Compare Credit Cards
Your credit card comparison checklist awaits, no matter what kind of card you’re after…
It’s important to compare different credit cards so that you know you’re getting the best deal possible. The card you have may have seemed great when you got it, but there are new credit cards coming on the market all the time, and a different one may be able to give you lower interest rates, better rewards program benefits and better protection against fraud. When it comes to credit cards, it pays to shop around.
In a recent survey, only 6% of Australians said they bothered to check out a credit card comparison site before making a credit card application. Around 50% only applied to their own bank. Comparing credit cards is crucial because if you don’t know the facts, you won’t get the best card available. It’s just that simple.
So what factors should you compare different credit cards on? Find out in this handy guide. We’ve given you all the tips you need to know about comparing cards, no matter what type you’re after.
Low Rate Credit Card
Receive a great low rate on purchases plus pay a low rate on any balances transferred from other cards.
- $58 p.a. annual fee
- 13.14% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Credit Card Comparison:
Easily compare: Low Rate Balance Transfer Offers
The key points to consider when transferring your balance to another bank are:
- What interest rate applies to the balance transfer? Generally speaking, the lower rate the bank will give you, the less time you have to settle your debt before the regular rate kicks in.
- How long do you have before the balance transfer rate runs out? It could be 6 months, 9, 12, etc, but you need to know.
- Is there an annual fee?
- Is there a limited time in which you have to instigate a balance transfer with the new bank – e.g. within three months of receiving the new card, or less?
- What does the balance transfer apply to? The special rate of interest applies to the transferred amount only. It will not apply to any new purchases, nor to any new cash transactions made on the card—these will be treated differently to the transferred amount.
Click and compare: low balance transfer credit cards
Easily compare: Rewards Credit Cards
The key points to consider when comparing different rewards credit cards are:
- Don’t assume you’re getting something for nothing – take into account every aspect of the card into account when comparing or you may end up paying more for few benefits.
- Is there an annual fee? You may be paying more in fees than you receive back in rewards.
- How do you earn your points? Points are earned when you spend on your card. You should never think it is a good move to spend purely to earn points. If you end up not being able to pay off your balance at the end of the month, the value of any points earned will be more than wiped out by your interest payments.
- What are you points worth? Translate the reward points of different cards back into dollar value. E.g. $1 = 1 point = 5c, another may be $1 = 1 point = 50c, or $1 = 1 point = 75c etc. You need to put in the effort to uncover this information, but if you don’t do it then you cannot effectively compare different rewards schemes.
- How can you redeem your points? The main options are: Travel rewards: make sure your card is affiliated with the airline that you often use and that services routes you usually fly on. The rewards often also cover more than just flights. Retail goods: you can earn points for shopping at affiliated retail locations or whenever you make any purchase, or you can have discounts applied at the time of purchase with that specific card. Cashback: this means you get a certain amount of cashback for your spending. Either you get a percentage of your total spend back, usually 1%, or you can redeem accumulated points for cash. Cashback can be paid in multiple ways. Charities: These cards will donate a percentage of your total spend to the given charity.
- Cap and expiry – there may be a limit imposed on how many points you can earn on a certain period. Check the expiry date on points too – this prevents people who do not spend much from saving up for a decent reward because they are forced to redeem their points before then.
- Interest free days, interest rates, fees and charges. A rewards card is just like any other credit card and you will be hit with interest charges if you do not pay off your balance in full each month.
Click and compare: rewards credit cards
Easily compare: No Annual Fee Credit Cards
The key points to consider when comparing different No Annual Fee credit cards are:
- Is the provider compensating themselves in another way for waiving the annual fee?
- Does an annual fee kick in after a certain time period, e.g. after one year?
- What is the interest rate? Look for the lowest interest rate available unless you are absolutely, without a doubt certain that you’ll be able to pay off your debt in full each month.
- How many interest free days do you get? You should still be able to get interest-free days even if there is no annual fee. Most cards will allow up to 55 days interest-free credit on purchases, though it varies. Note that you don’t actually get 55 days interest free on all your purchases – this is the maximum amount of time you get if your first transaction is on the first day of your new statement period.
- Balance transfer offers – this is typically a popular hook to get new customers, however, if you do have a debt on another card and you can find a new provider offering a zero fee and a great balance transfer rate, you should grab it while you can. The new card provider will most likely be gambling on the possibility that you will not be able to pay off your transferred balance before the offer period expires and a much higher interest rate takes over. Make sure you check the fine print in this situation because the rate your balance transfer reverts to may not be the regular rate of interest; it may instead be the cash advance interest rate, which is usually around 20%. It is your responsibility to check, therefore, sure that you choose a balance transfer deal that is realistic. In other words, one that offers a long enough period of time to completely repay the debt.
