Best Credit Cards Offered In Australia For Home Owners
Posted March 10th, 2010 and last modified April 8th, 2011Find out how you can track down the best credit card offer to help reduce the burden of crippling mortgage repayments. Take advantage of a lifetime of the debt balance transfer to grab yourself an interest rate 10% less then the cheapest personal loan.
Best Australian Credit Card
The Bankwest Breeze MasterCard has the lowest MasterCard purchase rate in Australia combined with a long balance transfer period making it the best credit card to apply for
- $69 annual fee
- 10.99% p.a. on purchases
- 4.99% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $20,000 p.a.
With the Reserve Bank of Australia lifting its interest rate for the fourth time since the start of the financial crisis, homeowners are struggling even more with their mortgages and many are searching for the best credit card offers that can temporarily reduce their burden of debt. Australia’s Cash Rate now stands at 4%, making it the highest in the Western world.
According to the Sunday Telegraph, the majority of young home buyers – many of whom took advantage of the Rudd government’s $14,000 first-home buyers grant – are now having to meet their loan repayment obligations by raiding other sources of finance, and that includes credit cards.
Where are the best credit card offers?
How effectively a credit card can help an individual will depend upon what credit limit they have on their card, and the interest rate applicable to any debt they carry over from month to month. With the lowest personal loan standing at 13.99% from Aussie, the best credit card offers will obviously be those with interest rates that undercut that figure. Anyone who’s lucky enough to have a Bankwest Breeze MasterCard, for example, can benefit from an ongoing interest rate of 9.99%.
This means that they will be able to shift some of their regular spending such as groceries and utilities onto their card, thus providing a temporary respite. Even luckier are those people who have not yet applied for this card because it currently boasts the best credit card offer on twelve month balance transfers of just 1.99%. This allows an existing debt to be shifted over and a significant saving to be made over the course of the year. The hope is that twelve months might allow those suffering to get back on more of an even keel.
If a twelve month period isn’t going to be long enough, then there are a couple of credit cards offering balance transfers for the life of the debt. The Citibank Rewards Credit Card – Platinum Card is offering 4.9% on lifetime balance transfers, and the Suncorp Clear Options Platinum Card is offering 3.9% on lifetime balance transfers. The drawback here is that both of these credit cards are platinum level, meaning not everyone will be able to take advantage of them due to minimum income requirements. However, if you are able to make an application, then these two cards are certainly the best credit card offers for Australian homeowners who are in financial difficulties.
Check out today's featured offers:
| Westpac Low Rate | Citibank Clear Platinum | Qantas AMEX Discovery | ANZ Platinum |
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0% p.a. for 6 months on purchases & balance transfers |
2.9% p.a. for 12 months |
$0 annual fee Up to 10,000 Bonus QFF Points |
0% p.a. for 6 months on purchases & balance transfers |
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