Ok, so like so many Aussie’s out there, I just want to know which is the best deal for me when it comes to signing up with one of the big 4 banks. There are ads on the telly all the time, yet they don’t give me the answers I am looking for. I simply want to know as I presume most Australian’s want to know which credit card has the lowest fees (annually), which has the best rate and which have the best rewards programs?
Starting with the fees I want to clarify what I meant by this and what we should all be looking out for. There are so many card on the market ranging from No annual fee credit cards to platinum cards that for some reason have a $150+ a year fee to keep in your wallet, sure they give some benefits in regards to rewards but really how can you put a value on something you are not sure you will even use? I have noticed that some cards do not show the fees very clearly either and more importantly the thing that is most annoying is that many of these ‘fee free’ cards are only fee free for the first year of having the card, after that you have to pay a nominal amount for the card to do the same thing it did for you in the first year. So why not just cancel a first year fee free card and opt for another one?
This leads me to the rates the banks will charge you to essentially borrow their money and pay them back at a certain interest rate. Credit card rates vary dramatically from one product to another. What I really find strange is the more you pay for a card (i.e. buying a platinum card means you have to pay more each year just to have it and in exchange you get a higher interest rate for the privilege! Be careful when it comes to circumstances like this especially if you think you might not be paying off the full amount each year.
Finally one of the factors I consider when looking for a good credit card are the rewards that are offered for me. Are they useful and can I use them without any problems. The basic way to understand rewards are generally on a sliding scale between a free free card or a card with a low rate, not offering any rewards at all to a card that has a high fee and a high interest rate having many options when it comes to rewards offered.
so in conclusion getting the right cards means asking yourself a few questions, what out of the main points made above are more important to you and after you are armed with your own answers it will make comparing cards a lot easier.
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I know when I was in search of finding the best Australian credit cards resource online I found a few good websites having some accurate and updated information. Do not ignore infochoice’s website.
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