An Unorthodox Way of Finding the Right Credit Card
May 22nd, 2008
Perfect Credit Cards - Do they Exist?
When it comes down to it, there’s no perfect card. You may find the best credit card for you, but in the end, there’s always a catch.
In this article I’ll explain a more uncommon approach to finding credit cards that best suit you.
People tend to be after different features in a credit card, be it low interest rate, no annual fee or low balance transfer rates. Ideally, we’d want a credit card offer which features:
- Low Interest Rate
- No Annual Fee
- Low Balance Transfer Rate
- Bad Credit Rating Approval
- High Credit Limits
- Low Interest on Cash Advances
- A Generous Reward’s Program
- Interest Free Periods
- Insurance
- Efficient and helpful Customer Service.
In reality however, no such card exists. If a credit card for example has No annual fee, it may be countered by a higher interest rate. On the other hand, a card with a reward’s program, good credit rating required and excellent customer service may have a relatively high annual fee.
Why Compare Credits Cards then if they just end up Balancing Out?
So what’s the point of having different credit cards if all the features end up balancing out anyway? Credit card providers vary their offers to appeal to different consumer markets.
With such a fierce competition between the banks which offer credit cards, they have to appeal to consumer’s needs, preferences and lifestyles more than ever to maintain market share.
This is where you can narrow down the selection - analyze your situation. For instance, if you know you aren’t going to be using your credit card very often, then high interest rates will not be much of an issue since there won’t be many payments for the interest to add up.
If you didn’t take into account a factor like this and went with a low rate credit card, you may be paying more in annual fees than you thought you would with low interest.
Next time you are interested in applying for a credit card, instead of looking for what you’d like in a credit card, have a go pinpointing negative features of a card that may not necessarily affect you. It shouldn’t be the way to approach a new card every time, but can give you an interesting or even an enlightening perspective.
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Comparison of Top 9 Credit Card Offers
| Credit Card | Card Details | Purchase Rate | Cash Advance Rate | Balance Transfer Rate | Annual fee | Interest free days | |
|
11.89% p.a. on purchases. Winner of Money Magazine’s Award for Cheapest Credit Card. | 11.89%
 |
20.49% | 0% for 6 months | $45 | 55 | |
|
0% p.a. balance transfer for 6 months. | 11.99% | 15.99% | 0% for 6 months | $49 | 55 | |
|
11.99% p.a. on purchases. | 11.99% | 20.74% | 0% p.a. for 6 months | $65 | 55 | |
|
0% p.a. balance transfer for 6 months. | 12.99% | 18.24% | 0% for 6 months | $58 | 55 | |
|
0% p.a. balance transfer for 6 months. | 12.99% | 12.99% | 0% for 6 months | $59 | 55 | |
|
5.99% p.a. balance transfer for 5 months. | 13.24% | 13.24% | 5.99% for 5 months | $48 | 55 | |
|
1 Reward Point for every $1 you repay to your balance. | 13.99% | 20.99% | 0% for 6 months | $57 | 55 | |
|
5% off your petrol and and everything else you buy at BP. 1% off everything else you buy anywhere. | 19.89% | 19.89% | 2.90% for 12 months | $79 | 55 | |
|
0% p.a. balance transfer for 6 months. Every dollar spent contributes to reforestation, renewable energy, and other environmental initiatives. | 18.49% | 19.99% | 0% p.a. for 6 months | $49 | 55 |
