what the interest rate is. It’s a very competitive market at the moment and you can pick up cards with standard interest rates as low as 9.99%. You can save hundreds if not thousands of dollars by transferring your balance to one of these cards so it’s well worth the effort.

If you're not going to repay the entire balance every month, opt for a 0% deal or a low standard rate, rather than a rewards card which will typically have a much higher interest rate. Interest payments will almost always outweigh any rewards. If you are sure that you can repay the entire balance every month, focus on rewards that are meaningful to you. For example, if you travel a lot then you should check out frequent flyer programs.

Use online comparison sites and resources like www.creditcardking.com.au to compare and apply for credit cards. Credit Card King shows the best credit card for you and makes it easy to switch to a better credit card. Comparison sites save you the trouble of shopping around because they show you all the different offers from the major Australian banks and card providers in one place. Credit Card King also lets you sort by lowest interest rates, no annual fees, best balance transfers and rewards cards so it’s much easier to find a suitable deal.

In order to attract business, many credit card providers will offer a special introductory rate to new customers. Typically, the introductory rate offered is 0% but this is only offered for a set period of time. Once the introductory period is over, the APR will usually go up. There’s no harm in enjoying these offers but make sure you take note of when your introductory offer is up and then transfer your balance elsewhere.

Make sure you review your credit card deals at least every 12 months. The credit card industry does not reward loyalty and the best deals are normally reserved for new customers. With many card providers, if you close your account, rather than just let it become dormant, you will potentially be treated as a new customer again after about six to nine months.

The credit card market is very competitive at the moment so take full advantage before it’s too late! A full glossary of credit card terms can be found here.