Click and compare: no annual fee credit cards
Easily compare: Low Interest Credit Cards
The key points to consider when comparing different Low interest credit cards are:
- Look for the lowest annual fee
- Look for the lowest interest rate
- Check whether the rates are introductory rates or ongoing
- Check whether the card has a rewards scheme – but evaluate these with a fine toothed comb before going ahead, as you may lose out if you don’t
- Check for hidden fees and charges – read the fine print on the website before you apply
- Check what the cash transaction or cash handling fee is
- Check what the foreign transaction fees are if you travel
Click and compare: low interest credit cards
Credit Card Comparisons:
Compare Australian credit cards and read up on relevant and valuable Australian credit card articles. If you’re new to credit cards or would like to find more information about particular credit cards, new and comprehensive credit card guides are listed.
- Compare the Best Credit Cards* – Check out our comparison of the most popular credit card types.
- Compare the Top 10 Credit Cards – This is the same credit card comparison table which features on the homepage.
- Compare Low Interest Credit Cards – Low interest rate credit cards are worth considering if you currently have a credit card with a high interest rate and you currently carry a balance each month.
- Low Interest Rate Information – Everything you need to know about the low interest cards. Links to various articles explaining relative low interest concepts, such as interest free days which will help better understand how these features work.
- Compare Balance Transfer Credit Cards – Get straight into comparing balance transfer offers. Some handy tips on avoiding balance transfer traps and making the most of balance transfers included on the page.
- Balance Transfer Information – A more comprehensive guide to balance transfers. The ultimate branch out to our balance transfer resources, explaining the in’s and out’s of the balance transfer process and the potential for savings.
- Compare Reward Program Credit Cards – People spend different amounts on their credit cards per annum. The amount you spend affects how much you can potentially earn, or lose from your reward cards.
- Reward Program Information – Reward programs are one of the most enticing and complex features of credit cards. On the surface it sounds easy – earn points for spending on your credit card, and redeem those points for rewards. However, once you take into account interest repayments and annual fees, it becomes obvious that credit cards with reward programs aren’t for everyone.
- Compare No Annual Fee Credit Cards – No annual fees are arguably one of the most appealing features to consider when you compare credit cards. Whether you’re after a balance transfer, rewards, low interest or even a business card, everyone will seek out the lowest fee possible with their card.
- No Annual Fee Information – Credit cards with no annual fee often come with a catch, such as a lack of grace periods on purchases and high rates. If you’re uncertain whether a no annual fee card is worth considering, have a read of the no annual fee credit card guide to better understand how they work.
- Compare Gold & Platinum Credit Cards – While these cards have high annual fees and interest rates, they offer plenty of international travel benefits and insurance, high credit limits and other privileges.
- Gold & Platinum Information – There are privileges that come with Gold & Platinum including a wide range of insurance and entertainment access, but you need to ask yourself whether it’s truly worth the cost.
- Compare Debit Cards – Some of us either don’t trust ourselves with a credit card, or truly don’t need access to credit. They can make do with using their own savings, but would still like the purchase access that a credit card offers.
- Debit Information – A comprehensive explanation of debit cards, weighing up the pros and cons of owning a credit card vs a debit card.
- Compare Cashback Cards – Cashback credit cards a sub-category of reward program cards. In essence there are two types of ‘cashback’ offers – ‘cashback rewards’ and money back. This comparison is predominantly for ‘cashback rewards’ because they are the most popular and valuable on the Australian market.
- Cashback Information – Find out the differences between the two forms of cashback card offers
- Overseas Travel Credit Cards – Learn everything you need to know about credit cards if you are considering travelling overseas.
- No Fee Balance Transfer Credit Cards – find out how to transfer your balance to a new credit card without paying a balance transfer fee
- Travel Services Credit Cards – Find credit cards that offers benefits for regular travellers
- Interest Free Credit Cards – Credit cards that offers an interest free balance transfer period or purchase rate
- Super Balance Transfer Credit cards – A credit card that features a phenomenal balance transfer offer, is targeted to attracting new customers. These are great offers if you are looking to consolidate and pay less credit card interest
Check out more credit card comparison tips and guides to help you compare credit cards and find a credit card that is right for you.
* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. The use of terms ‘Best’ and ‘Top’ are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.
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|HSBC Credit Card||Bankwest Zero Platinum Credit Card||Virgin Flyer Credit Card||ANZ Low Rate
0% p.a. for 6 months
on balance transfers & no annual fee
0% p.a. for 9 months on balance transfers & platinum benefits
0% p.a. for 8 months
0% p.a. for 9 months
on balance transfers & low rate
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